Live Vanguard IT ETF (VGT): Big Tech Capex Plans Embolden Markets
Live Updates Live Coverage Updates appear automatically as they are published. Economy Shows Resilience 11:29 am by Gerelyn Terzo The labor market continues to hold up in this economy after more jobs were added in April than expected. The results are a breath of fresh air to stocks as the economy attempts to stave off […] The post Live Vanguard IT ETF (VGT): Big Tech Capex Plans Embolden Markets appeared first on 24/7 Wall St..
Live Updates
Economy Shows Resilience
The labor market continues to hold up in this economy after more jobs were added in April than expected. The results are a breath of fresh air to stocks as the economy attempts to stave off a recession. The U.S. economy added 177,000 new jobs last month, beating estimates of 133,000 but trailing March’s pace. April’s results were the first to reflect the impact from tariffs, a positive sign that conditions might not be deteriorating as quickly as feared.
Big Tech capex remains intact, buoying sentiment and leading the market gains, including a 1.3% advance in the Vanguard IT Index, led by stocks like Microsoft (Nasdaq: MSFT), Nvidia (Nasdaq: NVDA) and Palantir Technologies (Nasdaq: PLTR) today. All three of the major stock market averages are also posting gains, including a 400-point advance in the Dow Jones Industrial Average and 1% gains each for the Nasdaq Composite and S&P 500 index. In a bullish sign, Meta Platforms increased its 2025 capex plans to a range of $64 billion-$72 billion while lowering its expense outlook, a formula for 4% gains on the day.
After reporting their quarterly earnings results after the closing bell yesterday, Apple (Nasdaq: AAPL) and Amazon (Nasdaq: AMZN) stocks are taking it on the chin as signs of the tariff impact begin to emerge. While both companies surpassed estimates, Apple has heavy China exposure and Amazon believes it is equipped to navigate the tariffs. Apple has since prepared to shift more of its production to India. Also, Amazon Founder Jeff Bezos has filed to offload billions of dollars worth of AMZN shares.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 420.22 (+1.03%)
Nasdaq Composite: Up 261.73 (+1.47%)
S&P 500: Up 71.45 (+1.28%)
Market Movers
Apple warned that tariffs will cut into its current quarter bottom line to the tune of $900 million, leading Jefferies analysts to cut their rating on the stock to “underperform” while Rosenblatt Securities lowered AAPl shares to “neutral” from “buy.”
Block (NYSE: XYZ) stock, previously known as Square, is among the worst performers in today’s session, sinking over 20% on a Q1 miss and stagnant growth.
DexCom (Nasdaq: DXCM) is rising by 13.5% today after reporting its Q1 results.
Palantir Technologies (Nasdaq: PLTR), one of the top 10 holdings in the VGT index, is tacking on 5.8% as the AI trade gets revived.
The post Live Vanguard IT ETF (VGT): Big Tech Capex Plans Embolden Markets appeared first on 24/7 Wall St..
