- 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.
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