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

On July 26, the Federal Reserve increased interest rates by 25 basis points, leading to mixed results in the U.S. markets. The Dow Jones Industrial Average closed higher, while the S&P 500 and the Nasdaq Composite closed lower. Asian and European markets showed mixed results as well. The U.S. Dollar Index was down 0.22% to 100.67.

Portfolio Pulse from Akanksha Bakshi

July 27, 2023 | 10:26 am

Benzinga's AI experiment, 'Is ChatGPT A Better Financial Advisor?' is in its eleventh week. The AI-curated portfolio, which started with a hypothetical $10,000, is compared against 10 leading U.S. equity funds. The portfolio has performed well, with a 11.21% increase, and is among the top five contenders. Tesla Inc (TSLA) has been a strong performer in the portfolio, up 56.2% since the start of the experiment, while AT&T Inc (T) has underperformed, with shares down 10.83%.

Portfolio Pulse from AJ Fabino

July 26, 2023 | 10:05 pm

The Federal Reserve has raised the federal funds rate by 25 basis points to a range of 5.25%-5.5%, the highest since February 2001. Economists have mixed reactions to the move. Quincy Krosby, Chief Global Strategist for LPL Financial, noted the two-year Treasury note inching lower and the Russell 2000 edging higher. Joe Brusuelas, Chief Economist at RSM U.S., believes the rate hike is the final increase in a two-year effort to restore price stability. Bill Adams, Chief Economist for Comerica Bank, expects the Fed to refrain from further rate hikes. Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance, advises staying fully invested but diversified. Lawrence Yun, Chief Economist at the National Association of Realtors, noted the impact of increased interest rates on home sales and business investments.

Portfolio Pulse from AJ Fabino

July 26, 2023 | 9:21 pm

The Federal Reserve has raised interest rates by 25 basis points, the highest level since February 2001, as part of its efforts to bring inflation to a 2% objective. Fed Chair Jerome Powell stated that the full impact of policy tightening is yet to be experienced and that the Fed will maintain a data-dependent approach. Powell also expressed concern over the core inflation rate in June, at 4.8%, significantly above the Fed’s mandate. The stock market erased post-Fed statement gains, with the SPDR S&P 500 ETF Trust (NYSE:SPY) dropping 0.4% during the session and the SPDR Gold Trust ETF (NYSE:GLD) rising by 0.5% for the session.

Portfolio Pulse from Piero Cingari

July 26, 2023 | 7:43 pm

Federal Reserve Chairman Jerome Powell has indicated that the Fed could be cutting interest rates while continuing its quantitative tightening (QT) policy, according to Bloomberg.