The SPDR S&P 500 ETF Trust (SPY) gained 0.72% on February 20, driven by investor optimism after a landmark Supreme Court ruling that struck down President Trump's emergency global tariffs. But the week wasn't all smooth sailing. Just the day before, the SPDR S&P 500 ETF (SPY) was down 0.22%, or by $1.54, as broader market concerns weighed on investor sentiment.
The biggest culprit? US GDP missed estimates, printing 1.4%, which was below the 2.5% estimate, thanks in part to the government shutdown. The government shutdown hurt growth at the end of 2025, and while the economy will likely bounce back in early 2026, prolonged shutdowns aren't harmless to do, according to economists. For the full year 2025, US GDP grew at a pace of 2.2%, down from 2.4% year over year.
SPY's five-day net outflows totaled $5 billion, showing that investors pulled capital out of the ETF over the past five trading days. Still, the news sentiment for the SPY ETF is positive, whereas hedge fund managers have decreased their holdings of the ETF in the last quarter. For investors tracking the broader market, SPY closely tracks the S&P 500 Index (SPX), which jumped 0.69% in the regular trading session, while the tech-heavy Nasdaq-100 (NDX) was up 0.87%. Related: Dow Jones bounces back after wild GDP shocker