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Technology ETF (XNTK) Hits New 52-Week High
For investors seeking momentum, SPDR NYSE Technology ETF (XNTK - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 49% from its 52-week low of $124.88 per 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:
XNTK in Focus
SPDR NYSE Technology ETF offers exposure to the leading US-listed technology-related companies. It comprises stocks in the Information Technology sector and technology-related stocks in the Consumer Discretionary sector. SPDR NYSE Technology ETF charges 35 bps in annual fees (see: all the Technology ETFs here).
Why the Move?
The broad technology space has been an area to watch lately, given that NVIDIA’s earnings have sparked huge optimism in the stock market. The chipmaker outpaced first-quarter earnings and revenue estimates on Wednesday, which not only showcased Nvidia's robust position in the artificial intelligence (AI) chip market but also bolstered optimism about the global AI boom.
More Gains Ahead?
Currently, XNTK has a Zacks ETF Rank #1 (Strong Buy), suggesting that the outperformance could continue in the months ahead. 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.