Stock Market Live August 7: Shrugging Off Tariffs News, S&P 500 (VOO) Rises Again
Key Points
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President Trump announced even more tariffs last night: a 50% combined rate on Indian imports and 100% on imported semiconductors (with caveats).
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S&P 500 companies are reporting strong earnings this morning.
Live Updates
Thursday Wrap-up
The Vanguard S&P 500 ETF closed at 581.18 Thursday, down 0.1%.
Firefly Takes Wing
Space company Firefly Aerospace (Nasdaq: FLY) rang in the opening bell on the Nasdaq this morning, IPO’ing at $45 a share. Details are still coming in, and the stock doesn’t appear to have yet begun trading. But Firefly announced on X this morning that it sold 19,296,000 shares of common stock. Underwriters have the option of buying a further 2,894,400 shares over the next 30 days, if they’re so inclined, at the IPO price.
If Firefly stock flies high today, expect them to be so inclined.
iRobot Rebooting
In a bit of a good news, bad news earnings report, Roomba-maker iRobot Corp. (Nasdaq: IRBT) announced a big “earnings beat” — it you can call it that when the company reported a $0.27 per share loss. The beat part of the announcement was that analysts had expected iRobot to lose even more: $1.14 per share.
On sales, however, the domestic robots company missed, reporting $127.6 million versus a consensus estimate of $135 million.
Unsurprisingly given the mixed news, iRobot stock is down nearly 6%. The Voo has also given up much of its gains, but is hanging onto a 0.1% win for now.
Discovery-ing Some Profits
Continuing today’s earnings cavalcade from S&P 500 companies… Warner Bros. Discovery (Nasdaq: WBD | WBD Price Prediction) reports a surprise profit for Q2, earnings $0.63 per share where the Street had the media giant pegged for a 25-cent loss. Revenue came in above $9.8 billion, also more than the $9.7 billion analysts had forecast.
Curiously, the stock is down more than 6% despite the big earnings beat. The Voo is moving in the other direction — up 0.6%.
This article will be updated throughout the day, so check back often for more daily updates.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) shrugged off reports last night that President Trump will impose a 50% tariff on imports from India (25% “reciprocal,” 25% sanctions for purchasing Russian oil), and 100% tariffs on imported semiconductor chips, rising 0.6% premarket Thursday morning.
Helping to mitigate the tariffs turmoil, the President made vague comments about exempting from the semiconductor tariff any companies that are “building [factories] in the United States or have committed to build” such fabrication plants. For these companies, “there will be no charge.”
And the implication seems to be that if you’re a foreign company manufacturing chips abroad, and exporting them to the U.S., but you’re also building factories in the U.S. to manufacture other chips here, then even the chips you export to the U.S. will come in tariff-free.
Granted, the tariffs news is all a bit fuzzy and subject to change at the drop of a hat. So today, let’s focus on something a bit more concrete that may be helping the stock market: Earnings.
Earnings
Earnings season is well underway at this point, yet we still have many S&P 500 component companies lining up to report. Among them:
Clothier Ralph Lauren (NYSE: RL) beat its fiscal Q1 2026 forecast by seven cents this morning, reporting a $3.52 per share profit on sales of $1.7 billion — also above estimates.
Industrial conglomerate Parker-Hannifin (NYSE: PH) earned $7.15 per share in its fiscal Q4 report today, four cents better than expected. Sales were $5.2 billion, more than the $5.1 billion expected.
Oil giant ConocoPhillips (NYSE: COP) reported a $1.42 per share Q2 profit, four cents better than expected.
And Eli Lilly (NYSE: LLY), maker of the popular Zepbound and Mounjaro GLP-1 weight loss drugs, earned $6.31 per share. This was $0.72 more than analysts had forecast, and Lilly’s $15.6 billion in Q2 revenue topped sales forecasts by nearly $1 billion. Lilly also raised guidance through the end of this year, forecasting profits as high as $23 a share on sales of as much as $62 billion.
Sound good? Investors apparently wanted even more though — and Lilly stock is down nearly 8% premarket.
Joel South covers large-cap stocks, dividend investing, and major market trends, with a focus on earnings analysis, valuation, and turning complex data into actionable insights for investors.
He brings more than 15 years of experience as an investor and financial journalist, including 12 years at The Motley Fool, where he served as an investment analyst, Bureau Chief, and later led the Fool.com investing news desk. He has also co-hosted an investing podcast and appeared across TV and radio discussing market trends.
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