Investing
-
The US and UK are set to announce a new trade agreement that may lower tariffs and boost trade.
-
President Trump renewed criticism of Fed Chairman Powell this morning after the FOMC decided not to lower interest rates yesterday.
-
Are you ahead, or behind on retirement? SmartAsset’s free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don’t waste another minute; get started by clicking here.(Sponsor)
Live Updates
Live Coverage
Updates appear automatically as they are published.
9:48 am
Markets are open now and the pre-market gains are largely holding up. Both the S&P 500 index and the ETF that tracks it are up about 0.6%. Investors await details on the announced US-UK trade deal. The press conference is expected to begin at 10 a.m. ET.
This article will be updated throughout the day, so check back often for more daily updates.
President Trump will hold a press conference later this morning to announce a “full and comprehensive” trade agreement to be signed with the United Kingdom, the first of “many other deals, which are in serious stages of negotiation, to follow,” as the President promised on Truth Social today. The U.S. currently has a trade surplus with the U.K., and has imposed only 10% “reciprocal” tariffs on the country, as well as 25% tariffs on steel, aluminum, and car imports. Still, the deal may give a small boost to bilateral trade, and perhaps more importantly, create a framework for further deals to be signed with other nations.
Investors like the news, and the Vanguard S&P 500 ETF (NYSEMKT: VOO) is trading 0.8% higher in the pre-market, as is the S&P 500 index that it tracks.
In less optimistic news, the President is rattling cages at the Fed this morning, calling Fed Chairman Jerome Powell “a FOOL, who doesn’t have a clue” after the Fed declined to lower interest rates at the Federal Open Market Committee meeting yesterday.
Earnings
Meanwhile, earnings season rolls onward, with well over 100 companies reporting their Q1 results this morning.
Oil major and S&P 500 component ConocoPhillips (NYSE: COP) reported a 6% earnings beat, and told investors it plans to cut capital spending this year to help keep profits flowing. Liquefied natural gas company Cheniere Energy (NYSE: LNG) wasn’t so lucky, missing earnings by 42% despite reporting significantly stronger revenue than expected.
In entertainment, S&P 500 component Warner Brothers Discovery (Nasdaq: WBD) reported a revenue miss and an $0.18 per share loss that was larger than expected.
In e-commerce, Shopify (Nasdaq: SHOP) said Q1 revenue was $2.4 billion, and more than expected. The company warned Q2 revenue will grow better than 20%, but gross profit less than 20%, however. Analysts were expecting profits to grow faster, and Shopify stock is slipping pre-market.
Analyst Calls
Positive earnings reports are winning praise on Wall Street. DZ Bank this morning upgraded Advanced Micro Devices (Nasdaq: AMD) to buy after its earnings beat yesterday. Presidents Capital Management upgraded Disney (NYSE: DIS) to buy for a similar reason.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.