The SPDR S&P 500 ETF Trust (SPY) gained 1.4% today, May 6, hitting a new record high due to rising hopes for a U.S.-Iran peace deal and strong AI-driven earnings. Progress toward ending the Middle East conflict helped send oil prices down about 8% and eased inflation concerns.
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Importantly, SPY closely tracks the S&P 500 Index (SPX), which was up 1.46% in the regular trading session, while the tech-heavy Nasdaq-100 (NDX) rallied 2.08%.
Fund Flows and Sentiment
SPY’s five-day net inflows totaled $3 billion, showing that investors put capital into the ETF over the past five trading days. Meanwhile, its three-month average trading volume is 78.89 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 Key Holdings with Highest Upside/Downside Potential
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 $841.76 for the SPY ETF implies an upside potential of 14.71%.
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.