The S&P 500 (SPX) is set to end the week on a green day, maintaining its year-to-date return in positive territory.
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This morning, the U.S. Census Bureau released housing starts data for April, showing 1.6% month-over-month growth to 1.361 million. That fell below the expectation for 3.0% growth to 1.364 million, signaling that homebuilders are cautious given the effects of the tariffs.
On that note, President Trump has said that the U.S. will set new unilateral tariff rates on many countries in the coming weeks. “We have, at the same time, 150 countries that want to make a deal, but you’re not able to see that many countries,” said Trump in regard to meeting individually with countries.
Meanwhile, the University of Michigan’s preliminary Index of Consumer Sentiment notched a reading of 50.8 for May, the second-lowest level on record and falling short of the estimate for 53.4. The survey showed that consumers are extremely worried about how tariffs will affect prices.
Which Stocks are Moving the S&P 500?
Let’s pivot to TipRank’s S&P 500 Heatmap, which illustrates the stocks that have contributed to the index’s price action.
Much of the technology stocks within the index are showing mixed returns, while communication services, financial, and healthcare stocks are mostly green. Meta Platforms (META) is in the red again following a report that the social media’s flagship AI model will be delayed. UnitedHealth Group (UNH), which has fallen by about 50% during the past month, is staging an intraday rally on three insider buys.
SPY Stock Moves Higher with the S&P 500
The SPDR S&P 500 ETF (SPY) is an exchange-traded fund designed to track the movement of the S&P 500. As a result, SPY moves in correlation with SPX.
Wall Street analysts expect further upside for SPY. During the past three months, analysts have issued an average SPY price target of $649.28 for the stocks within the index, implying upside of 9.47% from current prices. The 504 stocks in the SPY carry 416 buy ratings, 79 hold ratings, and 9 sell ratings.