SPX: S&P 500 Ends 9-Day Record Run as Traders Cash Out Risky Bets at the Top

Big winning streak came to an end with the broad-based index losing less than 1%.

🛢️ Oil and Geopolitics

• The latest flare-up between the US and Iran pushed oil prices higher and finally snapped the S&P 500's nine-session record streak. After a remarkable run, traders finally remembered that markets can go down, too.
• The S&P 500 fell 0.7%, while the Nasdaq Composite dropped 0.9%. The Dow Jones Industrial Average took the biggest hit, sliding 621 points, or 1.2%, as selling accelerated late in the session.
• The pullback came after all three major US indexes had posted fresh record closes for six straight sessions. In other words: after a lot of champagne, somebody finally looked at the bill.

🌏 Asia and Wall Street

• Asia-Pacific markets opened in the red on Thursday, reflecting concerns that elevated oil prices could feed inflation and complicate central-bank policy.
• Japan's Nikkei 225 fell 1.7% after reaching a record high in the previous session, while the broader Topix dropped 1%.
• South Korea's Kospi declined 1.25%, though the small-cap Kosdaq unexpectedly jumped 3.83% as trading resumed after a holiday. Apparently, someone didn't get the risk-off memo.

🚀 Other Risk Assets

• Financial stocks were also under pressure after Swiss private-equity firm Partners Group limited investor withdrawals from a flagship fund, reviving questions about liquidity in alternative investments.
• SpaceX added to the market chatter with an updated filing showing plans to sell about $75 billion of shares in its upcoming IPO, keeping the frenzy around mega-listings very much alive.
• Bitcoin slipped 4% to roughly $63,300, joining the broader retreat in risk assets. The OG coin hasn’t been able to take a breather since topping out at $82,000.