Stock Market Live September 16: Good TikTok News Boosts Oracle, and the Whole S&P 500 (VOO)
Key Points
-
Negotiators make progress on US-China trade talks.
-
Oracle may lead effort to buy TikTok US.
Live Updates
Tuesday Wrap-up
The Vanguard S&P 500 ETF closed Tuesday at 606.75, down 0.1%.
Time to Buy "Best in Class" American Express?
Bank of America raised its price target on American Express (NYSE: AXP | AXP Price Prediction) stock to $363 with a buy rating this morning.
Both loan growth and credit trends were “solid” in August, said the analyst, despite the former being a bit slower than in July. And while American Express stock looks a little pricey at 23 times trailing earnings, the stock offers “best in class” credit quality, and deserves a premium valuation.
Not everyone agrees, however. American Express stock is down 1% today. The Voo is off 0.2%.
Fed Ex Gets Cheaper -- in a Bad Way
Bernstein analyst David Vernon lowered his price target on FedEx (NYSE: FDX) stock slightly, to $247 with a market perform rating. Earnings haven’t come out yet, but Vernon expects FedEx will take a small hit to its business from the expiration of de minimis tariff exemptions on small shipments from abroad.
Investors are shrugging off the cut, however, and FedEx stock is up 0.5%.
Live Nation Downgraded
Rothschild Redburn analyst Ed Vyvyan downgraded Live Nation Entertainment (NYSE: LYV) to neutral with a $170 price target this morning. “Our detailed modelling of Live Nation’s venue strategy suggests margin expansion will slow from FY26,” cautioned Vyvyan.
Live Nation stock is down 2% in morning trading. The Voo is off 0.2%.
This article will be updated throughout the day, so check back often for more daily updates.
Further details are leaking out regarding the weekend negotiations between U.S. and Chinese trade representatives, especially as regards the future (or lack thereof) of TikTok in America. According to one report, Oracle (NYSE: ORCL) may lead a consortium of U.S. companies that would acquire TikTok’s U.S. operations to enable the currently-Chinese-owned video sharing company to continue operating in the U.S.
Oracle stock is up more than 3% premarket on the news, and the Vanguard S&P 500 ETF (NYSEMKT: VOO) is up 0.1%.
More broadly, Treasury Secretary Scott Bessent said today he believes the U.S. and China will be able to work out an agreement to avoid imposition of up to 145% “reciprocal” tariffs on Chinese imports to the U.S. before those tariffs go into effect on November 10.
Earnings
Rising prices for imported Brazilian coffee aren’t doing much to help tiny Coffee Holding Co. (Nasdaq: JVA). Last night the coffee company reported a $0.21 per share loss on $23.9 million in revenue. Luckily for investors, the stock is still up 2% premarket.
Analyst Calls
S&P 500 component company Hershey (NYSE: HSY) got an upgrade to buy from Goldman Sachs this morning. Setting a $222 price target, Goldman reversed its earlier sell rating on the stock, and noted that “market share trends have improved with incremental tailwinds expected in 2H,” while tariffs costs now are “largely known and reflected in expectations.”
It probably helps that we don’t import a lot of chocolate from China…
Ozempic manufacturer Novo Nordisk (NYSE: NVO) also won an upgrade to buy this morning, from Rothschild Redburn. Both Hershey and Novo Nordisk stocks are climbing more than 3% in today’s premarket trading.
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.
© Andy.LIU / Shutterstock.com
Top Gaining Stocks
Top Losing Stocks