S&P 500

Key insight

7,600 round number now the first line of defence — a daily close below it opens 7,480 (200-day MA). Nasdaq's -1.4% underperformance flags growth-stock rotation out, not a broad risk-off flush.

Fades 0.68% as Nasdaq drops 1.4% — tech-led selling pressure tests 7,600 round number; oil's 2.5% spike adds stagflation noise to an already cautious tape.

Main risk

Oil spike — stagflation re-pricing

Oil +2.5% to $87.3 revives cost-push inflation fears; Fed stays on hold longer, compressing equity multiples at current 7,600 levels.