Live S&P 500 (NYSEARCA: SPY): UBER (NYSE: UBER), GOOGL (Nasdaq: GOOGL) Rise in Market Breather

With three consecutive days of gains behind them, the markets are uncertain today, trading with a lack of conviction in either direction. Most recently, the S&P 500 has turned lower, with a fractional decline, amid a nervous Wall Street that is waiting for the next tariff shoe to drop. Technology earnings are in focus, with Mag 7 stock Alphabet (Nasdaq: GOOGL) trading independently of the pack with a 2.5% gain.

Uber (Nasdaq: UBER) is rising 2.8% on reports it will slash collision insurance costs in the state of California. The stock is inching closer to its 52-week high of $87 per share.

The Google parent company did warn that a trade loophole being closed by the Trump administration would create a “slight headwinds” for its ads business, which posted impressive growth in Q1. Alphabet has a nearly 2% weighting in the SPDR S&P 500 ETF (SPY).

Bank of America economist Michael Harnett is not buying into this week’s market rally, warning that the stock market sell-off has more to go. His advice is to sell on the stock market rallies and buy other assets like gold on the dips. Deutsche Bank is also cautious, cutting its S&P 500 year-end view to 6,150, down from a previous forecast of 7,000. Meanwhile, the S&P is on track for a positive week.

Here’s a look at the performance as of morning trading:

Dow Jones Industrial Average: Down 152.92 (-0.39%) 
Nasdaq Composite:  Down 4.69 (-0.04%) 
S&P 500: Down 7.94 (-0.13%) 

Market Movers

T-Mobile (Nasdaq: TMUS) is sinking by 9.5% after reporting post-paid mobile subscriber numbers that fell short of analyst expectations. The company plans to pass along higher costs from tariffs to consumers. 

Tech peer Intel (Nasdaq: INTC) is losing ground after warning that an economic recession is likely in the cards due to the tariff impact. The company also produced revenue guidance that fell short of consensus estimates.

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