The SPDR S&P 500 ETF Trust (SPY) slipped 0.37% today, May 4, pulling back from record highs as rising tensions in the Middle East, particularly around the Strait of Hormuz, weighed on sentiment. Also, climbing oil prices added pressure and raised inflation concerns.
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Importantly, SPY closely tracks the S&P 500 Index (SPX), which was down 0.41% in the regular trading session, while the tech-heavy Nasdaq-100 (NDX) declined 0.21%.
Fund Flows and Sentiment
SPY’s five-day net inflows totaled $8 billion, showing that investors put capital into the ETF over the past five trading days. Meanwhile, its three-month average trading volume is 80.34 million shares.
It must be noted that the crowd wisdom for the SPY ETF is very positive, while the hedge fund managers have increased 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 Strong Buy rating. The Street’s average price target of $844.84 for the SPY ETF implies an upside potential of 17.66%.
Currently, SPY’s five holdings with the highest upside potential are:
Meanwhile, its five holdings with the greatest downside potential are:
Revealingly, SPY ETF’s Smart Score is eight, implying that this ETF is likely to outperform the broader market over the long term.