Stock Market Live July 21: S&P 500 (VOO) Inches Higher on More Good Earnings News
Investing
-
President Trump’s August 1 deadline for foreign nations wanting to sign trade agreements with the U.S. is a “hard” deadline and will not move again.
-
Investors seem cautiously optimistic despite tariffs uncertainty, as earnings season rolls ahead.
-
Are you ahead, or behind on retirement? SmartAsset’s free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don’t waste another minute; get started by clicking here.(Sponsor)
Live Updates
Live Coverage
Updates appear automatically as they are published.
9:38 am
In happier analyst news, Seaport Global Securities analyst Jay Goldberg upgraded Texas Instruments (NYSE: TGT) today. Removing his sell rating on the stock, Goldberg upgraded to neutral. “We thought the analog inventory cycle was not going to improve and the macro economy was slowing,” aid the analyst. “We were wrong. While we see no strong catalysts, it now appears conditions will not deteriorate and inventories may start to improve.”
Texas Instruments is trading 0.8% higher in the market’s opening minutes. The Voo is now up 0.2%.
This article will be updated throughout the day, so check back often for more daily updates.
U.S. Commerce Secretary Howard Lutnick made the rounds of Sunday morning talk shows over the weekend, insisting that President Trump’s revised August 1 deadline for foreign nations wanting to make trade agreements with the U.S. (and avoid higher tariffs) was a “hard” deadline and wouldn’t shift again. In a move to mollify investors, Lutnick reassured that even countries that don’t sign agreements by August 1 can still reach agreements thereafter.
They’ll be hit with higher tariffs in the meantime, though.
As for the Vanguard S&P 500 ETF (NYSEMKT: VOO), the broad stock market ETF closed at 576.92 Friday, and is inching higher premarket on Monday, up 0.1%, as investors appear to be looking past the tariffs turmoil today, and focusing instead on earnings.
Earnings
Speaking of earnings, S&P 500 component company Verizon (NYSE: VZ) reported an earnings beat this morning. The telecom giant earned $1.22 per share in Q2, ahead of expectations. Revenue of $34.5 billion also exceeded analyst forecasts. In a surprise development, however, Verizon reported that its wireless customer count, which was expected to grow by 13,000 subscribers, instead shrank by 9,000.
Despite this setback, Verizon raised its earnings forecast modestly, saying adjusted profit will grow from 1% to 3% this year. Free cash flow will run between $19.5 billion and $20.5 billion, also more than previously forecast.
The news wasn’t so good for another S&P 500 component company, however. Domino’s Pizza (Nasdaq: DPZ) missed on Q2 earnings this morning, reporting $3.81 per share instead of the expected $3.94. Sales were as expected: $1.15 billion.
CEO Russell Weiner noted, however, that Domino’s gained market share in the quarter.
Analyst Calls
In retail news, Barclays Capital downgraded shares of retail giant Target (NYSE: TGT) to underweight with a $91 price target. “Our analysis suggests comps have improved from Q1,” wrote analyst Seth Sigman, but “we believe that there is a ceiling med-/longterm due to growing competitive issues.”
If You have $500,000 Saved, Retirement Could Be Closer Than You Think (sponsor)
Retirement can be daunting, but it doesn’t need to be.
Imagine having an expert in your corner to help you with your financial goals. Someone to help you determine if you’re ahead, behind, or right on track. With SmartAsset, that’s not just a dream—it’s reality. This free tool connects you with pre-screened financial advisors who work in your best interests. It’s quick, it’s easy, so take the leap today and start planning smarter!
Don’t waste another minute; get started right here and help your retirement dreams become a retirement reality. (sponsor)
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.