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Labor Market Check
Markets are clinging to gains, including a 0.19% rise in the SPY ETF, as the Trump administration and China appear ready to restart tariff talks. Meanwhile, Friday’s upcoming jobs report takes center stage amid recent signals of a weakening labor market stemming from the private sector and the latest jobless claims data. Economists project an increase of 125,000 jobs for May, a dip from April’s performance. The Fed will be watching for any signals from the tariff environment ahead of its mid-June meeting.
Growth Over Value
Ned Davis Research has released a report signaling the resurgence of the growth trade, attributing it to a return to normalcy in the markets and advising investors to favor growth stocks over value ones. Market volatility has notably subsided compared to just a few months prior, with the CBOE Volatility Index (VIX) now hovering at 17, a stark contrast to its peak of 60 during the height of the tariff disputes. Today, the markets are fluctuating between gains and losses, most recently trending upward, including a 0.23% rise in the SPY ETF.
Wall Street Bullish on Big Tech
Wall Street analysts are showing growing optimism regarding Amazon stock. Below is a summary of the latest analyst actions:
Earlier this week, BofA reconfirmed its Buy rating for Amazon (Nasdaq: AMZN), elevating its price target from $230 to $248. The analysts underscored Amazon’s progress in robotics and artificial intelligence, suggesting these innovations could boost retail margins by roughly two percentage points, thereby supporting additional upside.
JPMorgan sustained its Overweight rating and adjusted its price target upward from $225 to $240. The firm underscored Amazon’s dominant position in e-commerce and Amazon Web Services (AWS), alongside favorable margin trends and a robust FCF acceleration, contributing to a positive long-term outlook.
Barclays maintained an Overweight rating with a $240 price target, commenting that anticipated delays in Amazon’s Project Kuiper (its satellite internet venture) are already factored into the stock’s valuation. They conveyed confidence in Amazon’s 2025 launch schedule and cost projections for the initiative.
This article will be updated throughout the day, so check back often for more daily updates.
The markets remain unpredictable, and today is no exception. After starting out of the gate higher on trade talk hopes, stocks have since erased those gains. According to Chinese state media, talks have resumed between the White House and Beijing. In a final push, officials from both nations are attempting to rescue stalled trade negotiations. This appeared to have reignited the “risk-on” sentiment, but the markets have since taken a nosedive. Economic sectors are showing mixed signals today, lacking a decisive direction. The SPDR S&P 500 ETF (SPY) is now down 0.20% on the day.
Amazon (Nasdaq: AMZN) has been in the spotlight recently, particularly after unveiling a $10 billion investment in AI-powered data centers in North Carolina. The stock has climbed 1.7% today. Meanwhile, the broader S&P 500 index is under scrutiny as it prepares to announce changes to its constituent companies on Friday. Bank of America has weighed in, suggesting that AppLovin (Nasdaq: APP) and Carvana (NYSE: CVNA) might gain entry into the index.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 113.82 (-0.27%)
Nasdaq Composite: Down 45.89 (-0.24%)
S&P 500: Down 15.37 (-0.25%)
Market Movers
In a strong vote of confidence for Big Tech, analyst firm Daiwa has reaffirmed its “outperform” rating on Nvidia (Nasdaq: NVDA) stock, increasing its price target to $165 per share, indicating a potential upside of 17%. Separately, Bank of America analysts reiterated NVDA stock as a top selection with a $180 price objective, stating it’s ideally positioned to ride the “AI tide.”
Tesla (Nasdaq: TSLA) is down nearly 5% today after Elon Musk commented on the U.S. tax bill.
Broadcom (Nasdaq: AVGO) is set to release its quarterly earnings after the market closes today. The stock is trading marginally lower this morning.
Procter & Gamble (NYSE: PG), a Dow component, has fallen 1.4% following its announcement of significant layoffs, totaling 7,000 jobs, as part of a broader corporate reorganization
The post S&P 500 (NYSEARCA: SPY) Live: Markets Remain Jumpy Despite China Trade Deal Optimism appeared first on 24/7 Wall St..
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Author: Gerelyn Terzo
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