For investors seeking momentum, iShares Core S&P 500 ETF (IVV Quick QuoteIVV - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 29% from its 52-week low price of $349.53/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:

IVV in Focus

iShares Core S&P 500 ETF tracks the S&P 500 Index with key holdings in energy, materials, utilities and financials sectors. It charges 3 bps in annual fees (see: all the Large Cap Blend ETFs here).

Why the Move?

The large-cap corner of the broad investing world has been an area to watch lately, given the surge in the stock market. A cooler-than-expected inflation report revived hopes that the Fed was nearing the end of its interest rate increases. This also indicates a stabilizing economy, which could boost investor confidence and encourage more investments in the stock market. This is because lower inflation often leads to lower interest rates, which can reduce borrowing costs for companies, potentially leading to higher profits and, in turn, higher stock prices.

More Gains Ahead?

Currently, IVV has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. However, many spaces that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.