The SPDR S&P 500 ETF Trust (SPY) declined 0.67% today, May 19, its third straight day of losses. The drop came as Treasury yields jumped, inflation worries lingered, and tensions in the Middle East continued.
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Importantly, SPY closely tracks the S&P 500 Index (SPX), which was down 0.67% in the regular trading session, while the tech-heavy Nasdaq-100 (NDX) fell 0.61%.
Fund Flows and Sentiment
SPY’s five-day net outflows totaled $7 billion, showing that investors pulled out capital from the ETF over the past five trading days. Meanwhile, its three-month average trading volume is 73.53 million shares.
It must be noted that the crowd wisdom for the SPY ETF is negative, while the hedge fund managers have increased their holdings of the ETF in the last quarter.
SPY’s Key Holdings with Highest Upside/Downside Potential
According to TipRanks’ unique ETF analyst consensus, which is based on a weighted average of analyst ratings on its holdings, SPY has a Strong Buy rating. The Street’s average price target of $862.61 for the SPY ETF implies an upside potential of 17.57%.
Currently, SPY’s five holdings with the highest upside potential are:
Meanwhile, its five holdings with the greatest downside potential are:
Revealingly, the ETF’s Smart Score is seven, implying that this ETF is likely to perform in line with the broader market over the long term.