Stock Market Live August 4: S&P 500 (VOO) Boomerangs After Friday's Sharp Sell-off
Investing
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Stock markets sold off on a raft of bad economic news last week, but are climbing again Monday.
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S&P 500 component companies are reporting mostly positive earnings today.
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This article will be updated throughout the day, so check back often for more daily updates.
Last week ended on a down note — and a 2.4% weekly loss for the Vanguard S&P 500 ETF (NYSEMKT: VOO) — as a weak July jobs report, plus downward adjustments to the May and June reports, combined with yet another round of tariffs from President Trump to slow the economy, and discourage investors. This week, however, investors may start looking for a silver lining.
The Voo ETF is up 0.6% premarket as stock market investors digest last week’s news and wonder if it’s as bad as it looked.
Might a slowing economy, for example, give the Federal Reserve more room to lower interest rates, and might that not actually be good for the stock market? And if the Federal Reserve lowers rates, might this in turn lower the temperature on arguments between the President and the Fed Chairman, bringing more political stability to Washington, D.C.?
Investors can hope. In the meantime, we have a few more earnings news to report.
Earnings
S&P 500 component company onsemi (Nasdaq: ON), the artist formerly known as “ON Semiconductor,” reported the tiniest of earnings “beats” this morning. Profits per share were $0.53, as analysts had forecast, but revenue edged out forecasts at $1.5 billion.
Guidance for Q3 was also slightly better than expected, with earnings now predicted to range from $0.54 to $0.64 for the quarter.
Fellow S&P 500 component Tyson Foods (NYSE: TSN) beat earnings by a dime, reporting $0.91 per share in profit. Sales were $13.9 billion, also ahead of expectations.
Medical equipment maker and (you guessed it) S&P 500 component company Waters Corporation (NYSE: WAT) beat by a penny, reporting a $2.95 per share profit. Revenue was $771 million, also ahead of estimates. And Waters guided investors to expect earnings between $12.95 and $13.05 per share through the end of this year, also ahead of analyst forecasts.
The stock is down 0.1% in premarket trading, however.
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