Why Is the SPY ETF Down Today, 3/20/2026?

The SPDR S&P 500 ETF Trust SPY -1.43% ▼ tanked 1.43% today, March 20, as investors remain cautious about the ongoing Iran–U.S. conflict, which is raising concerns about long‑term inflation and higher interest rates.

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Importantly, SPY closely tracks the S&P 500 Index (SPX), which was down 1.51% in the regular trading session, while the tech-heavy Nasdaq-100 (NDX) declined 1.88%.

Fund Flows and Sentiment

SPY’s five-day net outflows totaled $13 billion, showing that investors pulled out capital from the ETF over the past five trading days. Meanwhile, its three-month average trading volume is 81.34 million shares.

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

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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 $833.11 for the SPY ETF implies an upside potential of 28.45%.

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

• Loews L -0.05% ▼

• Fair Isaac FICO +1.30% ▲

• ServiceNow NOW -2.55% ▼

• Robinhood Markets HOOD -4.41% ▼

• Zebra Technologies ZBRA -1.25% ▼

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

• Moderna MRNA -1.89% ▼

• APA Corp. APA +2.76% ▲

• Ciena CIEN -6.95% ▼

• Valero Energy VLO -0.91% ▼

• CF Industries CF -0.53% ▼

Revealingly, SPY ETF’s 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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