Stock Market Live August 8: S&P 500 (VOO) Rises in Hope of Lower Interest Rates
Key Points
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President Trump will gain another “yes” vote for lowering interest rates at the Fed.
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Multiple new tariff rates went into effect at midnight last night.
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Friday Wrap-up
The Vanguard S&P 500 ETF closed at 585.87 Friday, up 0.8% for the day and up 2.5% for the week.
American Axle Revolves Higher
In even more earnings news, auto parts company American Axle (NYSE: AXL) beat earnings by six cents this morning with a $0.21 per share Q2 profit. Revenue fell just short of expectations at $1.5 billion, but guidance for the rest of this year puts revenue close to $5.9 billion — and ahead of Wall Street estimates.
American Axle stock is up 14.5% on the news. The Voo is up 0.8%.
Wendy's Winning
This morning, Wendy’s (Nasdaq: KTOS), which is also not an S&P 500 component, reported Q2 earnings of $0.29 per share, three cents better than expected. Revenue also edged out expectations at $560.9 million, and Wendy’s stock is up 3%.
The Voo is up 0.7%.
Kratos Flies High
A bit more earnings news. Defense stock and military drones specialist (but not an S&P 500 component company) Kratos Defense & Security Technologies (Nasdaq: KTOS) beat earnings by two cents last night with an $0.11 Q2 profit. Revenue far outstripped expectations at $351.5 million. (Less than $310 million was predicted).
Kratos did issue light guidance for only $315 million to $325 million in Q3, but the Q2 revenue beat more than makes up the difference, and Kratos stock is up more than 9%.
This article will be updated throughout the day, so check back often for more daily updates.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) is bouncing off yesterday’s loss, up 0.3% premarket and aiming to close out the week on an up note Friday. And why?
Last night, President Trump named Stephen Miran, currently his chair of the Council of Economic Advisors, to replace retiring Adriana Kugler on the Federal Reserve Board of Governors. Miran will serve out at least the remainder of Kugler’s term of office, which expires in January. This subtracts one vote from the Fed against lowering interest rates, and replaces it with a vote in favor of reducing rates — a fact investors are taking as a positive for the stock market.
On the tariffs front, U.S. “reciprocal” tariffs against dozens of nations around the world went into effect at midnight Thursday. And also on the tariffs front, The Wall Street Journal is reporting that at least some Indian refiners have stopped buying Russian oil, and that Russia is beginning to divert oil sales from India to China, all in response to President Trump adding a 25% tariff surcharge to imports of Indian goods in punishment for that country’s purchases of Russian oil.
Finally, Russia itself comes up against a deadline today to agree to a ceasefire with Ukraine or face even more U.S. sanctions. Ahead of the deadline, Russian President Putin has apparently agreed to meet with President Trump to discuss a ceasefire, perhaps as early as next week.
And now, on to earnings.
Earnings
Multiple S&P 500 component companies reported earnings after close of trading last night. Among them:
Advertising marketplace The Trade Desk (Nasdaq: TTD) beat by a penny in Q2, earning $0.41 per share. TTD booked $694 million in the quarter, nearly $10 million ahead of expectations.
IT company Akamai Technologies (Nasdaq: AKAM) beat by eighteen cents, earning $1.73 per share in the quarter on revenues that just edged past expectations — $1.04 billion.
Travel company Expedia (Nasdaq: EXPE) beat its Q2 forecast by $0.28, reporting a $4.24 per share profit on $3.8 billion in revenue, which was also above estimates.
On the other hand, Block (NYSE: XYZ), the payments company formerly known as Square, missed earnings by a nickel, reporting only a $0.62 per share profit in Q2.
Joel South has been an avid investor and financial writer for over 15 years, publishing thousands of articles analyzing stocks, markets, and investment strategies across multiple leading financial media platforms. He spent 12 years at The Motley Fool, where he worked as an investment analyst and Bureau Chief before ascending to direct the Fool.com investing news desk, overseeing editorial operations and content strategy. During his tenure, Joel co-hosted an investing podcast and became a recognized voice in financial media through numerous TV and radio appearances discussing stock market trends and investment opportunities.
Currently serving as General Manager and Managing Editor at 24/7 Wall Street, Joel has published hundreds of in-depth analyses focusing on large-cap stocks, dividend-paying equities, and market-moving developments. His comprehensive coverage spans earnings previews, price predictions, and investment forecasts for major companies across all sectors—from technology giants and semiconductor manufacturers to consumer brands and financial institutions. Joel's expertise encompasses t fundamental analysis, options market interpretation, institutional investor behavior, and translating complex market dynamics into clear, actionable insights for individual investors.
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