SPDR S&P 500 ETF (SPY): ETF Research Reports With mandated shutdowns from China’s central government ongoing, not only have e-commerce opportunities in the People’s Republic shrunk, but retail and the overall economy have, as well. For sure we’re seeing slack in the U.S. economy tighten — not only from the Fed raising interest rates, but overall inflation taking a sizable chunk out of everything, not just food and gas prices.