The S&P 500 (SPX) index joins in on the stock market recovery as investors await updated tariff news from President Donald Trump. The latest reports claim that the President has been negotiating deals with other countries that could remove or lessen the tariffs on imports to the U.S.
This is a welcome change, as investor fear drove the stock market and indices to major losses last week after Trump announced the new tariffs. If those tariffs do get lessened or removed, it would go a long way toward healing the damage done to the stock market. There have also been reports that the President could announce a 90-day hold on tariffs, offering temporary relief to the market. However, this wouldn’t include China, as the trade war between these two countries remains heated.
As for the SPX, the index was up 1.62% on Tuesday afternoon. That’s good progress toward undoing last week’s damage and helps chip away at the index’s 13.13% loss over the last three months.
What Does This Mean for SPY Stock?
The rise of the S&P 500 index today is lifting exchange-traded funds (ETFs) that track the SPX higher today. That includes the SPDR S&P 500 ETF Trust (SPY), which was up 1.38% as of this writing but remains down 12.85% year-to-date. Other ETFs tied to the index have also increased on Tuesday.
Is SPY Stock a Buy, Sell, or Hold?
Turning to Wall Street, the SPDR S&P 500 ETF Trust has a Moderate Buy rating based on the consensus ratings of 504 stocks held in the ETF. That includes 408 Buy, 88 Hold, and eight Sell ratings over the last three months. It also comes with an average price target of $680.11, representing a potential 33.75% upside for SPY stock.
