S&P 500 Reverses Sharply After Trump Says Iran Shot Down US Helicopter
The S&P 500 erased a 1.5% gain and $2.1 trillion in market cap within three hours after President Trump stated Iran shot down a US helicopter, prompting a sharp reversal.
At 9:45 AM ET, the S&P 500 was trading nearly 1.5% higher, led by tech stocks. By 10:40 AM ET, selling pressure intensified without any major headlines, marking one of the biggest intraday reversals of the year.
Just two hours later, President Trump said Iran shot down a US helicopter "last night" and that the US must "respond to this attack." The S&P 500 immediately hit a new intraday low, down 240 points from the 9:45 AM peak.
In total, the index erased approximately $2.1 trillion in market capitalization in three hours. The episode highlights a sudden return of volatility linked to geopolitical tensions.
Source: The Kobeissi Letter