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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 52.6% from its 52-week low of $159.43 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 leading U.S.-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 the surge in the sector’s stocks. The latest rally has been brought in by Apple (AAPL - Free Report) , following a major expansion announcement of its U.S. investment strategy with an additional $100???billion injection into American manufacturing over the next four years. Additionally, optimism related to expectations of a Fed rate cut in September, coupled with strong earnings momentum, is driving the rally.
More Gains Ahead?
Currently, XNTK has a Zacks ETF Rank #2 (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.
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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 52.6% from its 52-week low of $159.43 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 leading U.S.-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 the surge in the sector’s stocks. The latest rally has been brought in by Apple (AAPL - Free Report) , following a major expansion announcement of its U.S. investment strategy with an additional $100???billion injection into American manufacturing over the next four years. Additionally, optimism related to expectations of a Fed rate cut in September, coupled with strong earnings momentum, is driving the rally.
More Gains Ahead?
Currently, XNTK has a Zacks ETF Rank #2 (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.