S&P 500 (NYSEARCA: SPY) Live: A Glimmer of Hope After a Record-Breaking Drop

The S&P 500 experienced one of the worst stretches in the index’s history driven mainly by President Trump’s escalation of tariffs on China. The market has fallen 17.5% since its high in mid-February but the two day drop starting last Friday through the market close yesterday was the 5th worst stretch in the past 80 […] The post S&P 500 (NYSEARCA: SPY) Live: A Glimmer of Hope After a Record-Breaking Drop appeared first on 24/7 Wall St..

Apr 8, 2025 - 15:20

S&P 500 (NYSEARCA: SPY) Live: A Glimmer of Hope After a Record-Breaking Drop

The S&P 500 experienced one of the worst stretches in the index’s history driven mainly by President Trump’s escalation of tariffs on China. The market has fallen 17.5% since its high in mid-February but the two day drop starting last Friday through the market close yesterday was the 5th worst stretch in the past 80 years.

Key Points

Tariff uncertainty triggers the S&P 500’s steepest two-day decline since the 2020 COVID-19 crash.
Global markets rebound as the U.S. hints at negotiating tariff reductions, sparking optimism amid trade war fears.
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Tuesday brings some signs of recovery. The S&P 500 rose 3.09% to 5218.73 shortly after the open, joined by a 3.41% gain in the Nasdaq and 3.02% in the Dow. Treasury Secretary Scott Bessent’s comments about potential “good deals” with Japan and other nations fueled optimism, lifting Japan’s Nikkei 225 by 6%. China, however, remains defiant, pledging to “fight to the end” while weakening the yuan, hinting at a prolonged trade conflict despite President Trump saying “China wants to make a deal, badly” in a Truth Social post.

Stocks on the move

Health insurance stocks are S&P 500’s biggest winners today following a significant boost to Medicare reimbursement rates. Humana (NYSE: HUM) and UnitedHealth (NYSE:UNH) are up 12.78% and 7.45% respectively, after the Center for Medicare & Medicaid Services finalized a 5.06% average increase in 2026 Medicare Advantage payments, more than double the expected increase.

Eli Lilly (NYSE: LLY) shares are gaining 5.06% today following a significant upgrade from Goldman Sachs. The firm raised its rating on the pharmaceutical giant to Buy from Neutral, setting a price target of $888. Analyst notes highlight a “compelling entry point” into what they call the “sector’s premier topline grower” after a recent sell-off. With its strong portfolio, including drugs like Mounjaro and Zepbound, the company is poised to maintain its “pole position” in this rapidly expanding space, driving investor optimism.

Johnson & Johnson (NYSE: JNJ) is up 1.5%, also after Goldman Sachs’ Buy rating and a $172 price target. The firm argues that market concerns over the looming Stelara loss of exclusivity are overstated. In a research note, the analyst points out that consensus estimates fail to fully capture the strength of J&J’s Innovative Medicine business. As the company moves past the Stelara patent cliff, it’s entering a phase of robust new product cycles across multiple high-potential markets. This optimistic outlook underscores J&J’s resilience and growth potential, boosting confidence among investors.

The post S&P 500 (NYSEARCA: SPY) Live: A Glimmer of Hope After a Record-Breaking Drop appeared first on 24/7 Wall St..