The SPDR S&P 500 ETF Trust (SPY) is up 0.59% in the pre-market trading session on Thursday as easing geopolitical worries lifted the broader market. Also, investors are looking forward to the personal consumption expenditures (PCE) price index, an important inflation report due later in the day.
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Importantly, SPY closely tracks the S&P 500 Index (SPX), which rose 1.16% in the previous regular trading session, while the tech-heavy Nasdaq-100 (NDX) was up 1.36%.
Key Catalysts That Can Move the SPY ETF
The key catalysts that can move the SPY ETF are some major U.S. economic data releases, including Q3 GDP and the PCE index, as well as major corporate earnings reports from companies such as Intel (INTC) and Procter & Gamble (PG).
Also, geopolitical developments, particularly regarding U.S.-EU tariffs, have the potential for sharp market reactions.
SPY’s Price Forecast
According to TipRanks’ unique ETF analyst consensus, which is based on a weighted average of analyst ratings on its holdings, SPY has a Moderate Buy rating. The Street’s average price target of $802.14 for the SPY ETF implies an upside potential of 17.03%.
Currently, SPY’s five holdings with the highest upside potential are:
Meanwhile, its five holdings with the greatest downside potential are:
Revealingly, SPY’s ETF Smart Score is seven, implying that this ETF is likely to perform in line with the broader market over the long term.