The SPDR S&P 500 ETF Trust (SPY) was up 0.19% on Friday, logging its fourth consecutive day of gains. Its performance was supported by higher hopes of a Federal Reserve interest rate cut at next week’s meeting.
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Within SPY’s holdings, Consumer Discretionary, Technology, and Communication Services sectors gained the most today, while the Healthcare, Energy, and Utilities sectors declined.
Importantly, SPY closely tracks the S&P 500 Index (SPX), which was up 0.19%, while the tech-heavy Nasdaq 100 (NDX) gained 0.43%.
Fund Flows and Sentiment
SPY’s 5-day net inflows totaled $3 billion, showing that investors put capital into SPY over the past five trading days. Meanwhile, its three-month average trading volume is 79.61 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 primary catalyst that can influence the SPY ETF next week will be the Federal Open Market Committee (FOMC) meeting and interest-rate decision, including the subsequent press conference by Fed Chair Jerome Powell.
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 $791.43 for the SPY ETF implies an upside potential of 15.42%.
Currently, SPY’s five holdings with the highest upside potential are:
Meanwhile, its five holdings with the greatest downside potential are:
- Tesla (TSLA)
- Expeditors International of Washington (EXPD)
- Intel (INTC)
- JB Hunt Transport Services (JBHT)
- Warner Bros. Discovery (WBD)
Revealingly, SPY’s ETF Smart Score is a seven, implying that this ETF is likely to perform in line with the broader market over the long term.
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