Streetbeat News

SPY

SPDR S&P 500 ETF Trust

http://www.spdrs.com

Industry

Asset Management

The Trust seeks to achieve its investment objective by holding a portfolio of the common stocks that are included in the index (the “Portfolio”), with the weight of each stock in the Portfolio substantially corresponding to the weight of such stock in the index.

Open

589.72

Mkt cap

538B

Volume

74M

High

590.20

P/E Ratio

29.51

52-wk high

600.17

Low

583.86

Div yield

0.01

52-wk low

449.29

The Federal Reserve has proposed a weaker version of the bank capital overhaul, which could impact the financial sector. This proposal may affect various financial ETFs and stocks, including KBE, KRE, SPY, and XLF.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 7:01 pm

San Francisco Federal Reserve President Mary Daly has urged tech founders in San Francisco to bring their employees back to the office. Daly emphasized the importance of in-person work for productivity and innovation. This call comes as many tech companies continue to allow remote work, impacting the local economy and commercial real estate market.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 6:54 pm

Fed's Daly states that monetary policy is restrictive, consumer savings are largely exhausted, and spending should slow down. Despite this, the U.S. economy remains resilient.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 6:46 pm

Fed's Daly states that current concerns mirror those from 2019, emphasizing a resolute approach without unnecessary preemptive actions. She sees no evidence of stagflation or recession and aims to reduce inflation gently. The U.S. stock market rallies reflect future optimism.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 6:45 pm

Fed's Daly indicates that the risks to inflation and employment are currently balanced. She emphasizes the need for caution in not loosening monetary policy too early or holding it too long. Daly notes that the labor market is strong and there is cautious optimism in the business community, with low initial claims for unemployment insurance.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 6:45 pm

Fed's Daly suggests that if inflation gradually declines and the labor market rebalances slowly, the Fed can normalize policy over time. The goal is to restore price stability without causing economic disruption. Recent inflation data is more encouraging, but it's uncertain if sustainable price stability is achievable. Restrained demand, rather than improved supply, is likely needed to reach the 2% inflation goal.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 6:02 pm

Fed's Daly indicates significant progress on inflation but emphasizes that more work is needed. She highlights the conditional nature of policy, suggesting that if inflation falls slowly, rates will stay high longer, but if inflation drops quickly or the labor market weakens, rates may be lowered.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 6:01 pm

Mexico and the U.S. have reached an agreement to restart avocado inspections, allowing U.S. avocado exports to resume. This development is expected to positively impact companies and ETFs related to avocado production and trade.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 5:42 pm

Semiconductor stocks, particularly Nvidia, faced significant declines, dragging down the tech sector. Nvidia's CEO sold over $100 million in shares, contributing to the drop. The VanEck Semiconductor ETF also fell, along with Marvell Technology and Microchip Technology. Meanwhile, the Dow Jones and other indices posted gains, and energy stocks rallied. Bitcoin continued its decline, impacting crypto-linked stocks.

Portfolio Pulse from Piero Cingari

June 24, 2024 | 5:17 pm

A White House official has stated that the deal between G42 and Microsoft is positive as it involves cutting off ties with Huawei.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 4:19 pm

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