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Consumer Discretionary Select Sector SPDR ETF (XLY) - free report >>
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Consumer Discretionary Select Sector SPDR ETF (XLY) - free report >>
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Consumer Discretionary ETF (XLY) Hits New 52-Week High
Consumer Discretionary Select Sector SPDR ETF (XLY - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 26.2% from its 52-week low price of $147.83/share.
Are more gains in store for this ETF? Let us 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.
XLY in Focus
The underlying Consumer Discretionary Select Sector Index seeks to provide an effective representation of the consumer discretionary sector of the S&P 500 Index. The product charges 9 bps in annual fees.
Why the Move?
The fund has 12.74% of its weight invested in Tesla. Tesla stock surged 10.2% on Jul 3, 2024 as the electric vehicle maker Tesla reported upbeat second-quarter production and delivery numbers. The roughly 444,000 vehicles Tesla delivered were below last year's mark, but still topped analysts’ expectation.
More Gains Ahead?
Currently, XLY has a Zacks ETF Rank #3 (Hold). However, it might continue its strong performance in the near term, with a positive weighted alpha of 12.48 (per barchart.com), which gives cues of a further rally.