The SPDR S&P 500 ETF Trust (SPY) was up 0.07% on Thursday, logging its third consecutive day of gains. Its performance was impacted by mixed labor market data and rising hopes of a potential Federal Reserve interest rate cut.
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Within SPY’s holdings, Industrials, Technology, and Communication Services sectors gained the most today, while the Healthcare and Consumer Staples sectors declined.
Importantly, SPY closely tracks the S&P 500 Index (SPX), which was up 0.11%, while the tech-heavy Nasdaq 100 (NDX) declined 0.1%.
Fund Flows and Sentiment
SPY’s 5-day net inflows totaled $782 million, showing that investors put capital into SPY over the past five trading days. Meanwhile, its three-month average trading volume is 79.73 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.
Key Catalysts That Can Move SPY ETF
The key catalysts that can move the SPY ETF this week include several key economic reports, such as the Personal Consumption Expenditures (PCE) price index. This is the Fed’s preferred inflation gauge, which will be released on Friday and closely watched for inflation trends.
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 $788.33 for the SPY ETF implies an upside potential of 15.27%.
Currently, SPY’s five holdings with the highest upside potential are:
Meanwhile, its five holdings with the greatest downside potential are:
- Intel (INTC)
- Albemarle Corporation (ALB)
- Tesla (TSLA)
- Expeditors International of Washington (EXPD)
- JB Hunt Transport Services (JBHT)
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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