S&P 500 (VOO) Live: Will Tariffs Troubles Tank the Stock Market?
Monday dawned bright for the S&P 500 and its ETF twin the Vanguard S&P 500 Index (NYSEMTK: VOO), both of which are up about 0.2% in the market’s opening minutes. But there are caveats. CNBC is reporting a sharp production slowdown among the 10 to 20 million Chinese workers involved in manufacturing exports for the […] The post S&P 500 (VOO) Live: Will Tariffs Troubles Tank the Stock Market? appeared first on 24/7 Wall St..
Monday dawned bright for the S&P 500 and its ETF twin the Vanguard S&P 500 Index (NYSEMTK: VOO), both of which are up about 0.2% in the market’s opening minutes. But there are caveats.
CNBC is reporting a sharp production slowdown among the 10 to 20 million Chinese workers involved in manufacturing exports for the U.S., with “several factories” reported to “have told half of their employees to go home for a few weeks and stopped most of their production.” From the other side of the mirror, meanwhile, reports are that the U.S. is losing “massive” amounts of agriculture sales as China curtails imports of U.S. agricultural produce.
Long story short, the trade war appears to be in full effect, and while the market may look pretty green right now, that could still change.
Earnings
Meanwhile, we’re well into earnings season here in the U.S., and Domino’s Pizza (Nasdaq: DPZ) just delivered a mixed earnings report, weakest than expected sales, but profits beating expectations at $4.33 per share.
The report looks similar to Chipotle Mexican Grill‘s (NYSE: CMG) numbers last week, which likewise reported less revenue than anticipated, with earnings equal to forecasts at $0.29 per share.
Analyst Calls
Elsewhere in the market, Bernstein SocGen just upgraded Boeing (NYSE: BA) stock to outperform, forecasting continued recovery of the aerospace giant’s 737 MAX operations. Bernstein expects Boeing to reach 38 planes-per-month production levels by July, and believes by the end of this year, Boeing will step up production to 42 planes per month, accelerating cash flow and a return to profitability.
Other companies winning upgrades today include insurer Progressive (NYSE: PGR), hiked to buy at Bank of America on growth in its automotive insurance unit; and Toyota Industries, which is believe to now be a buyout target of Toyota Motor (NYSE: TM). CLSA is anticipating a rich payout if the deal goes through, hiking its price target on TI by 65%, to 18,500 Japanese yen.
The post S&P 500 (VOO) Live: Will Tariffs Troubles Tank the Stock Market? appeared first on 24/7 Wall St..
