The SPDR S&P 500 ETF Trust (SPY) is down 0.44% in the pre-market trading session on Wednesday, primarily due to the Technology sector sell-off and investor caution ahead of President Trump’s expected announcement of a new Federal Reserve chair.
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Importantly, SPY closely tracks the S&P 500 Index (SPX), which declined 0.13% in the previous regular trading session, while the tech-heavy Nasdaq-100 (NDX) was down 0.53%.
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 $816.92 for the SPY ETF implies an upside potential of 17.71%.
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 eight, implying that this ETF is likely to outperform the broader market over the long term.