Stock Market Live May 8: UK Talks Trade With Trump, S&P 500 (VOO) Rises Again

This article will be updated throughout the day, so check back often for more daily updates.

President Trump will hold a press conference later this morning to announce a “full and comprehensive” trade agreement to be signed with the United Kingdom, the first of “many other deals, which are in serious stages of negotiation, to follow,” as the President promised on Truth Social today. The U.S. currently has a trade surplus with the U.K., and has imposed only 10% “reciprocal” tariffs on the country, as well as 25% tariffs on steel, aluminum, and car imports. Still, the deal may give a small boost to bilateral trade, and perhaps more importantly, create a framework for further deals to be signed with other nations.

Investors like the news, and the Vanguard S&P 500 ETF (NYSEMKT: VOO) is trading 0.8% higher in the pre-market, as is the S&P 500 index that it tracks. 

In less optimistic news, the President is rattling cages at the Fed this morning, calling Fed Chairman Jerome Powell “a FOOL, who doesn’t have a clue” after the Fed declined to lower interest rates at the Federal Open Market Committee meeting yesterday.

Earnings

Meanwhile, earnings season rolls onward, with well over 100 companies reporting their Q1 results this morning.

Oil major and S&P 500 component ConocoPhillips (NYSE: COP) reported a 6% earnings beat, and told investors it plans to cut capital spending this year to help keep profits flowing. Liquefied natural gas company Cheniere Energy (NYSE: LNG) wasn’t so lucky, missing earnings by 42% despite reporting significantly stronger revenue than expected.

In entertainment, S&P 500 component Warner Brothers Discovery (Nasdaq: WBD) reported a revenue miss and an $0.18 per share loss that was larger than expected.

In e-commerce, Shopify (Nasdaq: SHOP) said Q1 revenue was $2.4 billion, and more than expected. The company warned Q2 revenue will grow better than 20%, but gross profit less than 20%, however. Analysts were expecting profits to grow faster, and Shopify stock is slipping pre-market.

Analyst Calls

Positive earnings reports are winning praise on Wall Street. DZ Bank this morning upgraded Advanced Micro Devices (Nasdaq: AMD) to buy after its earnings beat yesterday. Presidents Capital Management upgraded Disney (NYSE: DIS) to buy for a similar reason.

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