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

593.08

Mkt cap

547B

Volume

46M

High

596.65

P/E Ratio

30.00

52-wk high

596.65

Low

593.00

Div yield

0.01

52-wk low

433.40

Iran attempted to seize two oil tankers near the Strait of Hormuz, firing shots at one of them, according to the U.S. Navy. The Iranian naval vessels retreated after the U.S. Navy responded to distress signals. Iran has reportedly seized at least five commercial vessels in the last two years, many of which occurred near the Strait of Hormuz, a critical route for crude oil transportation. This incident escalates U.S.-Iranian tensions, which have been rising since the U.S. withdrew from Iran's 2015 nuclear agreement and reinstated sanctions.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 12:58 pm

The USA Redbook Year-over-Year (YoY) has increased to 0.7% from the previous 0.5%.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 12:57 pm

US stocks are expected to open lower following the Independence Day holiday, with traders cautious due to major averages trading at multi-month highs. Despite a weak manufacturing reading, US stocks closed slightly higher on Monday. Noteworthy sector performances included advancements in consumer discretionary stocks, along with buying interest in utility, financial, real estate, and consumer staple stocks. However, healthcare and IT stocks experienced declines. Fundstrat's Tom Lee expects the S&P 500 Index to end the year at 4,825, up from his earlier estimate of 4,750. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) slipped 0.40% and the Invesco QQQ ETF (NASDAQ:QQQ) fell 0.58%. Tesla, Inc. (NASDAQ:TSLA) fell about 0.80% in premarket trading, and big tech stocks such as Nvidia Corp. (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NYSE:AMD), and Amazon.com Inc. (NASDAQ:AMZN) also moved to the downside.

Portfolio Pulse from Shanthi Rexaline

July 05, 2023 | 10:50 am

Saudi Energy Minister has stated that the recent cuts in oil production prove wrong the cynical spectators of Russia-Saudi relations. This statement comes in the wake of the OPEC+ agreement to cut oil production to stabilize prices.

Portfolio Pulse from Charles Gross

July 05, 2023 | 9:02 am

DigiTimes reports that ASML may offer a special-version DUV lithography that prevents its Chinese customers from transitioning to sub-28nm process manufacturing, according to China sources.

Portfolio Pulse from Charles Gross

July 04, 2023 | 7:19 pm

Ahead of the Fourth of July holiday, the SPDR S&P 500 (NYSE:SPY) closed slightly higher on below-average volume. The ETF printed an inside bar pattern on the daily chart, indicating a bullish continuation, but a bearish quadruple top pattern could cause resistance near the $444 level. Traders can play the SPY either bullishly or bearishly through Direxion ETFs: Direxion Daily S&P 500 Bull 3X Shares (NYSE: SPXL) and Direxion Daily S&P 500 Bear 3X Shares (NYSE: SPXS). These triple leveraged funds track the movement of the SPY, seeking a return of 300% or negative 300% on the return of the benchmark index over a single day.

Portfolio Pulse from Melanie Schaffer

July 04, 2023 | 6:10 pm

Gold prices underperformed in the first half of 2023, with the SPDR Gold Trust (GLD) up by 5%, compared to the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust Series 1 (QQQ) which were up by 16% and 38% respectively. However, the VanEck Gold Miners ETF (GDX) is trading at a significant discount, attracting value hunters. Large-cap gold miners included in the GDX, such as Newmont Corporation (NEM), Barrick Gold Corp. (GOLD), and Agnico Eagle Mines Limited (AEM), are showing attractive valuations according to common stock metrics.

Portfolio Pulse from Piero Cingari

July 03, 2023 | 8:46 pm

Benzinga's Twitter followers correctly predicted that Tesla (TSLA) would outperform other large-cap tech stocks in 2023. The prediction came after a poor 2023 for the S&P 500 and major tech companies, with the SPDR S&P 500 Global ETF (SPY) down 19.2%, Apple (AAPL) down 27%, Alphabet (GOOG, GOOGL) down 34%, Amazon (AMZN) down 51%, and Tesla down 69%. As of June 30, 2023, Tesla has seen a 142.2% return, outperforming Apple, Amazon, and Alphabet.

Portfolio Pulse from Chris Katje

July 03, 2023 | 7:30 pm

Investors are awaiting the release of the Federal Open Market Committee (FOMC) meeting minutes for June, which are expected to confirm the consensus for two additional rate hikes. The market currently does not fully anticipate these hikes, which could lead to increased volatility. The S&P 500 Index and the Nasdaq 100 Index, tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ Trust (NASDAQ:QQQ) respectively, are trading at high levels.

Portfolio Pulse from Piero Cingari

July 03, 2023 | 5:02 pm

Worksport Ltd (NASDAQ:WKSP) has announced the opening of its R&D Center in the U.S., focusing on the development of its solar-powered tonneau cover and COR remote power and storage system. Meanwhile, Tesla Inc (NASDAQ:TSLA) continues to face delays with its Cybertruck. The S&P 500 and Nasdaq have seen significant gains, with Tesla contributing to the rise. Nissan Motor Co Ltd (OTC:NSANY) is reportedly considering an electric pickup, and Worksport's aftermarket addons could prove lucrative.

Portfolio Pulse from Upwallstreet

July 03, 2023 | 4:29 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.