SPDR S&P 500 ETF Barely Moves Despite 130K Job Gains and 2.4% Inflation Drop
The SPDR S&P 500 ETF Trust has traded flat in 2026, down 0.05% YTD and up 12.0% over the past 52 weeks, even after the Dow reached 50,000. A 130,000 payroll gain and 2.4% CPI reading in January did not lift ETF prices.
1. Flat ETF Performance
In the first six weeks of 2026 the SPDR S&P 500 ETF Trust has been nearly flat, declining 0.05% year-to-date and gaining 12.0% over the past 52 weeks, even as the Dow reached an all-time high of 50,000.
2. January Jobs and Inflation
The U.S. economy added 130,000 nonfarm payrolls in January with private sector hiring at 172,000, unemployment dipping to 4.3%, while CPI rose 2.4% year-on-year and core CPI eased to 2.5%, fueling hopes for interest-rate cuts.
3. Tech Sector Drag
Technology stocks underperformed, with ten large-cap tech names shedding over $500 billion in market value in a single session after Cisco reported weaker margins, weighing on overall ETF returns.
4. Political Discontent
President Trump’s approval rating fell to 45% with 52% disapproval, indicating voter frustration over healthcare costs and groceries persists despite record market highs, a factor that could temper consumer-driven growth.