XLK is trading 1.6% lower today as renewed US-Iran hostilities push Brent crude above $100, reviving inflation and interest-rate concerns.
- August PPI rose 0.4% month over month and 5.4% year over year; energy prices increased 4.2%.
- Nasdaq futures and broader equities are also lower, indicating a global macro and sector-wide risk-off move rather than a single-company catalyst.