Live S&P VOOG: Tariff Impact Hits Corporate America, GOOGL (Nasdaq: GOOGL) Up, ODFL Falls

The markets are showing some wavering today, with all three of the major stock market indices trading with a lack of conviction on either side, including the S&P 500. With three straight days of gains in the books so far this week, the S&P VOOG ETF is posting a fractional gain at last check. VOOG is heavily weighted in the technology, communications and financial services sectors, all of which are faring mixed today.

Google parent company Alphabet (Nasdaq: GOOGL) has a 3.1% weighting in VOOG and is helping to keep the ETF afloat today. Alphabet’s Q1 earnings report surpassed analyst expectations on both the top and bottom lines, sending the stock 4% higher on the day. Alphabet management also cautioned that it is not immune from tariffs as a trade loophole ended by President Trump would result in “slight headwinds” for its ads business, which was a bright spot for growth in Q1.  

Old Dominion Freight (Nasdaq: ODFL) is down a steep 5.9% today on the heels of its Q1 report. The company suffered a precipitous drop in profits but is not worried about Amazon’s LTL business. Transportation stocks are often seen as a gauge into the health of the economy. 

Bank of America economist Michael Harnett is not convinced by this week’s market turnaround, cautioning that the tariff-infused selling is not yet over. His advice is to skip stocks altogether, selling on any market rallies, while piling into bonds and gold assets on the dips. Deutsche Bank is similarly worried, slashing its S&P 500 year-end target to 6,150 compared with a previous prediction of 7,000. Meanwhile, the S&P is on pace for gains this week.

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

Dow Jones Industrial Average: Down 268.20 (-0.69%) 
Nasdaq Composite:  Up 31.21 (+0.21%) 
S&P 500:  Down 9.60 (-0.18%) 

Market Movers

Walmart (NYSE: WMT) stock is down fractionally and has a 1% weighting in VOOG.

Netflix (Nasdaq: NFLX) is up fractionally today and has a 1.6% weighting in VOOG.

Costco Wholesale (Nasdaq: COST) is down as the markets brace for the potential tariff impact on consumers. 

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