The SPDR S&P 500 ETF Trust (SPY) gained 0.96% today, April 30. Positive earnings reports from some major companies, including Alphabet (GOOGL), helped boost sentiment. Also, U.S. GDP growth was reported at 2% for the first quarter, which showed resilience and provided a positive catalyst for equities. Finally, oil prices eased, which helped alleviate some of the inflation fears that had been impacting markets earlier.
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Importantly, SPY closely tracks the S&P 500 Index (SPX), which was up 1.02% in the regular trading session, while the tech-heavy Nasdaq-100 (NDX) gained 0.98%.
Fund Flows and Sentiment
SPY’s five-day net outflows totaled $2 billion, showing that investors pulled out capital from the ETF over the past five trading days. Meanwhile, its three-month average trading volume is 82.6 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 Moderate Buy rating. The Street’s average price target of $834.63 for the SPY ETF implies an upside potential of 16.18%.
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 seven, implying that this ETF is likely to perform in line with the broader market over the long term.