The Import Price Index is a measure of inflation from the perspective of imports. A match with expectations suggests stability in inflationary pressures, which is a critical factor for the Federal Reserve when considering interest rate adjustments. Since SPY tracks the performance of the S&P 500, which is sensitive to Fed policy changes, any potential shifts in monetary policy based on inflation expectations could influence SPY's price. However, since the data met expectations, the immediate impact might be neutral, but it's essential to monitor for any long-term trends.