S&P 500 slips below key MA as oil surge and Middle East tensions weigh on markets
The S&P 500 closed below its 200-day moving average for the first time since May 2025 as oil prices surge amid the Iran conflict, signaling deeper market weakness beneath the surface with many internals in downtrends (over 80% of communication-services, consumer-discretionary and tech stocks) and a risk of a ~10% correction or more, with 6,500 watched as a key level to gauge downside.