The SPDR S&P 500 ETF Trust (SPY) gained 0.83% today, May 8, at a record high. The ETF was lifted by strong gains in AI‑focused tech stocks and a better‑than‑expected April jobs report that showed the labor market is still solid. Big moves in Nvidia (NVDA), Micron (MU), and SanDisk (SNDK), along with optimism about possible easing in the Iran conflict, helped push the index to new highs.
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Importantly, SPY closely tracks the S&P 500 Index (SPX), which was up 0.84% in the regular trading session, while the tech-heavy Nasdaq-100 (NDX) rallied 2.35%.
Fund Flows and Sentiment
SPY’s five-day net outflows totaled $336 million, showing that investors pulled out capital from the ETF over the past five trading days. Meanwhile, its three-month average trading volume is 77.62 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 $853.12 for the SPY ETF implies an upside potential of 15.66%.
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.