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Stock Market Live July 8: S&P 500 (VOO) Keeps Falling as Tariff Worries Sink In

By Joel South · Updated Jul 8, 4:01pm ET · Published Jul 8, 9:23am ET

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The Vanguard S&P 500 ETF closed less than 0.1% lower on Tuesday, indeed, almost flat at 570.38.

Boeing Delivers

In an update today, S&P 500 component company Boeing (NYSE: BA) reported that it delivered 150 commercial airplanes in Q2 205, and 280 total year to date. 737s were the most numerous deliveries (104 units in the second quarter), followed by 787s (24 delivered in Q2).

The company’s defense, space, and security business delivered a mix of 36 warplanes, tankers, and space satellites in the second quarter, and 62 year to date. Boeing stock is down 1.2% so far today. The Voo is precisely flat at a 0.00% gain/loss.

Corning Glows Brightly

In happier news, Morgan Stanley today raised its price target on S&P 500 component company Corning (NYSE: GLW) to $50, despite maintaining only an equal weight rating on the shares. Increasing data volumes will require more optical fiber from Corning, and the AI opportunity is “meaningful.” That said, the recent rally has taken Corning’s stock price beyond “historical multiples,” warns the analyst. Investors still need to be careful not to overpay.

The Voo has turned green in the first few minutes of trading, but still up less than 0.1%. Corning stock, however, is rising 0.5%.

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The story so far

This article will be updated throughout the day, so check back often for more daily updates.

The Vanguard S&P 500 ETF (NYSEMKT: VOO) sank an unlucky 0.7% on Monday, closing at 570.55, as investors digested a wide variety of troubling news — from continued political feuding between President Donald Trump and tech magnate Elon Musk, to the July 4 passage of the “One Big Beautiful Bill” (OBBB), to, eventually, the afternoon news that Trump is nowhere near done levying tariffs on U.S. trade partners.

The President announced tariffs will go into effect August 1 on more than a dozen countries, with important U.S. allies South Korea and Japan, for example, both suffering 25% tariff levies on their exports to the U.S. Bangladesh, Bosnia and Herzegovina, Cambodia, Indonesia, Kazakhstan, Laos, Malaysia, Myanmar, South Africa, Serbia, Thailand, and Tunisia all also number among Mr. Trump’s tariffs targets.

Laos and Myanmar are particularly at risk, facing 40% tariffs, while Cambodia and Thailand will face a 36% rate, and Bangladesh and Serbia, 35%. Granted, most of these rates are similar to what the President already announced back on “Liberation Day,” April 2, and were in theory at least expected to snap back into effect 90 days later in the absence of signed trade deals.

Still, many investors seem to have maintained the belief that these tariffs were a bluff, and that hope’s now been called into question. The Vanguard S&P 500 ETF is trading down another 0.2% premarket today.

Analyst Calls

Adding to the bad news, HSBC announced today that it’s downgrading shares of three of America’s biggest banks. S&P 500 components Goldman Sachs (NYSE: GS | GS Price Prediction) and JPMorgan Chase (NYSE: JPM) are both downgraded to “reduce,” while Bank of America (NYSE: BAC) suffers a smaller cut to “hold” this morning.

Valuation is HSBC’s primary concern. The banker notes, for example, that JPMorgan stock must grow in a “low-double-digit range” in order to justify its current 16x forward earnings valuation. “If EPS growth does not reach this threshold,” warns the analyst, “JPMorgan’s PE multiple would need to expand further” for the stock price to go up at all.

In the case of Goldman, meanwhile, “the absence of a material increase in [investment banking] activity over a sustained period and/or a cool-down in market performance could lead to disappointment and a sharp correction.”

Contact [email protected] for any questions or corrections.

Joel South

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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