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S&P 500 INDEX (SPX) Live: Markets Retreat After Tariff Tricks Resurface
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Key Points
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The markets remain under pressure after a tariff one-two punch on the EU and Apple stock.
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Markets Hope Nvidia Will Lift Sentiment
The markets are hoping Nvidia (Nasdaq: NVDA) will revive sentiment next week, as the company prepares to release its highly anticipated Q1 results on Wednesday, May 28. Despite a 1% dip year-to-date in the share price, Nvidia’s underlying fundamentals remain robust based on its most recent performance. The company has the potential to shift the focus from tariffs back to earnings, which have largely beaten expectations so far.
Most Wall Street analysts maintain a buy rating on NVDA stock, projecting an average 12-month price target of $164, a considerable upside from current levels of $132. Nvidia’s upcoming Q1 report is expected to shed light on the impact of tariffs implemented in early 2025. This follows strong Q4 results where the company surpassed Wall Street estimates on both revenue and earnings. At the time, Nvidia CEO Jensen Huang stated,
“AI is advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries.”
NVDA stock is currently off fractionally while the SPX ETF is off by 0.37%.
Tariff Tall Tale
Wedbush analyst Dan Ives pushed back against President Donald Trump’s new tariff targeting Apple (Nasdaq: AAPL) iPhones, basically calling domestic production a tall tale. “We believe the concept of Apple producing iPhones in the [U.S.] is a fairy tale that is not feasible,” Ives stated in a report. Trump threatened that Apple could face tariffs of 25% or more on iPhones made outside the USA. Apple recently revealed its intentions to redirect production of its iPhones from China to India. Apple stock is down 2.5% today, and the SPX ETF is lower by 0.84%.
Fed Uncertainty
Chicago Fed President Austan Goolsbee cautioned Friday that President Donald Trump’s latest tariff moves have complicated monetary policy decisions and likely pushed back any interest rate changes. The Fed previously revealed its intentions to lower interest rates twice in 2025. Goolsbee told CNBC, “Everything’s always on the table. But I feel like the bar for me is a little higher for action in any direction while we’re waiting to get some clarity.”
This article will be updated throughout the day, so check back often for more daily updates.
A sharp sell-off gripped the markets this Friday morning, with all three major stock market averages surrendering ground. The week is set to conclude on a sour note, following President Trump’s recent threat to levy a steep 50% tariff on the EU, a measure that could be implemented in the coming days. In a potentially encouraging sign, the Dow Jones Industrial Average has trimmed its losses almost in half, while both the Nasdaq Composite and S&P 500 have similarly come off their worst levels.
The majority of economic sectors are trading lower, with consumer discretionary and technology stocks taking the hardest hits. The SPX ETF is lower by 0.84%, while the S&P 500 is on pace for a 2.7% weekly decline. Bond yields are declining as the trade war escalates, bringing a volatile week for the bond market to a close. Stock market volatility has also reemerged, highlighted by a 25% increase in the CBOE Volatility Index (VIX).
Apple (Nasdaq: AAPL) is facing renewed pressure, with President Trump warning that iPhones produced outside the U.S. could be subject to substantial tariffs, causing Apple stock to drop 2% today. Yet, in a bright spot among the Magnificent Seven, prominent Wedbush analyst Dan Ives is optimistic about Tesla (Nasdaq: TSLA), boosting his price target on the electric vehicle manufacturer to $500, suggesting a 49% upside potential, alongside an “outperform” rating.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 253.11 (-0.60%)
Nasdaq Composite: Down 182.34 (-0.94%)
S&P 500: Down 44.23 (-0.77%)
Market Movers
Nuclear stocks are defying the downward trend today, gaining ground as the Trump administration signals favorable conditions for the industry. Companies including Oklo (NYSE: OKLO), NuScale (NYSE: SMR), and Constellation Energy (Nasdaq: CEG) are all advancing, led by a double-digit percentage gain for OKLO.
Quantum computing stock IonQ (NYSE: IONQ), however, is down as much as 4.7% today, following yesterday’s rally that saw its share price close above $45.
In earnings developments, Intuit (NYSE: INTU) is gaining 8.6% today while Deckers (NYSE: DECK) is sinking 21.7% on a Wall Street downgrade following disappointing results on tariff impacts.
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