S&P 500 (VOO) Live: Will Tariffs Troubles Tank the Stock Market?

A topsy-turvy day ended with the S&P 500 back in the green.

As the closing bell struck, the index and the ETF both ended “up” by the narrowest of margins, less than 0.1%, but positive. At five straight days, this is actually the longest stretch of uninterrupted gains the S&P 500 has enjoyed so far this year.

With one hour to go before close of trading, the S&P 500 looks intent upon closing the day in the red, and breaking a four-day winning streak. Both the index and the ETF that tracks it, the Vanguard S&P 500 ETF, are off their lows but still down 0.3%.

Market watchers blame earnings season. Although Q1 reports have gone well so far, with 73% of companies reporting beating analyst estimates, consumers who went shopping before tariffs go into effect may have inflated results last quarter, leading to potential earnings misses in Q2. With the trade war still in full effect, that seems to be what’s worrying investors today as the week’s earnings results, and earnings guidance, begins rolling in.

S&P 500 selling picked up the other side noon, with the index and the ETF both down now about 0.8%. Oil prices are also down, with WTI crude and Brent both down roughly 2.2%.

Perhaps fearing the market is starting to slide lower again, some investors appear to be flocking to gold as a safe haven. The shiny metal got $50 more valuable today, and now sells for just under $3,350 an ounce, 1.5% more expensive than it was at Friday’s close.

In mid-morning trading, the S&P 500 has dipped into the red, down 0.2%, and “the Voo” is right down there with it. Treasury Secretary Scott Bessent is adding uncertainty to the market as he tells China it must make the first move in lowering trade tensions, because “they sell five times more to us than we sell to them.”

On the plus side, Bessent hinted that a trade deal with India is in process, alongside more than a dozen other “important trading relationships” that are being discussed.

In further positive macroeconomic news, traders are getting more optimistic on the prospect of interest rate cuts in the U.S., forecasting as many as three cuts to come in 2025.