Stock Market Live May 21: S&P 500 (VOO) Falling on Mixed Retail News
Investing
-
Home Depot reported an earnings miss but a sales beat yesterday. Today, Lowe’s reported an earnings beat but a sales miss.
-
Target missed on top and bottom lines and lowered sales guidance for the year.
-
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.
11:02 am
President Trump announced yesterday that he will build a Golden Dome missile shield over the United States within three years, and at a $175 billion purchase price. Defense contractors L3Harris (NYSE: LHX), Lockheed Martin (NYSE: LMT), RTX Corp (NYSE: RTX) were all named as likely participants in the project. Of the three, however, only L3Harris’s stock is moving higher today.
As for the Vanguard S&P 500 ETF, it’s in the red as well — down 0.4%.
10:00 am
Yields on 30-year and 10-year U.S. Treasury bills are moving back higher, with the 30-year once again over 5% (5.02%, to be precise) and the 10-year above 4.5% (4.54%). Economists blame both the recent Moody’s downgrade of U.S. debt, and also the recent “Big, Beautiful Bill” introduced by the Trump Administration, which threatens to expand the annual budget deficit and add to U.S. national debt.
This article will be updated throughout the day, so check back often for more daily updates.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) opened down 0.6% on Wednesday as big box retailers, especially vulnerable to global tariffs turmoil, continued reporting mixed results.
S&P 500 index component Home Depot (NYSE: HD) yesterday reported better than expected sales numbers, but worse than expected earnings. Today, it was archrival and fellow S&P 500 component Lowe’s (NYSE: LOW) turn to (not) shine. The home improvement retailer beat on earnings with a $2.92 per share profit, but its sales of $20.9 billion came in just shy of expectations.
Target (NYSE: TGT) added to the turmoil when it reported top and bottom line misses this morning. Also an index component, Target ‘s $23.85 billion in sales and $1.30 per share in adjusted earnings both fell short of what analysts forecast.
Adding to investor worries, Target cut its sales forecast for the rest of this year, blaming weak consumer spending and uncertainty created by a changing national tariffs policy.
Other earnings
In happier earnings news, Palo Alto Networks (Nasdaq: PANW) beat on both top and bottom lines last night. Earnings of $0.80 per share were about 4% better than expected, and sales of $2.3 billion edged out consensus expectations.
The bad news is that Palo Alto Networks is also an S&P 500 component, and despite its earnings beat, investors are selling off the stock (now down 7.5%), which is pulling the index lower.
Analyst Calls
S&P component Autozone (NYSE: AZO) won an upgrade to buy from Bank of America Securities this morning. Tax refunds are putting more money in consumer pockets, said the analyst. Not enough money to let them afford to buy a car, necessarily, but BofA thinks rising prices on both new and used cars is going to encourage consumers to keep their current cars longer, and spend more on car parts to keep them running.
Credit Card Companies Are Doing Something Nuts (Sponsor)
We’ve been writing about ways to make, save, and invest money for over 20 years. But some of the cash back credit card rewards today still make our jaws drop. There are $200 cash bonuses, 3% back on gas and groceries, $0 fees, and even some 5% rewards out there right now. For the average American that could mean hundreds, even thousands of dollars on rewards a year.
Don’t miss out on rewards this good, there is no saying how long they’ll last. Click here to see our top picks.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.