The SPDR S&P 500 ETF Trust (SPY) ended 0.59% higher on Thursday. Rising oil prices, strong earnings from casino operator Las Vegas Sands (LVS), and gains in tech stocks helped push SPY higher today.
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Within SPY’s holdings, Energy, Technology, and Industrial sectors posted gains today, while the Consumer Staples and Real Estate sectors declined.
Importantly, SPY closely tracks the S&P 500 Index (SPX), which also ended 0.6% higher. Further, the Nasdaq 100 (NDX) gained 0.88%.
What Impacted the Market Today?
During the day, oil prices surged after the U.S. imposed new sanctions on Russia’s crude oil industry, which helped lift the oil and gas stocks. Further, U.S.-China trade tensions eased after President Trump confirmed a meeting with Chinese leader Xi Jinping, contributing to the market’s upward momentum.
Looking ahead, Friday’s key CPI report and the effect of the ongoing U.S. government shutdown could trigger volatility in the SPY ETF.
Fund Flows and Sentiment
SPY’s 5-day net outflows totaled $699 million, showing that investors pulled capital from SPY over the past five trading days. Meanwhile, its three-month average trading volume is 73.68 million shares.
It must be noted that retail sentiment remains neutral, while hedge fund managers increased their holdings of the SPY ETF in the last quarter.
SPY’s Price Forecasts and Holdings
According to TipRanks’ unique ETF analyst consensus, which is based on a weighted average of analyst ratings on its holdings, SPY is a Moderate Buy. The Street’s average price target of $758.41 for the SPY ETF implies an upside potential of 12.9%.
Currently, SPY’s five holdings with the highest upside potential are Moderna (MRNA), Charter Communications (CHTR), News Corporation (NWSA), GoDaddy (GDDY), and MGM Resorts (MGM).
Meanwhile, its five holdings with the greatest downside potential are Paramount Skydance (PSKY), Intel (INTC), Super Micro Computer (SMCI), Tesla (TSLA), and Garmin (GRMN).
Revealingly, SPY’s ETF Smart Score is eight, implying that this ETF is likely to outperform the broader market.
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