Vanguard S&P 500 ETF (VOO) Gains Amid Tech Rally and Fed Rate Cut Speculation
The Vanguard S&P 500 ETF (VOO) rose 0.22% in pre-market trading, building on Tuesday's 0.27% gain. Tech heavyweights like Nvidia (NVDA) and strong earnings from UPS (UPS) and PayPal (PYPL) fueled the advance. Market sentiment further improved on hopes of a Federal Reserve rate cut.
Year-to-date, VOO has climbed 18.34%, with 5-day net inflows hitting $2 billion. The Nasdaq 100 (NDX) outperformed, gaining 0.74%. Analysts maintain a Moderate Buy rating on VOO, with a $697.98 average price target implying 10.49% upside potential.
Focus now shifts to the Fed's October 29 rate decision and earnings reports from five 'Magnificent Seven' companies, which could drive near-term volatility.