Stock Market Live May 15: Trump Talk Forces Oil Prices Lower, and the S&P 500 (VOO), Too
Investing
-
President Trump is in Qatar discussing trade talks with India and a possible nuclear deal with Iran today.
-
Oil prices are down across the board on worries Iran’s oilfields may soon regain access to global markets.
-
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.
9:33 am
A bit more stock earnings news coming in now, this time from China. Online gamer NetEase (Nasdaq: NTES) reports $2.41 per share, well ahead of estimates, fueled by “solid momentum” in gaming. Online retailer Alibaba (NYSE: BABA) says it also had “a strong quarter,” but its earnings fell short of estimates at $1.73 per share.
NetEase stock is up more than 10% at the open, and Alibaba is down nearly 7%. As expected, the Vanguard S&P 500 ETF opened lower as well, down 0.2%.
This article will be updated throughout the day, so check back often for more daily updates.
President Trump continues his Mideast tour. Still in Qatar at last report, he’s quoted in The Wall Street Journal today affirming that Iran “has sort of agreed to the terms” of a proposed deal that would see the Islamic nation forego nuclear weapons, presumably in exchange for our removing sanctions on its oil.
Global oil prices are tumbling in response to the news (and the prospect of Iranian oil pouring back onto world markets). Brent crude prices are down 2.8% pre-market, barely above $64 a barrel. US benchmark WTI crude is down 2.9%, a little over $61. In other trade news, the President says he’s in talks with India, “one of the highest-tariff nations in the world,” to have that nation charge the U.S. literally … no tariffs.”
And yet, how are markets taking this good news? Not well, actually. Pre-market, the Vanguard S&P 500 ETF (NYSEMKT: VOO) is set to open as much as 0.3% lower that it closed last night.
Earnings
Earnings season is starting to slow down a bit, with only a few dozen companies reporting this morning. Still, we have a couple big S&P 500 names to cover. Index component Walmart (NYSE: WMT) beat earnings today with $0.61 per share in profit and strong growth in its health & wellness and grocery businesses.
Fellow S&P 500 component Deere & Co. (NYSE: DE) beat with $6.64 per share reported — a full $1 more than analysts expected! Deere did warn, however, that its sales will be down anywhere from 10% to 20% against 2024 levels this year.
Analyst Calls
Speaking of S&P 500 components, Cisco (Nasdaq: CSCO) won an upgrade to overweight from Wells Fargo after reporting an earnings beat this morning.
Wolfe Research upgraded Pinterest (NYSE: PINS) to outperform. Wolfe sees the social media site showing “above market growth” and says the stock has a “reasonable valuation” given the growth rate.
UBS downgraded Alcoa (NYSE: AA) to neutral with a $31 price target.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.