Live Market Update (SPX): China Pops Trump’s Tariffs-Ease Bubble, Sending S&P 500, Dow, and Nasdaq Lower
What goes up must come back down, with a little help from China. The South China Morning Post reports this morning that, Mr. Trump’s comments yesterday notwithstanding, there are no negotiations going on with the Trump Administration regarding lowering tariffs between the two countries. Investors are displeased with this revelation, and markets opened lower pretty […] The post Live Market Update (SPX): China Pops Trump’s Tariffs-Ease Bubble, Sending S&P 500, Dow, and Nasdaq Lower appeared first on 24/7 Wall St..
What goes up must come back down, with a little help from China. The South China Morning Post reports this morning that, Mr. Trump’s comments yesterday notwithstanding, there are no negotiations going on with the Trump Administration regarding lowering tariffs between the two countries. Investors are displeased with this revelation, and markets opened lower pretty much across the board.
Here’s how major market indices are looking so far:
Dow Jones Industrial Average: …
Nasdaq Composite: …
S&P 500 (Index: SPX): …
The Vanguard S&P 500 ETF (NYSEARCA: VOO) is …
Earnings
Earnings season is starting to look a bit frantic. Earnings reports that numbered in the dozens yesterday are now coming in by the score, and the news is far from universally great, with pockets of weakness forming in pretty much any sector you could name. PepsiCo (Nasdaq: PEP) and Procter & Gamble (NYSE: PG), Nokia (NYSE: NOK), Alaska Air Group (NYSE: ALK), Dow (NYSE: DOW) Chemical, all of them are reporting small, but measurable earnings misses.
On the plus side, Textron (NYSE: TXT) and L3Harris (NYSE: LHX) continuing the trend of broadly better earnings in the defense sector, reporting $1.28 per share in profit and $3.3 billion in revenue, both numbers better than Wall Street had forecast. L3’s results were more mixed, with $2.41 per share in profit exceeding expectations, but $5.1 billion in revenue falling short of analysts’ expected $5.2 billion.
Analyst Calls
In upgrades news, Deutsche Bank is making a curious bet on regional banks, upgrading both M&T Bank (NYSE: MTB) and Huntington Bancshares (Nasdaq: HBAN), primarily because both stocks look significantly cheaper now than they did in February. On the plus side, downgrades are even fewer than upgrades today as analysts turn cautious. DA Davidson did cut its rating on Mondelez International (Nasdaq: MDLZ), though, warning of “soft snacking demand in the U.S.”
And if Americans are giving up snacking, you know things can’t be good.
The post Live Market Update (SPX): China Pops Trump’s Tariffs-Ease Bubble, Sending S&P 500, Dow, and Nasdaq Lower appeared first on 24/7 Wall St..