SPY ETF Daily Update, 1/27/2026

The SPDR S&P 500 ETF Trust (SPY) is up 0.25% in the pre-market trading session on Tuesday, primarily driven by strong performance in major technology stocks and investor sentiment ahead of key economic events.

Importantly, SPY closely tracks the S&P 500 Index (SPX), which rose 0.5% in the previous regular trading session, while the tech-heavy Nasdaq-100 (NDX) was up 0.42%.

Key Catalysts That Can Move the SPY ETF

The key catalysts that can move the SPY ETF include the Federal Reserve’s interest rate decision, major corporate earnings reports from key tech companies such as Microsoft (MSFT), Apple (AAPL), Meta (META), and Tesla (TSLA).

The FOMC is scheduled to meet this week, with the decision to be announced on Wednesday. While the market widely expects the Fed to keep interest rates unchanged at the current 3.50%-3.75% range, any new projections or forward guidance from Chairman Jerome Powell can cause market volatility.

Also, several S&P 500 companies will release earnings this week, including four of the ‘Magnificent 7′ stocks. These reports are critical given the massive market cap of these firms and their role in the AI industry, and any surprises could move the ETF. Other key reports include Boeing (BA), UnitedHealth (UNH), Chevron (CVX), and ExxonMobil (XOM).

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 $810.75 for the SPY ETF implies an upside potential of 17.04%.

Currently, SPY’s five holdings with the highest upside potential are:

• NetApp (NTAP)
• Oracle (ORCL)
• Coinbase Global (COIN)
• GoDaddy (GDDY)
• ServiceNow (NOW)

Meanwhile, its five holdings with the greatest downside potential are:

• Amcor (AMCR)
• Moderna (MRNA)
• SanDisk (SNDK)
• Archer-Daniels-Midland (ADM)
• Alexandria Real Estate Equities (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.