The Vanguard S&P 500 ETF closed Monday at 568.01, up 0.5%.
International Association of Machinists (IAM) union members are preparing to strike at S&P 500 component Boeing (NYSE: BA) defense facilities in St. Louis, St. Charles, Mo., and Mascoutah, Ill. if their demands are not met by management.
“In a powerful show of solidarity, IAM members overwhelmingly voted 99% to authorize a strike should negotiations with Boeing fall short,” said the IAM in a statement today. A strike would endanger production of F-15 and F/A-18 fighter jets, T-7A Red Hawk trainers, and MQ-25 Stingray unmanned refueling drones.
Vacation season is in full swing, but one Wall Street analyst is taking a dim view of the rental car industry that plays such an important part of many vacation plans.
Northcoast analyst John Healy calls the industry environment “tough” right now, with June rental car rates down 9.5% year over year and down sequentially from May. The analyst is accordingly taking a dimmer view of rental car stocks Hertz (Nasdaq: HTZ) and Avis Budget (Nasdaq: CAR), and the stocks are dropping 5.7% and 3.8%, respectively.
A third company winning upgrades this morning is military drone manufacturer Kratos Defense & Security (Nasdaq: KTOS). “Kratos has strategically invested in areas of the defense supply chain that are critical to the future of warfare and are at a key inflection point. Funding is finally coming for drone programs, turbo jet and turbo fan engines are in high demand for UAS and missile systems, and both C5ISR and space are continuing to grow at a fast clip,” writes Goldman analyst Noah Poponak.
Goldman upgraded Kratos stock to buy with a $52 price target. The stock opened up 0.7%.
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The Vanguard S&P 500 ETF (NYSEMKT: VOO) hit an all-time high of 566.95 Friday — a remarkable turnaround after tumbling 18% in April on President Trump’s announcement of global “reciprocal” tariffs. Investors are looking for the ETF to rack up even more gains today as the index it tracks keeps rising.
Trade deal hopes are key to the market’s rebound. A new trade deal with the United Kingdom goes into effect today, maintaining the new 10% base tariff on UK goods imported into the U.S., but lowering tariffs on certain products. Canada announced yesterday it will remove a digital services tax on U.S. tech giants, which could open the door to a broader agreement. And the White House says it’s busy working on trade deals with the European Union, Taiwan, Japan, India, and Canada.
Pre-market, the Voo is already up another 0.4% from Friday’s close.
Jefferies upgraded shares of S&P 500 component company Walt Disney (NYSE: DIS | DIS Price Prediction) to buy this morning with a $144 price target. The banker sees limited risk of a Parks slowdown this year, and more positive upside in the company’s Cruise business next year, as well as the chance for profit margin improvement.
Oracle (NYSE: ORCL) is a second S&P 500 component getting an upgrade. Investment bank Stifel upgrades to buy with a $250 price target, citing “the recent dramatic step-up in capex and … Cloud gains [that] coupled with a greater emphasis on physical infrastructure rather than people to generate new business, should enable revenue to grow meaningfully faster than opex in coming years.”
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Joel South covers large-cap stocks, dividend investing, and major market trends, with a focus on earnings analysis, valuation, and turning complex data into actionable insights for investors.
He brings more than 15 years of experience as an investor and financial journalist, including 12 years at The Motley Fool, where he served as an investment analyst, Bureau Chief, and later led the Fool.com investing news desk. He has also co-hosted an investing podcast and appeared across TV and radio discussing market trends.
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