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Live Vanguard IT ETF (VGT): Markets Embroiled in Selling amid Economic Slowdown
Live Updates Live Coverage Updates appear automatically as they are published. Payrolls Shrink 11:20 am by Gerelyn Terzo Throwing yet another wrench into the markets, there is labor market data to process. Private payrolls climbed by a lesser-than-expected 62,000 in April, falling short of Dow Jones expectations for nearly twice that growth. The latest monthly […] The post Live Vanguard IT ETF (VGT): Markets Embroiled in Selling amid Economic Slowdown appeared first on 24/7 Wall St..
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Updates appear automatically as they are published.
Payrolls Shrink
Throwing yet another wrench into the markets, there is labor market data to process. Private payrolls climbed by a lesser-than-expected 62,000 in April, falling short of Dow Jones expectations for nearly twice that growth. The latest monthly results come on the heels of March’s private payroll increase of 147,000. Corporate America has hit the pause button on hiring until the impact from the tariffs is more clear.
The economic slowdown has reared its head, with the U.S. economy contracting during Q1 2025, something it hasn’t done in three years, after corporate America rushed to receive imports before the tariffs kicked in. According to the Commerce Department, U.S. GDP declined at an annual rate of 0.3%, adjusted for inflation, the worst drop the economy has suffered in in three years. By way of comparison, economists were predicting an economic expansion of 0.4% in the first quarter, a far cry from the results as the tariff wars took hold.
The Vanguard IT ETF (VGT) is comprised of over 300 stocks with a median market cap of $787 billion, led by Apple (Nasdaq: AAPL), Nvidia (Nasdaq: NVDA), Microsoft (Nasdaq: MSFT), Broadcom (Nasdaq: AVGO) and Salesforce (Nasdaq: CRM). The VGT index is down by 1.3% today.
Stocks fell into a steep sell-off at the market open but have since come off their worst levels of the session. The Dow Jones Industrial Average has trimmed its losses from over 600 points on the day to about 345 points, while the Nasdaq Composite and S&P 500 are each down approximately 1%. Each sector of the economy continues to trade in the red on recession fears
Meta Platforms (Nasdaq: META) reports its quarterly earnings results after the closing bell today and is currently caught up in the selling pressure, falling 3% on the day.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 368.19 (-0.91%)
Nasdaq Composite: Down 284.27 (-1.6%)
S&P 500: Down 65.33 (-1.1%)
Market Movers
Social media platform Snap (NYSE: SNAP) is losing more than 15% in today’s market bloodbath after omitting an earnings outlook, owing to tariff uncertainty.
First Solar (Nasdaq: FSLR) is also falling by a double-digit percentage on a Q1 earnings miss and warning of revenue pressure from tariffs.
Palantir Technologies (Nasdaq: PLTR) is down about 1% on the day and is poised to report earnings on May 5.
Seagate Technology (Nasdaq: STX) is a rare gainer, up 9% on a strong earnings print.
The post Live Vanguard IT ETF (VGT): Markets Embroiled in Selling amid Economic Slowdown appeared first on 24/7 Wall St..
