S&P 500 ETF Enters Bull Market: 5 Best-performing Stocks in SPY
The S&P 500 entered a new bull market!
$S&P 500 Index (.SPX.US)$ entered a new bull market, ending the longest bear streak since the 1940s.
The surge in mega-cap tech stocks, easing inflation, stronger-than-expected corporate earnings and hopes that the Fed is nearing the end of its interest rate-hike cycle have helped the index to recover from the lows seen in October of last year.
Nearly half the stocks in the index have declined, with most of the winners concentrating on the tech sector with just a small group of stocks, including $Apple (AAPL.US)$, $Microsoft (MSFT.US)$, $NVIDIA (NVDA.US)$, $Alphabet-A (GOOGL.US)$, $Amazon (AMZN.US)$, $Meta Platforms (META.US)$ and $Tesla (TSLA.US)$.
The artificial intelligence (AI) boost has also pushed $Marvell Technology (MRVL.US)$, and $Advanced Micro Devices (AMD.US)$higher.
Apart from the tech sector, $Royal Caribbean (RCL.US)$made it to the top five best-performing stocks on the index.
Additionally, corporate America’s shift of focus to structural benefits and booming AI will continue to drive the stock market higher.
Further, an improving earnings picture and hopes of easing policy should also aid the S&P 500. According to CMEGroup's Fedwatch tool, markets are pricing in a 65% chance that the Fed will pause its historic interest rate hiking campaign in the June meeting.
Most Wall Street analysts recently raised their target price on the S&P 500 this year for the second time in many weeks. ![]()
The equity strategy team at RBC Capital Markets raised its year-end price target on the index to 4,250 from 4,100, while Bank of America gave a call for the S&P 500 to hit 4,300 by the end of the year.
SPY jumped about 12%^.
^% change from 01/03/2023 - 06/09/2023, moomoo app
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SPDR S&P 500 ETF Trust holds 503 stocks in its basket, with each accounting for no more than 7.4% of assets. This suggests a nice balance across security and prevents heavy concentration.
SPDR S&P 500 ETF Trust has AUM of $402.2 billion and charges 9 bps in fees per year.
The product trades at a heavy volume of around 68 million shares a day on average, ensuring higher liquidity with a tight bid/ask spread, leading to lower trading costs for investors.
Five Best-performing Stocks in SPY
$NVIDIA (NVDA.US)$ is the worldwide leader in visual computing technologies and the inventor of the graphic processing unit, or GPU.
$Meta Platforms (META.US)$ is the world’s largest social media platform. The company’s portfolio offering evolved from a single Facebook app to multiple apps like photo and video sharing apps, Instagram and WhatsApp owing to acquisitions.
$Tesla (TSLA.US)$ is the market leader in battery-powered electric car sales in the United States, with a roughly 70% market share.
$Advanced Micro Devices (AMD.US)$ has strengthened its position in the semiconductor market on the back of its evolution as an enterprise-focus company from a pure-bred consumer-PC chip provider.
$Royal Caribbean (RCL.US)$ is a cruise company. It owns and operates three global brands — Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises.
Source: Yahoo Finance, 09 June 2023
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