The SPDR S&P 500 ETF Trust (SPY) edged up 0.05% on Wednesday. Key factors that influenced the ETF’s performance today include optimism about the potential end of the U.S. federal government shutdown and a slump in major tech stocks.
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Within SPY’s holdings, the Healthcare, Financials, Utilities, and Materials sectors posted gains today, while only the Consumer Staples, Energy, and Communication Services sectors declined.
Importantly, SPY closely tracks the S&P 500 Index (SPX), which rose 0.06%, while the tech-heavy Nasdaq 100 (NDX) declined 0.06%.
Key Catalysts That Can Move SPY
Looking ahead, potential catalysts for volatility in the SPY ETF are a lineup of Federal Reserve official speeches this week, updates on the ongoing U.S. government shutdown, and key corporate earnings reports from companies such as The Walt Disney Company (DIS).
Fund Flows and Sentiment
SPY’s 5-day net inflows totaled $971 million, showing that investors put capital in SPY over the past five trading days. Meanwhile, its three-month average trading volume is 74.07 million shares.
It must be noted that retail sentiment remains neutral, while hedge fund managers have increased their holdings of the SPY ETF in the last quarter.
SPY’s Price Forecasts and Holdings
According to TipRanks’ unique ETF analyst consensus, which is based on a weighted average of analyst ratings on its holdings, SPY is a Moderate Buy. The Street’s average price target of $779.09 for the SPY ETF implies an upside potential of 14.01%.
Currently, SPY’s five holdings with the highest upside potential are Loews (L), Fiserv (FI), DuPont de Nemours (DD), Chipotle Mexican Grill (CMG), and Norwegian Cruise Line (NCLH).
Meanwhile, its five holdings with the greatest downside potential are Paramount Skydance (PSKY), Incyte (INCY), Tesla (TSLA), Expeditors (EXPD), and Micron Technology (MU).
Revealingly, SPY’s ETF Smart Score is eight, implying that this ETF is likely to outperform the broader market.
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