Stock Market Live May 9: Trump Proposes 80% Tariff for China, S&P 500 (VOO) Rises

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

New details are emerging on President Trump’s trade deal with the United Kingdom, which was announced yesterday, and turns out to be more of a “framework” for a deal, rather than an actual deal per se. Although details remain to be firmed up, the broad outlines seem to be that a 10% baseline tariff announced in April will remain in place for most goods. Steel and aluminum imports from Britain (Chinese owners tried to shut down the nation’s last steel mill last month, but the British government stepped in to prevent closure), however, will become tariff-free, and the UK can export up to 100,000 automobiles to the U.S. annually at 10% tariffs.

Anything more than that will incur a 25% tariff.

Britain is a relatively small market and a small exporter to the U.S., of course. China is much bigger, and Chinese tariffs news is having an even bigger impact on markets today: The Trump Administration has proposed reducing tariffs on Chinese goods from 145% to 80%.

At 8x the global rate, it’s not likely a proposal China will love, but at least they’re talking. S&P 500 futures are trading up 0.2%, and the Vanguard S&P 500 ETF (NYSEMKT: VOO) may open 0.3% higher.

Earnings

In earnings news, Pinterest (NYSE: PINS) stock surged 13% in pre-market trading after beating on sales last night, but missing on adjusted earnings. The Trade Desk (Nasdaq: TTD) stock is up 15% on better-than-expected top and bottom line results last night.

British oil major BP (NYSE: BP) is inching higher this morning as well — not on earnings news, exactly, but because S&P 500 components Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) may be looking to buy the company.

Analyst Calls

Goldman Sachs upgraded Lyft (Nasdaq: LYFT) to buy after Q1 earnings showed “continued momentum with double-digit Gross Bookings growth led by rides accelerating to +16% YoY.” S&P 500 component company Cisco (Nasdaq: CSCO) also won an upgrade to buy from Cleveland Research.

In the travel industry, Piper Sandler downgraded Expedia (Nasdaq: EXPE) to underweight after “mixed” Q1 results and worrisome “commentary around US inbound travel & the B2C business.” Phillip Securities also cut Airbnb (Nasdaq: ABNB) to “reduce” on valuation concerns.

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