Investing
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The S&P 500 more or less flatlined yesterday despite big tariffs news.
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It’s moving higher today on positive earnings reports from multiple S&P 500 components.
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12:16 pm
Okay, so not all the news is good today. Spotify (NYSE: SPOT) stock reported a Q2 loss of 0.42 euros this morning, versus the 2.05 euros profit the company was expected to earn. Revenue also came up short at 4.2 billion euros. The company also guided investors to lower Q3 revenue than analysts had been promising, only 4.2 billion euros again — flat against Q2.
That said — and the reporting-and-guiding-in-euros part might have clued you in to this — Spotify stock is not a U.S. company, and so not part of the S&P 500. The reason the Vanguard S&P 500 ETF is falling today, therefore, remains something of a mystery.
Spotify stock is down almost 12% on its disappointing report.
11:44 am
Continuing the day’s earnings rundown, S&P 500 component and food service provide Sysco Corporation (NYSE: SYY) reported $1.48 per share in profit for its fiscal Q4, $0.09 better than the analyst forecast. Revenue for the quarter also edged out estimates at $21.1 billion.
Sysco stock is down 1.9% just before noon, despite the strong performance. In fact, despite generally strong earnings results almost everywhere across the S&P 500, the Voo is also down today 0.3%.
This article will be updated throughout the day, so check back often for more daily updates.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) just missed rising last night, while the index the ETF attempts (mostly successfully) to track ended with only the tiniest of gains. It was a surprising result, almost no movement in the stock market in response to arguably one of the biggest trade deals, between the U.S. and European Union, having been concluded just the day before.
But… well, no one ever promised us the stock market would make sense. What would make more sense would be if we see some significant movement today, as the stock market gets moving on its busiest week of earnings season.
So far, about 170 S&P 500 companies have reported their Q2 results. Another 150 or so are expected to report this week. This will mark the halfway point for earnings season, with more companies having reported, than remain waiting in line to report their news.
In pre-market trading, the Voo is up 0.2%.
Earnings
Already this morning, we’ve heard from the following S&P 500 component companies:
PayPal (Nasdaq: PYPL) reported a $1.40 per share Q2 profit, a dime better than expected. Quarterly revenue of $8.3 billion likewise edged out estimates.
Guidance for Q3 is about a penny below for $1.21 per share forecast, but thanks to the Q2 “beat,” guidance for the full year is now comfortably above consensus — anywhere from $5.15 per share to $5.30.
Corning (NYSE: GLW) earned $0.60 in Q2, three cents better than forecast. Revenue was better than $4 billion, versus the less than $3.9 billion that was expected.
Merck (NYSE: MRK) beat earnings by a dime, reporting $2.13 per share in Q2 profit. Merck then added the dime to its forecast for the year, and now expects to earn between $8.87 and $8.97 per share, versus the $8.87 that Wall Street forecast.
Procter & Gamble (NYSE: PG) just wrapped up its fiscal 2025 with a “Q4” report of $1.48 per share in profit, six cents better than forecast. Revenue was just ahead of consensus at $20.9 billion.
Boeing (NYSE: BA) also beat “earnings” — if you can call them that. The aerospace giant lost $1.24 per share in Q2, which sounds like bad news. However, analysts expected a $1.40 per share loss, so Boeing’s report was at least less-bad than feared. Revenue also outstripped the forecast, coming in at $22.75 billion.
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