The SPDR S&P 500 ETF Trust (SPY) plunged 1.79% today, March 26, driven by rising fears over U.S.-Iran tensions. Investor sentiment was spooked by surging oil prices, doubts regarding a cease-fire, and rising Treasury yields.
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Importantly, SPY closely tracks the S&P 500 Index (SPX), which declined 1.74% in the regular trading session, while the tech-heavy Nasdaq-100 (NDX) tanked 2.38%.
Fund Flows and Sentiment
SPY’s five-day net inflows totaled $2 billion, showing that investors put capital into the ETF over the past five trading days. Meanwhile, its three-month average trading volume is 85.58 million shares.
It must be noted that the retail sentiment for the SPY ETF is positive, and 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 $825.36 for the SPY ETF implies an upside potential of 27.95%.
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.