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The Vanguard S&P 500 ETF (NYSEMKT: VOO) hit an all-time high of 566.95 Friday — a remarkable turnaround after tumbling 18% in April on President Trump’s announcement of global “reciprocal” tariffs. Investors are looking for the ETF to rack up even more gains today as the index it tracks keeps rising.
Trade deal hopes are key to the market’s rebound. A new trade deal with the United Kingdom goes into effect today, maintaining the new 10% base tariff on UK goods imported into the U.S., but lowering tariffs on certain products. Canada announced yesterday it will remove a digital services tax on U.S. tech giants, which could open the door to a broader agreement. And the White House says it’s busy working on trade deals with the European Union, Taiwan, Japan, India, and Canada.
Pre-market, the Voo is already up another 0.4% from Friday’s close.
Analyst Calls
Jefferies upgraded shares of S&P 500 component company Walt Disney (NYSE: DIS) to buy this morning with a $144 price target. The banker sees limited risk of a Parks slowdown this year, and more positive upside in the company’s Cruise business next year, as well as the chance for profit margin improvement.
Oracle (NYSE: ORCL) is a second S&P 500 component getting an upgrade. Investment bank Stifel upgrades to buy with a $250 price target, citing “the recent dramatic step-up in capex and … Cloud gains [that] coupled with a greater emphasis on physical infrastructure rather than people to generate new business, should enable revenue to grow meaningfully faster than opex in coming years.”
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