- SPDR S&P 500 (NYSE:SPY) is trading lower Tuesday ahead of the April Consumer Price Index inflation report likely for release on Wednesday.
- Unexpectedly strong inflation data might dampen investors, particularly for tech-related equities, as it leads to higher expenses, lower pricing power, and lower consumer spending.
- It could prove a disaster at a time when tech companies are splurging on their ChatGPT ambitions.
- SPDR S&P 500’s top holdings include Apple Inc (NASDAQ:AAPL) at 7.5%, Microsoft Corp (NASDAQ:MSFT) at 6.7%, Amazon.com, Inc (NASDAQ: AMZN) at 2.7% and NVIDIA Corp (NASDAQ:NVDA) at 2%. The technology sector forms over 26% of the ETF’s core holding.
- The ETF’s 5-day net AUM change has been $(6.76) billion, and one month net AUM change has been $(2.2) billion.
- The ETF’s 5-day net flow has been $(691.2) million, and the one-month net flow has been $2.11 billion.
- Despite upbeat quarterly results, Microsoft and Apple are trading in the red over inflation concerns.
- The ETF is up 7.9% YTD versus Microsoft at 28.2%, Apple at 37.6%, and Nvidia at 99.5%.
- Price Action: SPY traded lower by 0.22% at $411.83 on the last check Tuesday.
Tesla Recall ‘Far From Sufficient:’ Senator Blumenthal Urges NHTSA To ‘Put Its Legal Muscle Where Its Mouth Is’
Blumenthal contends that the recall falls short, emphasizing that "NHTSA must meet the breadth of Tesla Autopilot safety flaws."
