Live S&P VOOG: Tariff Impact Hits Corporate America, GOOGL (Nasdaq: GOOGL) Up, ODFL Falls
Key Points
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The markets are mixed, with the S&P 500 experiencing fractional losses while the VOOG ETF is up modestly.
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GOOGL is a winner while transportation stock ODFL is down 5.7% on the heels of its earnings report.
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CMG Rises Despite Signs of Weakness
While tech is behind much of today’s gains, there are other stocks making strides today too. Among them, quick-service restaurant Chipotle Mexican Grill (NYSE: CMG) is advancing 4.2% despite weakening comparable-store sales, which fell by 0.4% in Q1, something that hasn’t happened since the pandemic. Tariffs and economic uncertainty aren’t helping, yet CMG stock is perched comfortably above the $50 per share level once again. The fact that CMG is rising on bad news is being viewed as bullish by traders today.
Tech Stock Bump
Technology stocks are leading the S&P VOOG ETF to gains today, as the S&P 500 looks to clinch a four-day winning streak. Tesla (Nasdaq: TSLA) is rallying by nearly 9% on the heels of robo-taxi-friendly regulation that is in the pipeline. Tesla’s market cap has reclaimed the $905 billion threshold, placing the trillion-dollar level back within its grasp. Also in tech, Bank of America lifted its rating on Alphabet (Nasdaq: GOOGL) to $200 per share with a “buy” rating attached.
Consumer Worries on Tariffs
Consumers remain worried about the state of the economy but it is not as bad as previously thought. The University of Michigan unveiled its final reading on consumer sentiment for April, which came in at 52.2 vs. a previous forecast of 50.8. While the final results surprised to the upside, they still reflect a trend of declining consumer sentiment in 2025 as a result of the tariff impact on the economy. Consumers are still losing sleep over the state of the economy. The S&P 500 is basically flat after three consecutive trading sessions with gains.
Companies on the earnings docket next week include Domino’s Pizza (NYSE: DPZ), Noble Corp (NYSE: NE), Transocean (NYSE: RIG) and Waste Management (NYSE: WM).
The markets are showing some wavering today, with all three of the major stock market indices trading with a lack of conviction on either side, including the S&P 500. With three straight days of gains in the books so far this week, the S&P VOOG ETF is posting a fractional gain at last check. VOOG is heavily weighted in the technology, communications and financial services sectors, all of which are faring mixed today.
Google parent company Alphabet (Nasdaq: GOOGL) has a 3.1% weighting in VOOG and is helping to keep the ETF afloat today. Alphabet’s Q1 earnings report surpassed analyst expectations on both the top and bottom lines, sending the stock 4% higher on the day. Alphabet management also cautioned that it is not immune from tariffs as a trade loophole ended by President Trump would result in “slight headwinds” for its ads business, which was a bright spot for growth in Q1.
Old Dominion Freight (Nasdaq: ODFL) is down a steep 5.9% today on the heels of its Q1 report. The company suffered a precipitous drop in profits but is not worried about Amazon’s LTL business. Transportation stocks are often seen as a gauge into the health of the economy.
Bank of America economist Michael Harnett is not convinced by this week’s market turnaround, cautioning that the tariff-infused selling is not yet over. His advice is to skip stocks altogether, selling on any market rallies, while piling into bonds and gold assets on the dips. Deutsche Bank is similarly worried, slashing its S&P 500 year-end target to 6,150 compared with a previous prediction of 7,000. Meanwhile, the S&P is on pace for gains this week.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 268.20 (-0.69%)
Nasdaq Composite: Up 31.21 (+0.21%)
S&P 500: Down 9.60 (-0.18%)
Market Movers
Walmart (NYSE: WMT) stock is down fractionally and has a 1% weighting in VOOG.
Netflix (Nasdaq: NFLX) is up fractionally today and has a 1.6% weighting in VOOG.
Costco Wholesale (Nasdaq: COST) is down as the markets brace for the potential tariff impact on consumers.
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