Why Is the SPY ETF Down Today, 3/10/2026?

The SPDR S&P 500 ETF Trust (SPY) fell 0.16% today, March 10, as investors reacted to rising Treasury yields, increased volatility, and concerns that the Federal Reserve may maintain higher interest rates for longer.

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Importantly, SPY closely tracks the S&P 500 Index (SPX), which was down 0.21% in the regular trading session, while the tech-heavy Nasdaq-100 (NDX) fell 0.04%.

Key Catalysts That Can Move SPY ETF

The SPY ETF is expected to experience volatility this week, driven by ongoing geopolitical tensions in the Middle East and key inflation reports. Following last week’s weak labor market report, investors are focused on upcoming Consumer Price Index (CPI) and Producer Price Index (PPI) data to gauge if inflation is rising while growth slows.

Also, OPEC releases its monthly oil market report on March 11, which could influence energy stocks and broader market sentiment.

Further, key earnings reports from Oracle (ORCL), Adobe (ADBE), and UiPath (PATH) are expected to influence market sentiment this week.

Fund Flows and Sentiment

SPY’s five-day net outflows totaled $3 billion, showing that investors pulled out capital from the ETF over the past five trading days. Meanwhile, its three-month average trading volume is 83.28 million shares.

It must be noted that the retail sentiment for the SPY ETF is neutral, and hedge fund managers have increased their holdings of the ETF in the last quarter.

SPY’s Price Forecast

According to TipRanks’ unique ETF analyst consensus, which is based on a weighted average of analyst ratings on its holdings, SPY has a Moderate Buy rating. The Street’s average price target of $820.93 for the SPY ETF implies an upside potential of 21.23%.

Currently, SPY’s five holdings with the highest upside potential are:

• Oracle (ORCL)

• KKR (KKR)

• Robinhood (HOOD)

• Ares Management (ARES)

• ServiceNow (NOW)

Meanwhile, its five holdings with the greatest downside potential are:

• Moderna (MRNA)

• APA Corp. (APA)

• CF Industries (CF)

• Archer-Daniels-Midland (ADM)

• LyondellBasell (LYB)

Revealingly, SPY’s ETF Smart Score is seven, implying that this ETF is likely to perform in line with the broader market over the long term.

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