S&P 500 (NYSEARCA: SPY) Live: Markets Upbeat on EU Tariff Surprise and Resilient Economy
Key Points
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The broader markets are rallying on an EU import tariff delay and better-than-expected economic data.
Live Updates
Wall Street Endorses Nuclear Stocks
Goldman Sachs has issued a bullish report on a pair of nuclear stocks – Cameco (NYSE: CCJ | CCJ Price Prediction) and NuScale Power (NYSE: SMR) – pointing to regulatory tailwinds from the Trump administration. Both stocks have risen by double-digit percentages since President Trump issued an executive order last week. The president is determined to bolster domestic uranium production, send advanced reactors to military and energy sites, and shorten the wait for new reactor license approvals to one and a half years, a process that historically is known for moving at a snail’s pace.
Business Orders Soften
Durable goods orders posted a 6.3% decline last month, a softer drop than economists had predicted. However, this dip follows four consecutive months of increases, painting a mixed picture for business spending amid ongoing tariff discussions. A significant drag on the overall figures was Boeing (NYSE: BA), whose orders plunged 51% last month.
This article will be updated throughout the day, so check back often for more daily updates.
Market sentiment has turned decidedly upbeat, with all three major stock market averages seeing gains from the open. President Trump agreed to delay proposed EU tariffs until July 9, which led to a 300-point jump for the Dow Jones Industrial Average. Also buoying stocks is the latest round of economic data. Consumer Confidence for May came in at a stronger than expected reading of 98, up 12.3 points month-over-month. Economists were calling for a reading of 86 in the face of tariffs.
The SPDR S&P 500 ETF (SPY) is gaining 1.45% on the day.
Technology stocks powering the Nasdaq Composite and S&P 500 up by over 1% each. Despite the pending 50% EU import tariff and July being right around the corner, markets are satisfied with the interim relief, viewing the Trump administration’s agreement with the EU as a potential precursor to further positive trade developments.
Wall Street firm Piper Sandler has reiterated its “overweight” rating on Nvidia (Nasdaq: NVDA) ahead of the AI darling’s crucial quarterly results tomorrow. The firm suggests investors hold fast, believing the most challenging period is now behind the company.
Other “Magnificent Seven” members are also enjoying gains, with Meta Platforms (Nasdaq: META) and Amazon (Nasdaq: AMZN) both up 1%. Tesla (Nasdaq: TSLA) stands out with a 3.5% rally after Wedbush analysts elevated the EV manufacturer to an AI “pure play” and boosted its price target to $500 per share.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 488.43 (+1.1%)
Nasdaq Composite: Up 376.43 (+2.0%)
S&P 500: Up 90.11 (+1.5%)
Market Movers
UBS has upgraded LifeStance Health (Nasdaq: LFST) to a “buy” from “neutral” on a positive long-term forecast, sending the stock up 4%.
Data analytics software specialist Palantir Technologies (Nasdaq: PLTR) is also up 2% today, riding the broader tariff-driven rally.
Southwest Airlines (NYSE: LUV) will soon begin charging customers $35 for the first checked bag and $45 for the second, abandoning its signature “bags fly free” policy. This strategic move is being rewarded by investors, with LUV stock gaining 3%.
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.
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