U.S. stock index futures edged higher on Tuesday following a recent bout of losses on Wall Street, as growth stocks recovered and investors looked ahead to economic data for signs on how much longer the Federal Reserve will hike interest rates.
Volkswagen's head of its business in China said on Tuesday that the carmaker needed clarity on cross-border data transfers in a meeting with the country's Premier Li Qiang, asking how China would cooperate with Europe amid rising political tensions.
Tesla (NASDAQ: TSLA) has skyrocketed over 120% year to date after being down 65% in 2022. Is Tesla stock a buy now, or does the stock need to cool off a bit more? The below video shares Tesla stock analysis, commentary, future growth opportunities, valuation metrics, technical an
Lordstown Motors filed for bankruptcy protection on Tuesday and put itself up for sale after the U.S. electric truck manufacturer failed to resolve a dispute over a promised investment from Taiwan company Foxconn.
Lordstown Motors filed for bankruptcy protection on Tuesday and put itself up for sale after the U.S. electric truck manufacturer failed to resolve a dispute over a promised investment from Taiwan company Foxconn.
In mid-June, Florida Governor Ron DeSantis signed a bill into law that gives Tesla (NASDAQ: TSLA) and select other electric vehicle (EV) makers a couple of notable advantages over legacy automakers in the Sunshine State.
Washington state plans to require electric vehicle charging companies to include Tesla's plug if they want to be part of a state program to electrify highways using federal dollars, an official told Reuters on Thursday.
The stock market didn't kick the new week off very well, as major market benchmarks lost ground on Monday. Damage in the Dow Jones Industrial Average (DJINDICES: ^DJI) was limited, but larger declines took the Nasdaq Composite (NASDAQINDEX: ^IXIC) and S&P 500 (SNPINDEX: ^GSPC
A Tesla vehicle that was operating on its Autopilot software crashed into a stationary truck on a highway in Pennsylvania on Friday night, police said, adding to scrutiny of the automaker's driver assistance system.
What happened
Shares of Tesla (NASDAQ: TSLA) fell on Monday, declining as much as 5.4% at the day's lows, before recovering to a 3.8% decline as of 2:40 p.m. ET.
The iShares Russell 3000 ETF is seeing unusually high volume in afternoon trading Monday, with over 338,000 shares traded versus three month average volume of about 125,000. Shares of IWV were trading flat on the day.
U.S. stocks edged lower on Monday, with technology and megacap stocks leading declines as investors worried about the impact of further interest rate hikes on the economy.
The
SPDR S&P 500 ETF Trust (
SPY)
tracks the S&P 500 Index (
SPX
) and consists of over 500 large-cap U.S. stocks across a broad range of market sectors. The SPY ETF stock has advanced about 15% year-to-date thanks to the
artificial intelligence (AI) rally, and remarkably,
Wall Street’s top analysts see further upside potential. Moreover, based on
technical indicators, SPY is a Buy near its current levels.
SPY ETF's Technical Indicators
According to TipRanks’ technical analysis tool, the SPY ETF stock’s 50-Day EMA (exponential moving average) is 419.94, while SPY's price is $432.70, making it a Buy. Further, the shorter-duration EMA (20-Day) also signals a Buy.
Meanwhile, its RSI (Relative Strength Index) is 60.64, implying a Neutral signal. At the same time, the SPY ETF’s price rate of change (ROC) of 1.61 points to a bullish trend.
Overall, in the one-day time frame, the SPY ETF stock is a Buy, based on TipRanks’ easy-to-read technical summary signals. This is based on 11 Bullish, six Neutral, and five Bearish signals.
Is SPY a Buy, According to Analysts?
Out of the 4,290 top analysts who rated the SPY ETF’s holdings in the past three months, 60.84% assigned a Buy rating, 34.36% suggested a Hold, and 4.8% have given a Sell rating. Overall, top analysts have a Moderate Buy consensus rating on the SPY ETF. Moreover, at $482.76, the
average SPY stock price target based on these recommendations implies upside potential of 11.6% at present.
It is noteworthy that these top analysts have an impressive history of helping investors generate massive returns from their recommendations. Moreover, each analyst has a remarkable success rate.
Ending Thoughts
Impressively, SPY has delivered an average annualized return of 12.1% in the past decade (as of March 2023), and the ETF’s rock-bottom
expense ratio of 0.09% makes it even more appealing. Investors looking for exposure to some of its key holdings, including Apple (
AAPL
), Tesla (
TSLA
), and JPMorgan Chase (
JPM
), may want to consider the ETF.
Disclosure
For the last several months, financial headlines have been dominated by the rising popularity of artificial intelligence (AI). Wall Street's new obsession with AI makes it easy to miss things that should otherwise be on your radar.
The S&P 500 and Nasdaq climbed on Monday, with chipmakers and energy stocks leading a rebound as investors shrugged off geopolitical risks and assessed the outlook for U.S. monetary policy.
A blistering rally in Tesla Inc shares has powered the EV maker's market value toward trillion-dollar levels, prompting some analysts to question its valuation and downgrade the stock.