Live Vanguard IT ETF (VGT): Markets Return to Volatile Ways Despite China Trade Progress

By Gerelyn Terzo Updated May 9, 1:57PM EDT · Published May 9, 11:01AM EDT

Key Points

The markets came out of the gate higher across the board but those gains have evaporated.
President Trump revealed he is willing to slash China import tariffs, hinting at further deals in the works. But markets remain skeptical.

Live Updates

Wall Street Firm: Buy the Trade Deal Hype

May 9, 2025 at 1:57 PM EDT | Gerelyn Terzo

Bank of America has published a report advising investors to buy the trade deal hype but sell the actual news. BofA Chief Investment Strategist Michael Hartnett cautioned that the trade deal details could revert back to the Liberation Day extremes of early April, which would not be good news for stocks, writing, “Oversold equities have correctly front-run Q2 trade deals/lower tariffs. We expect ‘buy the expectation, sell the fact,’ stocks fade into the trade deals.” The Trump Administration is set to meet with China officials this weekend to discuss a hopeful trade agreement. Stocks remain cautiously lower.

Markets Not Convinced

May 9, 2025 at 12:16 PM EDT | Gerelyn Terzo

China’s commerce minister has clapped back at the White House, saying the nation strongly opposes what he described as “U.S. abuse” of reciprocal tariffs. Earlier today, President Trump expressed a willingness to cut tariffs on China imports to 80% from a triple-digit percentage level. Washington, D.C. and Beijing officials are expected to come to the negotiating table over the weekend. All three of the major stock market averages are under pressure on the trade deal uncertainty. The Vanguard IT ETF is down by 0.44%.

This article will be updated throughout the day, so check back often for more daily updates.

The stock market is volatile today, flipping from green to red as of mid-morning trading. President Trump displayed a willingness to cut tariffs on China imports from over 100% to 80%, saying that level seems doable as Washington, D.C. readies negotiations with Beijing. Stocks remain cautiously optimistic on the development, causing them to meander between positive and negative ground. The VGT ETF is down fractionally as Big Tech stocks turn lower.

China could be the first of many tariff deals in the works with U.S. trade partners, according to the White House, but Wall Street is once bitten twice shy on tariffs.

Magnificent Seven stocks have turned mixed, the bright spot of which is Tesla (Nasdaq: TSLA | TSLA Price Prediction), tacking on 7% and on its way to reclaiming a $1 trillion market cap. The Dow Jones Industrial Average is being lifted in part by Boeing (NYSE: BA) stock on a desirable Dreamliners jet order from the British Airways parent company. BA stock is up 1.4%.

Here’s a look at the performance as of morning trading:

Dow Jones Industrial Average: Down 132.56 (-0.29%)
Nasdaq Composite: Down 23.24 (-0.13%)
S&P 500: Down 6.80 (-0.12%)

Market Movers

Palantir Technologies (Nasdaq: PLTR) might be a volatile play, but it’s also one of the leading tech stocks. As of Thursday, Palantir was added to the top-10 most valuable technology plays in the U.S. market, with a market capitalization of $281.1 billion. Comparatively, Salesforce’s (NYSE: CRM) market cap currently hovers below that level at $268.4 billion. PLTR stock is taking it on the chin today, down fractionally.

Ad-tech platform The Trade Desk (Nasdaq: TTD) is skyrocketing by over 20% today after reporting strong Q1 results. Revenue soared by 25% to $616 million. Earlier this month, RBC maintained a buy rating on the stock with a price target of $85 per share, reflecting upside potential of 41%.

Lyft (Nasdaq: LYFT) stock is climbing 20.3% higher today after lifting its Q2 forecast and initiating a $750 million share buyback program. Most Wall Street analysts have a “hold” rating on the stock.

Expedia Group (Nasdaq: EXPE) is down 7.3% on the day on a Wall Street downgrade to “underweight” by Piper Sandler analysts.

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About the Author Gerelyn Terzo →

Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.