The S&P 500 (SPX) is trading slightly higher after the benchmark index erased all of its year-to-date losses on Tuesday.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Earlier today, the U.S. inked a $1.2 trillion economic exchange agreement with Qatar, as well as deals worth over $243.5 billion. S&P 500 company Boeing (BA) was a major beneficiary of the deal with Qatar agreeing to buy up to 210 of its 787 Dreamliner and 777X aircraft.
Adding on to Middle East deal is an up to $90 billion agreement between Saudi Arabia’s Aramco and 34 U.S. companies, which include Nvidia (NVDA) and Amazon (AMZN).
What’s more, the U.S. is also “close” to signing trade deals with Japan and Korea, according to Fox Business senior correspondent Charles Gasparino. A U.S-India deal is also being worked on, although the country’s conflict with Pakistan has resulted in a speed bump.
The S&P 500 is up by 0.09% at the time of writing.
Which Stocks are Moving the S&P 500?
Let’s take a look at TipRank’s S&P 500 Heatmap, which shows the stocks that have contributed to the index’s price movement.
Nvidia and Google (GOOG) (GOOGL) stand out as solid winners, both with gains over 3%. Tesla also stands out with a 4% gain while healthcare stocks continue to drag down the index following Trump’s executive order on drug prices. Meanwhile, the S&P 500’s industrial stocks are noticeably muted.
SPY Stock Moves Higher with the S&P 500
The SPDR S&P 500 ETF (SPY) is an exchange-traded fund created to track the movement of the S&P 500.
Wall Street believes that SPY should trade higher. During the past three months, analysts have issued an average SPY price target of $648.62 for the stocks within the index, implying upside of 10.42% from current prices. The 504 stocks in the SPY carry 416 buy ratings, 79 hold ratings, and 9 sell ratings.
