The SPDR S&P 500 ETF Trust (SPY) gained 0.35% on Wednesday, primarily driven by strong U.S. economic data, easing inflation expectations, and continued strength in technology stocks.
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Within SPY’s holdings, the Consumer Staples, Real Estate, and Utilities sectors gained the most today, while only the Energy sector declined.
Importantly, SPY closely tracks the S&P 500 Index (SPX), which was up 0.32%, while the tech-heavy Nasdaq-100 (NDX) rose 0.27%.
It must be noted that the market closed early at 1 p.m. ET on Wednesday, December 24, and will remain closed all day on Thursday, December 25, for Christmas.
Fund Flows and Sentiment
SPY’s five-day net outflows totaled $3 billion, showing that investors pulled out capital from SPY over the past five trading days. Meanwhile, its three-month average trading volume is 81.89 million shares.

It must be noted that the retail sentiment for the SPY ETF is positive, while hedge fund managers have decreased their holdings of the ETF in the last quarter.
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 $795.18 for the SPY ETF implies an upside potential of 15.18%.
Currently, SPY’s five holdings with the highest upside potential are:
Meanwhile, its five holdings with the greatest downside potential are:
- Tesla (TSLA)
- Warner Bros. Discovery (WBD)
- Albemarle (ALB)
- JB Hunt Transport (JBHT)
- Expeditors International of Washington (EXPD)
Revealingly, SPY’s ETF Smart Score is an eight, implying that this ETF is likely to outperform the broader market over the long term.
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