Investors looking for momentum may have their eyes on SPDR S&P 500 ETF Trust (SPY) as it recently reached a 52-week high and is up 33% from its low of $409.21 per share. SPY tracks the S&P 500 Index with exposure to various sectors such as information technology, financials, healthcare, and consumer discretionary. The ETF charges 9 bps in annual fees.
The large-cap segment of the market has been performing well, with the S&P 500 hitting new record highs. The index had a strong first half of 2024, driven by the artificial intelligence trend. SPY is currently ranked as a Buy with a Medium risk outlook, indicating potential for continued outperformance in the coming months.
Overall, SPY shows promise for investors looking to capitalize on the market’s upward momentum.