S&P 500 (NYSEARCA: SPY) Live: Markets Hold Back on Fiscal Outlook

By Gerelyn Terzo Updated May 20, 1:46PM EDT · Published May 20, 10:28AM EDT

Key Points

The markets are moving lower after yesterday’s U.S. debt downgrade. Deutsche Bank has weighed in on the state of the U.S. economy.
If the S&P 500 can turn it around, the index would clinch a seven-day winning streak for the broader market index.

Live Updates

SNOW Earnings Expectations

May 20, 2025 at 1:45 PM EDT | Gerelyn Terzo

As earnings season rolls on, Snowflake (Nasdaq: SNOW | SNOW Price Prediction) is certainly on the radar of Wall Street analysts, with the cloud-based AI data storage firm set to report results this week. Expectations are largely high, anticipating a strong performance from the company. Analyst firms such as Jefferies, Goldman Sachs, and Evercore ISI are all forecasting an outperformance for Snowflake, citing its demonstrated resilience even amid the recent tariff challenges. Jefferies analysts, in particular, have already taken action, boosting their price target on the stock to $200 per share, indicating a potential 20.8% upside. This sense of bullishness comes as the broader markets remain under pressure, including a 0.24% decline in the SPY ETF.

Earnings Roundup

May 20, 2025 at 11:35 AM EDT | Gerelyn Terzo

With the first-quarter earnings season still unfolding, the performance of most S&P 500 companies has proven notably robust. FactSet data illustrates this strength: a significant 78% of reporting S&P 500 firms delivered a positive earnings per share (EPS) surprise, and over half (62%) also exceeded revenue forecasts. Despite these strong results, JPMorgan CEO Jamie Dimon sounded a cautionary note, suggesting that Wall Street’s current earnings estimates for S&P 500 companies may still need to be adjusted downward amidst ongoing tariff uncertainty. The SPY ETF remains lower by 0.26% as of late morning trading.

BofA: Stock Market Sentiment Is Looking Up

May 20, 2025 at 10:29 AM EDT | Gerelyn Terzo

A recent report from Bank of America indicates a notable shift in broader stock market sentiment. The firm’s equity risk-love indicator has now transitioned from a state of deep panic recorded last month to a neutral reading in its latest assessment. Historically, such an improvement often signals that stocks may soon retest their previous record-high levels. The SPY ETF is currently down a slight 0.30%.

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

The markets opened on a subdued note across the board this morning, with all three of the major stock market averages edging lower. If the S&P 500 can turn it around like it did yesterday, it will mark its seventh-straight winning session for the broader market index. The SPY ETF remains lower by a slight 0.30%. After Moody’s cut the U.S. debt rating by one notch, Deutsche Bank responded with its assessment that the U.S. economy is experiencing a “death by a thousand cuts.” But it’s not as bad as it sounds. Deutsche Bank’s Jim Reid wrote,

“Yesterday felt like we were somewhere along the line of a ‘death by a thousand cuts’ with regards to the U.S. fiscal situation. Hard to know where in that thousand we are but probably much nearer a thousand than at zero even as yesterday saw an initial sell-off reverse as the session went on.”

Despite the broader market’s struggles, Tesla (Nasdaq: TSLA) is an outlier, climbing 3% and offering some counterweight to the losses seen in the Nasdaq Composite and S&P 500. Tesla boss Elon Musk vowed to remain at the helm of the EV maker for the next five years.

On the Dow, Home Depot (NYSE: HD) has indicated it won’t pass tariff-related costs onto consumers, a different approach compared to fellow Dow component Walmart (NYSE: WMT), which had earlier signaled price increases.

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

Dow Jones Industrial Average: Down 98.87 (-0.23%)
Nasdaq Composite: Down 95.66 (-0.49%)
S&P 500: Down 20.48 (-0.33%)

Market Movers

Quantum computing stocks are capturing attention. D-Wave Quantum (Nasdaq: QBTS) surged as much as 20% this morning after launching its newest quantum computing system. The company’s Advantage2 system, now accessible via the cloud, represents its most powerful offering yet, boasting enhanced energy efficiency and reduced noise.

Dominion Energy (NYSE: D) is adding 3.3% to its value today, nearing its 52-week high.

Norwegian Cruise Line (NYSE: NCLH) is shedding 3.2% of its value, and Airbnb (Nasdaq: ABNB) is down 3.1% following an order from Spain to delist tens of thousands of short-term rental properties.

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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.