US Stocks Rally as Court Blocks Trump Tariffs and Nvidia Impresses with Strong AI-Driven Earnings

S&P 500 Gains as Court Opposes Tariffs, Nvidia Results Impress

US stocks climbed Thursday morning as a US court blocked the bulk of President Donald Trump's import tariffs and an upbeat earnings readout from artificial intelligence darling Nvidia Corp. fueled risk appetite. The S&P 500 Index rose 0.8% as of 9:31 a.m. in New York, while the technology-heavy Nasdaq 100 Index jumped 1.3%. Nvidia rallied as the company eased investor concerns about a China slowdown with a solid sales forecast, saying the AI computing market is still poised for "exponential growth."

US stock futures climb as federal court rules against Trump's tariffs

May 29 (Reuters) - Wall Street futures climbed on Thursday after a U.S. trade court blocked most of President Donald Trump's proposed tariffs, while shares of AI chipmaker Nvidia gained following stronger-than-expected quarterly revenue. The Court of International Trade ruled that the U.S. Constitution grants Congress exclusive authority to regulate commerce with foreign nations -- a power not superseded by the president's emergency powers to protect the U.S. economy. "This ruling is a key development, and it will weaken Trump's bargaining power in his ongoing negotiations with the U.S.' key trading partners," National Bank of Kuwait analysts said in a note. "If the ruling is sustained, it will be a major positive development for the U.S. and the global economy." The court invalidated with immediate effect all of Trump's orders on tariffs since January that were rooted in the International Emergency Economic Powers Act (IEEPA). However, the decision can be appealed to the U.S. Court of Appeals for the Federal Circuit in Washington, D.C., and potentially to the U.S. Supreme Court. At 04:07 a.m. ET, Dow E-minis were up 554 points, or 1.31%, S&P 500 E-minis were up 102.25 points, or 1.73% and Nasdaq 100 E-minis were up 460 points, or 2.15%. Shares of Nvidia (NVDA.O), opens new tab were up 5.4% in premarket trading after the world's most valuable semiconductor firm beat estimates for first-quarter sales, driven by customers stockpiling AI chips ahead of U.S. export restrictions to China. The company, however, warned that the new curbs are expected to cut $8 billion from current-quarter sales, causing its second-quarter forecast to miss expectations. Other chipmakers rose in the wake of Nvidia's positive earnings, with Advanced Micro Devices (AMD.O), opens new tab gaining 3.3%. The VanEck Semiconductor ETF (SMH.O), opens new tab advanced 3.4%. Apple (AAPL.O), opens new tab led gains among megacap and growth stocks with a 3.6% jump. Meta Platforms (META.O), opens new tab and Alphabet (GOOGL.O), opens new tab each climbed more than 2%. Dow (.DJI), opens new tab component Salesforce (CRM.N), opens new tab gained 2.3% after the enterprise software provider raised its annual revenue and adjusted profit forecasts. Futures linked to the economically sensitive Russell 2000 small-cap index also surged 2.3%. May has been a solid month for equities, with both the S&P 500 (.SPX), opens new tab and the Nasdaq (.IXIC), opens new tab on pace for their best monthly performances since November 2023. The S&P 500 is currently about 4% below an all-time high touched on February 19, having rebounded from a nearly 19% decline earlier in April, supported by easing trade tensions, strong earnings, and subdued inflation data that boosted risk appetite. Minutes from the U.S. Federal Reserve's latest policy meeting, released on Wednesday, indicated that policymakers acknowledged they could face "difficult tradeoffs" in coming months in the form of rising inflation alongside rising unemployment. Later in the day, the second estimate for first-quarter GDP will be released at 8:30 a.m. ET and Personal Consumption Expenditure data is slated for Friday. At least five Fed policymakers including Fed Board Governor Adriana Kugler are scheduled to make public remarks through the day. Among the early movers, HP Inc (HPQ.N), opens new tab shed 8.5% after the PC maker cut its annual profit forecast. Reporting by Shashwat Chauhan in Benglauru; Editing by Sherry Jacob-Phillips Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Stocks

Stocks rise after U.S. trade court blocks Trump's emergency tariffs

Stocks are up on Thursday following an early morning boost after a U.S. court blocked many of President Donald Trump's sweeping tariffs. But the gains got less strong as trading progressed from Asia to New York. The S&P 500 rose 26 points, or 0.5% as of 1:03 p.m. EST. The Dow Jones Industrial Average was up 26 points, or 0.06%, the Nasdaq composite was .6% higher. "Investors are keeping their enthusiasm in check for a variety of reasons," Adam Crisafulli, head of Vital Knowledge, said in a research. "To start, the tariff drama isn't over - Trump has other legal avenues to pursue an aggressive tariff agenda, and investors expect he will utilize them. In addition, the popularity of the "TACO Trade" perspective has caused the tariff narrative to ease dramatically in the last couple of weeks, to the point where many people already assumed the overall burden won't be much worse than the 10% baseline when all is said and done," he said. Gains were bigger in Asia, where markets had the first chance to react to the ruling issued late on Wednesday by the U.S. Court of International Trade in New York. It said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports worldwide does not authorize the use of tariffs. The White House immediately appealed, and the long-term outcome of legal disputes over tariffs remains uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. Trump "is still able to impose significant and wide-ranging tariffs over the longer-term through other means," according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. That uncertainty helped dampen the excitement in financial markets as trading headed through Europe into the United States, where the gains were more modest. "Yesterday's U.S. court ruling has added yet more uncertainty to the EU-US trade relationship and at face value has weakened President Trump's position. But the risk of tariffs remains very real," John Higgins, chief market economist with Capital Economics, said in a report. Until the appeal is resolved, there will also be some added level of uncertainty for U.S. businesses, some economists said on Thursday. The trade court's decision "to suspend newly imposed tariffs on China, Canada, and Mexico, along with the universal 10% duties, "offers potential short-term tariff relief," but also "introduces greater ambiguity around the future direction of U.S. trade policy, particularly as the ruling faces appeal," Gregory Daco, EY chief Economist, said in a research note. On Wall Street, tech stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The chip company has grown into one of the U.S. stock market's largest and most influential stocks because of the frenzy around artificial-intelligence technology, and its 5.9% rise was the strongest force by far moving the S&P 500 upward. C3ai, an AI application software company, jumped 25.6% after it reported stronger profit than analysts expected for its latest quarter, while also saying the U.S. Air Force increased the top end of the range for how much its contract could be worth by $350 million to $450 million. Its total revenue grew to $108.7 million last quarter. In the bond market, Treasury yields were holding relatively steady following some mixed reports on the economy. One said that the U.S. economy likely shrunk by less in the first three months of the year than earlier estimated. Another said slightly more U.S. workers applied for unemployment benefits last week than economists expected. The yield on the 10-year Treasury eased to 4.45% from 4.47% late Wednesday. The two-year Treasury yield, which moves more closely with expectations for where the Federal Reserve will take overnight interest rates, was holding at 3.96%, where it was late Wednesday. The moves in Europe were more muted. France's CAC 40 rose 0.3%, and Germany's DAX was close to flat. ___ AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Nvidia rallies as the rest of Wall Street drifts after a US court blocks many of Trump's tariffs

NEW YORK -- A big rally for stocks that began in Asia on Thursday is easing off the accelerator amid uncertainty about what will happen next after a U.S. court blocked many of President Donald Trump's sweeping tariffs. The S&P 500 rose 0.1 % in afternoon trading after giving up most of an earlier gain. The Dow Jones Industrial Average was down 25 points, or 0.1%, as of 2:28 p.m. Eastern time, and the Nasdaq composite was mostly unchanged. It's a downshift after stocks initially leaped nearly 2% in Tokyo and Seoul, where markets had the first chance to react to the ruling late Wednesday by the U.S. Court of International Trade. It said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. Trump has said he wants to bring manufacturing jobs back to the United States, and he warned the process could cause some pain for U.S. households. But the White House filed notice of appeal, and the long-term outcome of legal disputes over tariffs remains uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. Trump "is still able to impose significant and wide-ranging tariffs over the longer-term through other means," according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. Such uncertainty helped dampen the excitement in financial markets as trading headed through Europe into the United States, where the moves were much more modest than in Asia. The U.S. court's move was nevertheless seen as a positive for financial markets. "The bar is raised for President Trump to resurrect his tariffs," said Brian Jacobsen, chief economist at Annex Wealth Management. "Markets are pricing that this is a better type of uncertainty than what we've had since Liberation Day," which is what Trump called his April 2 announcement of a worldwide set of sweeping tariffs. The S&P 500 has pulled within 4% of its all-time high after dropping roughly 20% below at one point last month. On Wall Street, tech stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The chip company has grown into one of the U.S. stock market's largest and most influential stocks because of the frenzy around artificial-intelligence technology, and its 2.9% rise was the strongest force by far lifting the S&P 500. C3ai, an AI application software company, jumped 24.2% after it reported stronger profit than analysts expected for its latest quarter. It also said the U.S. Air Force increased the maximum possible value for its contract by $350 million to $450 million. The company's revenue last quarter totaled $108.7 million. E.l.f. Beauty was another big winner and rose 24.9% after the cosmetics company delivered a stronger profit for the latest quarter than analysts expected. It also said it agreed to buy Hailey Bieber's Rhode skincare brand in a $1 billion deal. Rhode had $212 million in net sales in the 12 months through March. Bieber, a model and the wife of singer Justin Bieber, will be Rhode's chief creative officer and head of innovation and also a strategic advisor to the combined companies. They helped offset a drop for Best Buy, which fell 8.7% even though it reported a stronger profit than expected. Its revenue fell short of analysts' forecasts. The electronics retailer also cut its forecasted ranges for revenue and profit over the full year on the assumption that "tariffs stay at the current levels for the rest of the year, and there is no material change in consumer behavior from the trends we have seen in recent quarters," Chief Financial Officer Matt Bilunas said. Many companies have recently said that the uncertainty caused by tariffs is making it too difficult to offer any financial forecasts for the upcoming year. In the bond market, Treasury yields eased following some mixed reports on the economy. One said that the U.S. economy likely shrunk by less in the first three months of the year than earlier estimated. Another said slightly more U.S. workers applied for unemployment benefits last week than economists expected. The yield on the 10-year Treasury fell to 4.43% from 4.47% late Wednesday. The two-year Treasury yield, which moves more closely with expectations for where the Federal Reserve will take overnight interest rates, slipped to 3.94% from 3.96%. In stock markets abroad, Japan's Nikkei 225 jumped 1.9% to help lead Asian markets higher, while stocks rose 1.4% in Hong Kong and 0.7% in Shanghai. South Korea's Kospi rallied 1.9% after the Bank of Korea cut its key interest rate to ease pressure on the economy. The moves for European stocks were much more muted. France's CAC 40 fell 0.1%, and Germany's DAX swung from an early gain to a dip of 0.4%. ___ AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Dow Jones Today: Stock Futures Rise as Investors Digest Court Decision to Void Trump Tariffs, Strong Nvidia Earnings Report

Stephen Wisnefski is the Executive Editor of News at Investopedia. He has more than two decades of experience as a journalist and newsroom leader, including 25 years at Dow Jones and The Wall Street Journal. Stock futures moved higher Thursday after a federal court struck down most of the Trump administration's tariffs, while the technology sector rallied following a strong earnings report from AI chipmaker Nvidia. Futures tied to the S&P 500 and tech-heavy Nasdaq were recently up 0.9% and 1.4%, respectively, while Dow Jones Industrial Average futures tacked on 0.3%. The major indexes finished slightly lower on Wednesday as investors braced for the highly anticipated quarterly results from Nvidia (NVDA), which has become the poster child for the AI boom. Shortly after the closing bell yesterday, Nvidia reported that its fiscal first-quarter revenue jumped 69% from the year-ago period to $44.06 billion, while CEO Jensen Huang said that demand remains "incredibly strong" and is likely to accelerate as AI adoption becomes mainstream. Nvidia shares rose more than 5% in premarket trading, pacing broader gains for mega-cap tech companies. Shares of rival chip giant Broadcom (AVGO) were up nearly 3%, while Apple (AAPL), Amazon (AMZN) and Tesla (TSLA) each gained about 2%. Microsoft (MSFT), Alphabet (GOOG) and Meta Platforms (META) each rose about 1%. Market participants are also closely tracking developments on the trade front after a federal court said late Wednesday that President Donald Trump had overstepped his authority by invoking the International Emergency Economic Powers Act to impose massive tariffs on leading U.S. trade partners. Uncertainty about trade policy has roiled financial markets in recent months, though the market has largely recovered from its early-April tariff-related swoon as Trump has appeared to soften his stance. Shares of Best Buy (BBY) were down 3% this morning after the electronics retailer cut its outlook due to the expected impact of tariffs. Kohl's (KSS) shares rose more than 2% after the department store chain posted better-than-expected quarterly results. Among other noteworthy movers ahead of the bell, HP Inc. (HPQ) shares were down 8% after a disappointing quarterly report, while shares of Marvell Technology (MRVL) added 5% after the chip company reported earnings. Bitcoin was at $108,600 in recent trading, up from an overnight low of $106,800. The digital currency hit an all-time high of $112,000 last week, its first record since just before Trump's inauguration in January. The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of consumer and corporate loans, was holding steady this morning at 4.48%. The yield moved as high as 4.63% last week, its highest level in more than three months, amid rising concerns about the federal deficit as the GOP tax and spending bill moved through Congress. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was down 0.2% at 99.65. Gold futures were up 0.4% at $3,310 per ounce, rebounding from two straight days of declines, while West Texas Intermediate futures, the U.S. crude oil benchmark, rose 0.1% to $61.90 per barrel, gaining for the second day in a row.

Wall Street ends up with Nvidia, appeals court reinstates Trump tariffs

NEW YORK: U.S. stocks ended higher on Thursday as shares of Nvidia gained after its quarterly results, while investors digested a late-afternoon court ruling that reinstated the most sweeping of President Donald Trump's tariffs. The appeals court ruling came a day after a trade court had ordered an immediate block on the tariffs. Trading was choppy for much of the day and indexes ended well off their highs of the session, however, with investors trying to digest the rulings and as shares of Salesforce fell 3.3%. Salesforce's stock was down even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. "Trump has already rolled back most of these tariffs anyway, so these court rulings are just headlines," said Adam Sarhan, chief executive of 50 Park Investments in New York. "As long as the market doesn't tank on the news, it's just a secondary" thing, he said. Nvidia gained 3.2% after the company late on Wednesday reported upbeat sales results, driven by customers stockpiling AI chips ahead of U.S. export restrictions on China. The company, however, warned that the new curbs are expected to cut $8 billion from its current-quarter sales. Optimism about corporate earnings and Nvidia in particular is providing some support, said Oliver Pursche, senior vice president, adviser for Wealthspire Advisors in Westport, Connecticut. "It's about corporate earnings in general," he said. Nvidia, which is now up just 3.6% for the year, was the last of the "Magnificent Seven" megacap tech and growth companies to report results for this earnings period. The Dow Jones Industrial Average rose 117.03 points, or 0.28%, to 42,215.73, the S&P 500 gained 23.62 points, or 0.40%, to 5,912.17 and the Nasdaq Composite gained 74.93 points, or 0.39%, to 19,175.87. Trade developments have whipsawed the stock market this year, especially after Trump's April 2 announcement of sweeping tariffs on imports globally. The S&P 500 has rebounded from a selloff in early April as trade tensions have eased and as first-quarter earnings have been mostly better than expected. The index is now up 0.5% for 2025 but off its February record high. Still, investors have become accustomed to Trump announcing steep tariffs, only to postpone them soon afterward. That has led to the acronym TACO (Trump Always Chickens Out), coined by the Financial Times. "It's cute; it's not a strategy," said Pursche, referring to the acronym. "However, from a purely American business perspective, there have been incremental gains achieved by the Trump administration on trade, and that shouldn't be ignored." Boeing rose 3.3% after CEO Kelly Ortberg said the planemaker aims to increase production of its best-selling 737 MAX jets to 42 aircraft per month in the next few months and boost output to 47 a month in early 2026. On the economic front, a second reading from the Commerce Department showed gross domestic product contracted 0.2% in the first quarter. Economists polled by Reuters had forecast a 0.3% contraction. In other earnings-related news, Best Buy shares fell 7.3% after the electronics retailer lowered its annual comparable sales and profit forecasts amid concerns that U.S. tariffs would weigh on consumer demand for big-ticket items. Advancing issues outnumbered decliners by a 2.26-to-1 ratio on the NYSE. There were 114 new highs and 35 new lows on the NYSE. On the Nasdaq, 2,673 stocks rose and 1,806 fell as advancing issues outnumbered decliners by a 1.48-to-1 ratio. Volume on U.S. exchanges was 18.65 billion shares, compared with the 17.7 billion average for the full session over the last 20 trading days.

Nvidia rallies as the rest of Wall Street drifts after a US court blocks many of Trump's tariffs

A US court blocked many of President Trump's tariffs, initially boosting Asian stocks by nearly 2%. However, gains eased as the White House filed an appeal and uncertainty remains over other tariffs. Tech stocks led Wall Street gains, while bond yields fell amid mixed economic data and global markets showed mixed performances.A big rally for stocks that began in Asia on Thursday is easing off the accelerator amid uncertainty about what will happen next after a US court blocked many of President Donald Trump's sweeping tariffs. The S&P 500 was 0.3% higher in midday trading after giving up most of an earlier gain. The Dow Jones Industrial Average was down 56 points, or 0.1%, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 0.6% higher. It's a downshift after stocks initially leaped nearly 2% in Tokyo and Seoul, where markets had the first chance to react to the ruling late Wednesday by the US Court of International Trade. It said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. Trump has said he wants to bring manufacturing jobs back to the United States, and he warned the process could cause some pain for US households. But the White House filed notice of appeal, and the long-term outcome of legal disputes over tariffs remains uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. Trump "is still able to impose significant and wide-ranging tariffs over the longer-term through other means," according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. Such uncertainty helped dampen the excitement in financial markets as trading headed through Europe into the United States, where the moves were much more modest than in Asia. The US court's move was nevertheless seen as a positive for financial markets. "The bar is raised for President Trump to resurrect his tariffs," said Brian Jacobsen, chief economist at Annex Wealth Management. "Markets are pricing that this is a better type of uncertainty than what we've had since Liberation Day," which is what Trump called his April 2 announcement of a worldwide set of sweeping tariffs. The S&P 500 has pulled within 3.9% of its all-time high after dropping roughly 20% below at one point last month. On Wall Street, tech stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The chip company has grown into one of the US stock market's largest and most influential stocks because of the frenzy around artificial-intelligence technology, and its 4.8% rise was the strongest force by far lifting the S&P 500. C3ai, an AI application software company, jumped 25.2% after it reported stronger profit than analysts expected for its latest quarter. It also said the US Air Force increased the maximum possible value for its contract by $350 million to $450 million. The company's revenue last quarter totaled $108.7 million. E.l.f. Beauty was another big winner and rose 26.5% after the cosmetics company delivered a stronger profit for the latest quarter than analysts expected. It also said it agreed to buy Hailey Bieber's Rhode skincare brand in a $1 billion deal. Rhode had $212 million in net sales in the 12 months through March. Bieber, a model and the wife of singer Justin Bieber, will be Rhode's chief creative officer and head of innovation and also a strategic advisor to the combined companies. They helped offset a drop for Best Buy, which fell 9.5% even though it reported a stronger profit than expected. Its revenue fell short of analysts' forecasts. The electronics retailer also cut its forecasted ranges for revenue and profit over the full year on the assumption that "tariffs stay at the current levels for the rest of the year, and there is no material change in consumer behavior from the trends we have seen in recent quarters," Chief Financial Officer Matt Bilunas said. Many companies have recently said that the uncertainty caused by tariffs is making it too difficult to offer any financial forecasts for the upcoming year. In the bond market, Treasury yields eased following some mixed reports on the economy. One said that the US economy likely shrunk by less in the first three months of the year than earlier estimated. Another said slightly more US workers applied for unemployment benefits last week than economists expected. The yield on the 10-year Treasury fell to 4.42% from 4.47% late Wednesday. The two-year Treasury yield, which moves more closely with expectations for where the Federal Reserve will take overnight interest rates, slipped to 3.94% from 3.96%. In stock markets abroad, Japan's Nikkei 225 jumped 1.9% to help lead Asian markets higher, while stocks rose 1.4% in Hong Kong and 0.7% in Shanghai. South Korea's Kospi rallied 1.9% after the Bank of Korea cut its key interest rate to ease pressure on the economy. The moves for European stocks were much more muted. France's CAC 40 edged up by less than 0.1%, and Germany's DAX swung from an early gain to a dip of 0.3%.

Markets welcome court ruling against Trump's tariffs as shares, U.S. dollar and oil gain

Financial markets welcomed a U.S. court ruling that blocks President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law. U.S. futures jumped early Thursday and oil prices rose more than $1. The U.S. dollar rose against the yen and euro. The court found the 1977 International Emergency Economic Powers Act, which Trump has cited as his basis for ordering massive increases in import duties, does not authorize the use of tariffs. The White House immediately appealed and it was unclear if Trump would abide by the ruling in the interim. The long term outcome of legal disputes over tariffs remains uncertain. But investors appeared to take heart after the months of turmoil brought on by Trump's trade war. The future for the S&P 500 was up 1.5% while that for the Dow Jones Industrial Average gained 1.2%. In early European trading, Germany's DAX gained 0.5% to 24,160.75. The CAC 40 in Paris jumped 0.9% to 7,860.67. Britain's FTSE was nearly unchanged at 8,722.63. Japan's Nikkei 225 index jumped 1.9% to 38,432.98. American's largest ally in Asia has been appealing to Trump to cancel the tariffs he has ordered on imports from Japan and to also stop 25% tariffs on steel, aluminum and autos. The ruling also pushed the dollar sharply higher against the Japanese yen. It was trading at 145.40 yen early Thursday, up from 144.87 yen late Wednesday. A three-judge panel ruled on several lawsuits arguing Trump exceeded his authority, casting doubt on trade policies that have jolted global financial markets, frustrated trade partners and raised uncertainty over the outlook for inflation and the global economy. Many of Trump's double-digit tariff hikes are paused for up to 90 days to allow time for trade negotiations, but the uncertainty they cast over global commerce has stymied businesses and left consumers wary about what lies ahead. "Just when traders thought they'd seen every twist in the tariff saga, the gavel dropped like a lightning bolt over the Pacific," Stephen Innes of SPI Asset Management said in a commentary. The ruling was, at the least, "a brief respite before the next thunderclap," he said. Elsewhere in Asia, Hong Kong's Hang Seng added 1.3% to 23,561.86, while the Shanghai Composite index gained 0.7% to 3,363.45. Australia's S&P/ASX 200 gained 0.2% to 8,409.80. In South Korea, which like Japan relies heavily on exports to the U.S., the Kospi surged 1.9% to 2,720.64. Shares also were helped by the Bank of Korea's decision to cut its key interest rate to 2.5% from 2.75%, to ease pressure on the economy. Taiwan's Taiex edged 0.1% lower, and India's Sensex lost 0.2%. On Wednesday, U.S. stocks cooled, with the S&P 500 down 0.6% but still within 4.2% of its record after charging higher amid hopes that the worst of the turmoil caused by Trump's trade war may have passed. It had been roughly 20% below the mark last month. The Dow industrials lost 0.6% and the Nasdaq composite fell 0.5%. Trading was relatively quiet ahead of a quarterly earnings release for Nvidia, which came after markets closed. The bellwether for artificial intelligence overcame a wave of tariff-driven turbulence to deliver another quarter of robust growth thanks to feverish demand for its high-powered chips that are making computers seem more human. Nvidia's shares jumped 6.6% in afterhours trading. Like Nvidia, Macy's stock also swung up and down through much of the day, even though it reported milder drops in revenue and profit for the latest quarter than analysts expected. Its stock ended the day down 0.3%. The bond market showed relatively little reaction after the Federal Reserve released the minutes from its latest meeting earlier this month, when it left its benchmark lending rate alone for the third straight time. The central bank has been holding off on cuts to interest rates, which would give the economy a boost, amid worries about inflation staying higher than hoped because of Trump's sweeping tariffs. In other dealings early Thursday, the yield on the 10-year Treasury rose to 4.52% from 4.47% late Wednesday. U.S. benchmark crude oil gained $1.06 to $62.90 per barrel. Brent crude, the international standard, added $1.00 to $65.32 per barrel.

US stock futures dip as appeals court backs Trump tariffs, Nvidia boost fades By Investing.com

Investing.com-- U.S. stock index futures fell on Thursday evening after an appeals court reinstated most of President Donald Trump's sweeping trade tariffs, while gains in Nvidia and tech stocks petered out after a strong rally. The appeals court ruling saw Wall Street end well below intraday highs, as investors dialled back expectations that U.S. courts will help deescalate Trump's tariff agenda. Gains in Nvidia and tech stocks still helped Wall Street close higher, as did positive earnings from several other companies. But Nvidia retreated in aftermarket trade, along with the broader tech sector. S&P 500 Futures fell 0.3% to 5,906.0 points, while Nasdaq 100 Futures fell 0.4% to 21,321.50 points. Dow Jones Futures fell 0.2% 42,195.0 points by 19:56 ET (23:56 GMT). Investors were also skittish before key PCE price index data for April, due on Friday. The reading is the Federal Reserve's preferred inflation gauge, and is likely to factor into the outlook for interest rates. Appeals court reinstates Trump tariffs, quashes deescalation hopes Thursday's appeals court ruling came just a day after a federal trade court ordered Trump to immediately cease his tariffs. The trade court ruling had ramped up hopes that Trump will be forced to taper his tariff agenda, which could present lesser economic disruption from higher trade duties. But the decision was almost immediately appealed by the White House, with the appeals court ruling now quashing the possibility of such a tariff deescalation. Wall Street ended well below intraday highs following the ruling. The S&P 500 rose 0.4% to 5,912.17 points, while the NASDAQ Composite rose 0.4% to 19,175.87 points. The Dow Jones Industrial Average closed up 0.3% at 42,215.73 points. Wall Street took some support from gross domestic product data showing the U.S. economy shrank slightly less than initially estimated in the first quarter. Nvidia eases as post earnings rally cools; others mixed NVIDIA Corporation (NASDAQ:NVDA) fell about 1% after the close, although the stock was sitting on an over 3% gain during Thursday's session. This was largely driven by the firm logging stronger-than-expected first-quarter earnings and flagging a limited impact from stricter U.S. restrictions on sales to China. The chipmaker continued to benefit from strong artificial intelligence driven-demand, and said that this was unlikely to change. But Nvidia did flag a $8 billion hit to its second-quarter earnings from the China restrictions, limiting the scope of its stock gains. Optimism over the company's earnings also spurred limited gains across the broader tech sector. Other tech stocks were a mixed bag after also reporting earnings. Dell Technologies Inc (NYSE:DELL) rose marginally, trimming initial gains as a softer-than-expected quarterly profit largely overshadowed strong revenue. Marvell Technology Inc (NASDAQ:MRVL) fell 3% after it reported first quarter earnings in line with expectations, which disappointed some investors holding out for more AI-fueled returns.

Court ruling on tariffs, U.S. futures, Nvidia - what's moving markets By Investing.com

Investing.com - U.S. stock futures surged higher Thursday after a U.S. court declared U.S. President Donald Trump's broad-based tariffs regime invalid, helped by solid results from chip giant Nvidia. Tesla CEO Elon Muck has also announced his departure from the Trump administration, leaving his role as head of DOGE. 1. U.S. court blocks most Trump tariffs The cornerstone of U.S. President Donald Trump's economic vision - a phased rollout of universal tariffs on all U.S. imports - has been declared "invalid as contrary to law" by the United States Court of International Trade. The U.S. trade court ruled late Wednesday the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy. The Trump administration said it would appeal the ruling to the U.S. Court of Appeals for the Federal Circuit in Washington, and will in all likelihood go all the way to the Supreme Court if needed. The court was not asked to address some industry-specific tariffs Trump has issued on automobiles, steel and aluminum, using a different statute. That said, the ruling, if it stands, blows a giant hole through Trump's strategy to use steep tariffs to wring concessions from trading partners. Without the instant leverage provided by tariffs of 10% to 54% or higher, the Trump administration would have to find new forms of leverage or take a slower approach to negotiations with trading partners. 2. Nvidia impresses as China hit not as bad as feared Nvidia (NASDAQ:NVDA) reported better-than-expected first-quarter results, as the world's most valuable semiconductor firm benefited from customers stockpiling its AI chips before fresh U.S. curbs on China exports took effect. For the three months ended April 27, the company announced first-quarter adjusted earnings per share of $0.96 on revenue of $44.06 billion - above the expected per-share income of $0.93 and revenue of $43.31 billion. "Global demand for Nvidia's AI infrastructure is incredibly strong," CEO Jensen Huang said. "AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate." This beat comes despite a drag on growth from the U.S. ban on Nvidia H20 chips to China. The company took a $4.5 billion hit from the ban, which was less than the previously estimated $5.5 billion charge as it repurposed parts of the H20 chips. Looking ahead, the company forecast fiscal 2026 second-quarter revenue of $45 billion, plus or minus 2%, missing projections of $45.66B, reflecting a $8 billion hit from the U.S. ban on chip sales to China expected to be recorded in the current quarter. Nvidia stock still rose over 5% in premarket trading as investors digested the news of the strong first quarter and that the hit in the current fiscal second quarter was not as bad as feared. 3. U.S. futures surge on tariffs ruling U.S. stock futures soared higher Thursday, boosted by a federal court blocking most of President Trump's "reciprocal" tariffs as well as healthy earnings from artificial intelligence heavyweight Nvidia. At 03:30 ET (07:30 GMT), the S&P 500 futures traded 92 points, or 1.6%, higher Nasdaq 100 futures climbed 415 points, or 2%, and Dow futures surged 535 points, or 1.3%. Wall Street received a boost late Wednesday after the U.S. Court of International Trade ruled that President Donald Trump overstepped his authority by imposing duties on imports from countries with large trade surpluses with the United States. Additionally, strong earnings from chipmaker Nvidia have rejuvenated investor optimism across the board, suggesting AI can help drive gains across the board. Tesla (NASDAQ:TSLA) CEO Elon Musk has announced his departure from the Trump administration, bringing an end to his time as head of the Department of Government Efficiency, tasked with slashing wasteful government spending. This move comes just a day after he criticized a sweeping tax cut bill that is backed by the White House, calling it too expensive and a measure that would undermine his work to generate a more efficient government. In his role as head of the U.S. DOGE Service, Musk upended several federal agencies but there remain doubts about how successful he was in delivering the generational savings he had sought. On the campaign trail, Musk had said DOGE would be able to cut at least $2 trillion in federal spending. DOGE currently estimates its efforts have saved $175 billion so far, a number under dispute. 5. Crude soars on improved sentiment Oil prices soared higher Thursday, with sentiment boosted after a U.S. court ruled that President Donald Trump could not proceed with his plans for reciprocal trade tariffs. At 03:30 ET, Brent futures climbed 1.5% to $65.29 a barrel, and U.S. West Texas Intermediate crude futures rose 1.7% to $62.88 a barrel. The court ruling boosted risk appetite, as Trump's tariff plans have been the biggest point of uncertainty for oil markets this year, as traders fretted over their economic impact and their effect on oil demand. That said, Wednesday's court ruling added another layer of uncertainty, given that the White House is set to appeal the decision. Adding to the positivity was data from the American Petroleum Institute showing that U.S. oil inventories shrank by 4.24 million barrels in the past week, in contrast to expectations for a build of 1 million barrels. Signs of a sharp drawdown in U.S. oil stockpiles sparked hopes that fuel demand in the country remained strong despite heightened economic uncertainty, and traders will look for confirmation from official data later in the session.

2 Factors Why Stocks Could Gain Today | Investing.com UK

US stock futures surged in premarket trading on Thursday, May 29, 2025, driven by two major developments: a federal court's blocking of Trump's sweeping global tariffs and Nvidia's (NASDAQ:NVDA) stronger-than-expected quarterly earnings despite export control challenges. These positive catalysts are fueling investor optimism about economic stability and continued AI sector growth. A US federal court has blocked President Donald Trump's sweeping global trade tariffs, delivering a major setback to a key component of his economic policies. The Court of International Trade ruled that an emergency law invoked by the White House did not give the president unilateral authority to impose tariffs on nearly every country in the world. The New York-based court determined that the US Constitution gave Congress exclusive powers to regulate commerce with other nations, and that this authority was not superseded by the president's remit to safeguard the economy. The ruling was based on two separate cases brought by the nonpartisan Liberty Justice Center on behalf of several small businesses that import goods, and a coalition of US state governments challenging the import taxes. A three-judge panel ruled that the International Emergency Economic Powers Act (IEEPA), a 1977 law that Trump cited to justify the tariffs, did not provide him the power to impose the sweeping import taxes. The court also blocked a separate set of levies the Trump administration imposed on China, Mexico, and Canada in response to what the administration characterized as unacceptable flows of drugs and illegal immigrants into the US. The Trump administration announced it would appeal within minutes of the ruling, with White House deputy press secretary Kush Desai stating, "It is not for unelected judges to decide how to properly address a national emergency." However, New York Attorney General Letitia James, representing one of 12 states involved in the lawsuit, welcomed the decision, emphasizing that "no president has the power to single-handedly raise taxes whenever they like." The court's decision provides significant relief for businesses and consumers who faced the prospect of substantial price increases due to Trump's tariff regime. The ruling blocked Trump's "Liberation Day" tariffs, which included a 10% baseline tariff on most countries and steeper reciprocal tariffs on dozens of nations and blocs, including the EU, UK, Canada, Mexico, and China. Global markets responded positively to the ruling, with stock markets in Asia rising Thursday morning and US stock futures jumping significantly. The US dollar made gains against safe-haven peers, including the Japanese yen and Swiss franc, reflecting investor confidence in economic stability. Market analysts viewed the decision as removing a significant source of uncertainty that had been weighing on investor sentiment. The White House has 10 days to complete the bureaucratic process of halting the tariffs, although most are currently suspended anyway. If all courts uphold the ruling through the appeals process, businesses that have paid tariffs will receive refunds on amounts paid, with interest. This includes the so-called reciprocal tariffs, which were lowered to 10% across the board for most countries and raised to 145% on Chinese products, now at 30%. Nvidia posted strong quarterly earnings on Wednesday, beating Wall Street's expectations despite new export controls imposed by the Trump administration limiting the sale of some advanced chips to China. The powerhouse chipmaker, central to the artificial intelligence boom, saw quarterly revenue grow 69% year-over-year, increasing from $26 billion in the first quarter of 2024 to $44 billion in the first quarter of 2025. The company's data center business, which drives much of its AI-related revenue, saw revenue rise 73% over the same period, growing from $22.6 billion to $39.1 billion, although it fell just short of market forecasts for the segment. Despite this slight miss, the overall performance demonstrated Nvidia's resilience in the face of regulatory challenges. Nvidia CEO Jensen Huang emphasized the strength of global AI demand, stating, "Global demand for NVIDIA's AI infrastructure is incredibly strong. AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate." He added that "countries around the world are recognizing AI as essential infrastructure -- just like electricity and the internet -- and NVIDIA stands at the center of this profound transformation." The company faced a $4.5 billion charge in the first quarter due to new restrictions that blocked the chipmaker from exporting its H20 graphics processing units to China. As a result, earnings per share came in below expectations at $0.81, which Nvidia attributed to the impact of export controls. Without the additional charge and related tax impacts, Nvidia indicated its earnings per share would have surpassed forecasts at $0.96, highlighting the underlying strength of the business. US stock futures showed strong gains across all major indices as of 6:05 AM EDT on Thursday, May 29, 2025, reflecting investor enthusiasm for both the tariff ruling and Nvidia's earnings performance. Dow Jones Industrial Average futures jumped 309.3 points to 42,470, representing a significant 500-point gain from the previous close and indicating a strong market opening. S&P 500 futures rose 78.2 points to 5,979.75, while NASDAQ futures gained 395.83 points to 21,767, demonstrating broad-based optimism across growth and technology sectors. The Russell 2000 futures also participated in the rally, gaining 27.1 points to 2,099.9, suggesting small-cap stocks were also benefiting from the positive sentiment. Asian markets provided additional confirmation of global investor confidence, with the Hang Seng Index rising 1.35% to 23,573.38 and Japan's Nikkei gaining 1.88% to 38,432.98. European markets also showed positive momentum, with Germany's DAX rising 0.43% and France's CAC 40 gaining 0.69%, indicating sustained international optimism about the developments. The VIX volatility index declined 2.59% to 18.81, reflecting reduced market anxiety and increased investor confidence. Commodity markets also responded positively, with WTI crude oil rising 1.47% to $62.75 per barrel, while gold declined slightly by 0.35% to $3,283.30 per ounce as investors moved away from safe-haven assets toward riskier investments. The technology sector is poised to lead Thursday's market gains, with Nvidia's strong earnings performance likely to benefit other AI and semiconductor companies. The combination of reduced tariff uncertainty and continued AI sector strength creates a favorable environment for technology stocks, which have been under pressure from both trade tensions and regulatory concerns. Nvidia's ability to deliver strong results despite facing $4.5 billion in export control-related charges demonstrates the underlying strength of AI demand globally. The company expects another $8 billion loss in the second quarter from chip restrictions, but the robust underlying business performance suggests the sector's long-term growth trajectory remains intact. The court's tariff ruling removes a significant overhang that had been weighing on multinational technology companies, many of which rely on global supply chains and international sales. The decision provides clarity and reduces the risk of escalating trade tensions that could disrupt technology sector operations and profitability. *** Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

Tariff-Induced Volatility Looms Large Regardless of Trump's Court Outcome | Investing.com UK

On Wednesday afternoon, the judges from the US Court of International Trade struck down some of President Trump's tariffs. Notably, the judge's actions included an injunction on the "Liberation Day" tariffs and specific tariffs targeting China, Mexico, and Canada. The court's three judges found that Trump exceeded his authority under the International Emergency Economic Powers Act (IEEPA). The IEEPA is the act Trump invoked to justify the tariffs as a national emergency. The judges essentially ruled that the Constitution assigns tariff-making powers to Congress. Furthermore, they note that trade deficits, Trump's justification for tariffs, do not constitute an "unusual and extraordinary threat" required by IEEPA. The Trump administration has 10 days to comply. Accordingly, the administration has already filed an appeal with the U.S. Federal Court of Appeals. Stocks and the US dollar initially surged on the news. However, they quickly relinquished their gains as the Federal Court of Appeals could overturn the decision. Moreover, if Trump loses his appeal, a Supreme Court hearing is highly likely. Interestingly, despite the narrative that tariff-induced inflation would push yields higher, bond yields initially rose slightly on the ruling. The Fed blames tariffs and the potential for them to induce inflation for not cutting rates. They stated the following yesterday in the release of its May 6th FOMC minutes: Participants agreed that uncertainty about the economic outlook had increased further, making it appropriate to take a cautious approach until the net economic effects of the array of changes to government policies become clearer. Lastly, we should consider that not all tariffs were struck down by the judges, as shown in the Bloomberg graphic below. Furthermore, there are other ways Trump can effectively limit imports and promote exports. Even if the courts rule against Trump, trade-induced volatility may not be over. As Goldman Sachs (NYSE:GS) states, the court ruling appears at first glance to be a "nothing burger." Yesterday, we noted that the market, while short-term overbought, was in a bullish formation, particularly with money flows remaining very positive. Yesterday, the market rallied further following Nvidia's (NASDAQ:NVDA) earnings report, which did not disappoint. As shown, revenue growth for the company continues to escalate, and Wall Street analysts remain bullish on prospects. For the moment, there seems to be nothing that can slow this juggernaut down. However, that is just one company in the index, and while NVDA was the "belle of the ball" yesterday, the rest of the market was a mixed bag without a lot of clear direction. Of course, today is the last day of the month, so we may just be seeing some repositioning as we close out May. However, as stated above, the market is short-term overbought and close to triggering a MACD momentum-sell signal from a high level. With May putting in such a strong performance, and share repurchases fading in the first two weeks of June, we could continue to see the market struggle into early July when Q2 earnings season begins. We continue to hold elevated cash levels and have reduced some equity risk in the portfolios. Once the overbought condition is reversed, we will be more confident in increasing equity exposure for the next leg of the rally. The chart below, courtesy of Charlie Bilello, shows the stunning growth of Nvidia's revenue. Once again, Nvidia did not disappoint with its earnings release on Wednesday night, posting revenue of $44.062 billion, up 12% from the previous quarter and 69% year-over-year. Analysts were expecting revenues of $43.30 billion. The bulk of revenue is from its data center division. Data center revenue, driven by demand for AI and the company's latest Blackwell chips, reached $39.6 billion, representing a 73% increase from last year. The only fly in the ointment was a $4.5 billion charge related to excess inventory resulting from new trade restrictions and export licensing requirements with China.

Wall St gains after court blocks most Trump tariffs

(Reuters) - Wall Street's main indexes rose on Thursday after a federal court ruled against most of U.S. President Donald Trump's tariffs and AI bellwether Nvidia reported a 69% surge in quarterly sales. Nvidia jumped 5% after reporting higher-than-expected quarterly sales growth, driven by customers stockpiling AI chips ahead of U.S. export restrictions on China. The company, however, warned that the new curbs are expected to cut $8 billion from its current-quarter sales. "We're in a secular growth trajectory here for AI, AI investment, and everything seems to be lining up for the next kind of multi-quarter expansion across AI," said David Russell, global head of market strategy at TradeStation. The Philadelphia SE Semiconductor index rose in the wake of Nvidia's results, last up 1.4%. Eight of the 11 major S&P 500 sub-sectors rose, with information technology and consumer discretionary being the biggest gainers. Global risk appetite was boosted after a U.S. court invalidated with immediate effect most of Trump's sweeping levies imposed since January, but did not address some industry-specific tariffs on automobiles, steel and aluminum. "Even if the ruling is upheld, the administration will have alternative routes to implement tariffs. But these will be slower and more targeted, as opposed to the current sweeping approach," said Lizzy Galbraith, senior political economist at Aberdeen. Kevin Hassett, the White House economic adviser, said three trade deals were nearly done and he expected more despite the judgment. At 9:47 a.m. ET, the Dow Jones Industrial Average rose 51.16 points, or 0.12%, to 42,149.86, the S&P 500 gained 32.60 points, or 0.55%, to 5,921.01 and the Nasdaq Composite gained 173.41 points, or 0.91%, to 19,273.71. Dow component Salesforce weighed on the index, with its shares slumping 5.4% even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. Apple, which Trump threatened with tariffs last week, rose nearly 1%. Tesla rose 2.2% and Amazon added 1.2% among megacap and growth stocks. The S&P 500 is currently about 3% below an all-time high touched on February 19, rebounding from a nearly 19% decline earlier in April on easing trade tensions, strong earnings and subdued inflation data that aided risk appetite. May has been a solid month for equities, with both the S&P 500 and the Nasdaq on pace for their best monthly performances since November 2023. A second reading from the Commerce Department showed gross domestic product contracted 0.2% in the first quarter. Economists polled by Reuters had forecast a 0.3% contraction. At least five Fed policymakers including Fed Board Governor Adriana Kugler are scheduled to speak through the day. In other earnings, Best Buy dropped 7.5% after the electronics retailer lowered its annual comparable sales and profit forecasts amid concerns that U.S. tariffs would weigh on consumer demand for big-ticket items. Advancing issues outnumbered decliners by a 2.63-to-1 ratio on the NYSE and by a 1.73-to-1 ratio on the Nasdaq. The S&P 500 posted five new 52-week highs and no new lows, while the Nasdaq Composite recorded 25 new highs and 23 new lows. (Reporting by Shashwat Chauhan and Kanchana Chakravarty in Benglauru; Editing by Pooja Desai and Maju Samuel)

S&P 500, Nasdaq advance as Nvidia jumps; spotlight on Trump tariff block

(Reuters) -The S&P 500 and the Nasdaq rose on Thursday, boosted by Nvidia after the AI-chipmaker posted strong revenue growth, while investors also assessed a federal court ruling that blocked most of U.S. President Donald Trump's tariffs. Nvidia added 4.8% after reporting higher-than-expected quarterly sales growth, driven by customers stockpiling AI chips ahead of U.S. export restrictions on China. The company, however, warned that the new curbs are expected to cut $8 billion from its current-quarter sales. "If there's a larger take away from this earnings announcement ... the demand they're seeing elsewhere in the world balances those restrictions that are in place and it seems like there might be more to come," said Keith Buchanan, senior portfolio manager at GLOBALT Investments. The Philadelphia SE Semiconductor index rose in the wake of Nvidia's results, last up 1.2%. Stocks, however, were off their session highs as investors assessed a U.S. court decision which invalidated with immediate effect most of Trump's sweeping levies imposed since January. The court decision, however, did not address some industry-specific tariffs on automobiles, steel and aluminum. Kevin Hassett, the White House economic adviser, said three trade deals were nearly done and he expected more despite the judgment. At 11:23 a.m. ET, the Dow Jones Industrial Average rose 9.60 points, or 0.02%, to 42,108.30, the S&P 500 gained 24.56 points, or 0.42%, to 5,913.11 and the Nasdaq Composite gained 142.29 points, or 0.75%, to 19,243.23. Dow component Salesforce weighed on the index, with its shares slumping 6.3% even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. Most megacap and growth stocks lost some steam, with Apple - which Trump threatened with tariffs last week - now up only 0.1%. Boeing climbed 3.3% after CEO Kelly Ortberg said the planemaker aims to increase production of its best-selling 737 MAX jets to 42 aircraft per month in the next few months and boost output to 47 a month in early 2026. Eight of the 11 major S&P 500 sub-sectors rose, with information technology and real estate being the biggest gainers. The S&P 500 is currently about 3% below an all-time high touched on February 19, rebounding from a nearly 19% decline earlier in April on easing trade tensions, strong earnings and subdued inflation data that aided risk appetite. May has been a solid month for equities, with both the S&P 500 and the Nasdaq on pace for their best monthly performances since November 2023. A second reading from the Commerce Department showed gross domestic product contracted 0.2% in the first quarter. Economists polled by Reuters had forecast a 0.3% contraction. In other earnings, Best Buy dropped 9.8% after the electronics retailer lowered its annual comparable sales and profit forecasts amid concerns that U.S. tariffs would weigh on consumer demand for big-ticket items. Advancing issues outnumbered decliners by a 1.88-to-1 ratio on the NYSE and by a 1.42-to-1 ratio on the Nasdaq. The S&P 500 posted seven new 52-week highs and no new lows, while the Nasdaq Composite recorded 33 new highs and 45 new lows. (Reporting by Shashwat Chauhan and Kanchana Chakravarty in Benglauru; Editing by Pooja Desai and Maju Samuel)

Wall Street stocks end higher after Nvidia results

STORY: U.S stocks finished higher Thursday with the Dow gaining more than a quarter of a percent, and the S&P 500 and Nasdaq each rising about four tenths of a percent. Investors digested a late-afternoon court ruling that reinstated President Donald Trump's sweeping tariffs, reversing a trade court decision from the previous day that had blocked them. Meanwhile, shares of Nvidia jumped more than three percent after the AI bellwether reported stronger than expected quarterly sales. Ben McMillan, chief investment officer at IDX Advisors, said Nvidia's results overshadowed the market's reaction to the latest tariff back and forth. "That's kind of been the story this entire year is, you know, it's been tariff pingpong for lack of a better term. And we saw, you know, a lot of exuberance immediately after that court blocked it. You know, now there's news coming out today that, well, the White House is almost certainly going to challenge this. Also, you know, there's still going to be tariffs in place. It's not like they, you know, evaporated. [FLASH] You know, if anything, I think the bigger story, honestly, is Nvidia, you know, with the beat that they had and, you know, just the signal that sends for, you know, kind of broader strength and, you know, what has been the, you know, the kind of the main growth sector for equities of recent." In other company news, shares of Best Buy plunged more than seven percent after the retailer lowered its annual sales and profit forecasts amid concerns that U.S. tariffs would weigh on consumer demand for big-ticket items. Boeing rose more than three percent after its CEO said the plane-maker aims to increase production of its best-selling 737 MAX jets. On the economic front, the number of Americans filing new applications for jobless benefits increased more than expected and the unemployment rate appeared to have picked up in May. And a second reading from the Commerce Department showed U.S. GDP contracted point two percent in the first quarter. Economists polled by Reuters had forecast a point 3 percent contraction.

US stock futures climb as federal court rules against Trump's tariffs

(Reuters) -Wall Street futures climbed on Thursday after a U.S. trade court blocked most of President Donald Trump's proposed tariffs, while shares of AI chipmaker Nvidia gained following stronger-than-expected quarterly revenue. The Court of International Trade ruled that the U.S. Constitution grants Congress exclusive authority to regulate commerce with foreign nations -- a power not superseded by the president's emergency powers to protect the U.S. economy. "This ruling is a key development, and it will weaken Trump's bargaining power in his ongoing negotiations with the U.S.' key trading partners," National Bank of Kuwait analysts said in a note. "If the ruling is sustained, it will be a major positive development for the U.S. and the global economy." The court invalidated with immediate effect all of Trump's orders on tariffs since January that were rooted in the International Emergency Economic Powers Act (IEEPA). However, the decision can be appealed to the U.S. Court of Appeals for the Federal Circuit in Washington, D.C., and potentially to the U.S. Supreme Court. At 04:07 a.m. ET, Dow E-minis were up 554 points, or 1.31%, S&P 500 E-minis were up 102.25 points, or 1.73% and Nasdaq 100 E-minis were up 460 points, or 2.15%. Shares of Nvidia were up 5.4% in premarket trading after the world's most valuable semiconductor firm beat estimates for first-quarter sales, driven by customers stockpiling AI chips ahead of U.S. export restrictions to China. The company, however, warned that the new curbs are expected to cut $8 billion from current-quarter sales, causing its second-quarter forecast to miss expectations. Other chipmakers rose in the wake of Nvidia's positive earnings, with Advanced Micro Devices gaining 3.3%. The VanEck Semiconductor ETF advanced 3.4%. Apple led gains among megacap and growth stocks with a 3.6% jump. Meta Platforms and Alphabet each climbed more than 2%. Dow component Salesforce gained 2.3% after the enterprise software provider raised its annual revenue and adjusted profit forecasts. Futures linked to the economically sensitive Russell 2000 small-cap index also surged 2.3%. May has been a solid month for equities, with both the S&P 500 and the Nasdaq on pace for their best monthly performances since November 2023. The S&P 500 is currently about 4% below an all-time high touched on February 19, having rebounded from a nearly 19% decline earlier in April, supported by easing trade tensions, strong earnings, and subdued inflation data that boosted risk appetite. Minutes from the U.S. Federal Reserve's latest policy meeting, released on Wednesday, indicated that policymakers acknowledged they could face "difficult tradeoffs" in coming months in the form of rising inflation alongside rising unemployment. Later in the day, the second estimate for first-quarter GDP will be released at 8:30 a.m. ET and Personal Consumption Expenditure data is slated for Friday. At least five Fed policymakers including Fed Board Governor Adriana Kugler are scheduled to make public remarks through the day. Among the early movers, HP Inc shed 8.5% after the PC maker cut its annual profit forecast. (Reporting by Shashwat Chauhan in Benglauru; Editing by Sherry Jacob-Phillips)

Wall Street rises with Nvidia; appeals court reinstates tariffs

NEW YORK (Reuters) -U.S. stocks were slightly higher in choppy afternoon trading on Thursday, with shares of Nvidia gaining after its quarterly results. A federal court ruling blocked most of U.S. President Donald Trump's tariffs, but by Thursday afternoon a U.S. appeals court had reinstated the tariffs. Indexes were well off their highs of the day. Salesforce shares fell 5% even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. The earlier U.S. court decision invalidated with immediate effect most of Trump's sweeping levies imposed since January. Nvidia added 3.3% after reporting higher-than-expected quarterly sales growth, driven by customers stockpiling AI chips ahead of U.S. export restrictions on China. The company, however, warned that the new curbs are expected to cut $8 billion from its current-quarter sales. Optimism about corporate earnings and Nvidia in particular is providing some support, said Oliver Pursche, senior vice president, adviser for Wealthspire Advisors in Westport, Connecticut. But he added, "As an investor, I don't think there's an impetus to do anything or change anything, and that's what the market is reflecting." The Philadelphia SE Semiconductor index rose in the wake of Nvidia's results, last up 0.3%. The Dow Jones Industrial Average rose 61.22 points, or 0.15%, to 42,159.92, the S&P 500 gained 13.26 points, or 0.24%, to 5,902.94 and the Nasdaq Composite gained 42.11 points, or 0.22%, to 19,143.05. Boeing climbed 3.3% after CEO Kelly Ortberg said the planemaker aims to increase production of its best-selling 737 MAX jets to 42 aircraft per month in the next few months and boost output to 47 a month in early 2026. A second reading from the Commerce Department showed gross domestic product contracted 0.2% in the first quarter. Economists polled by Reuters had forecast a 0.3% contraction. In other earnings, Best Buy dropped 8% after the electronics retailer lowered its annual comparable sales and profit forecasts amid concerns that U.S. tariffs would weigh on consumer demand for big-ticket items. (Reporting by Caroline Valetkevitch in New YorkAdditional reporting by Shashwat Chauhan and Kanchana Chakravarty in BenglauruEditing by Pooja Desai, Maju Samuel and Matthew Lewis)

Wall Street ends up with Nvidia; appeals court reinstates Trump tariffs

NEW YORK (Reuters) -U.S. stocks ended slightly higher on Thursday as shares of Nvidia gained after its quarterly results, while investors digested a late-afternoon court ruling that reinstated the most sweeping of President Donald Trump's tariffs. The appeals court ruling came a day after a trade court had ordered an immediate block on the tariffs. Indexes ended well off their highs of the day. Salesforce shares fell even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. "Trump has already rolled back most of these tariffs anyway, so these court rulings are just headlines," said Adam Sarhan, chief executive of 50 Park Investments in New York. Nvidia gained after the company late on Wednesday reported upbeat sales results, driven by customers stockpiling AI chips ahead of U.S. export restrictions on China. The company, however, warned that the new curbs are expected to cut $8 billion from its current-quarter sales. Optimism about corporate earnings and Nvidia in particular is providing some support, said Oliver Pursche, senior vice president, adviser for Wealthspire Advisors in Westport, Connecticut. But he added, "As an investor, I don't think there's an impetus to do anything or change anything, and that's what the market is reflecting." According to preliminary data, the S&P 500 gained 23.53 points, or 0.40%, to end at 5,912.08 points, while the Nasdaq Composite gained 74.77 points, or 0.39%, to 19,175.87. The Dow Jones Industrial Average rose 118.97 points, or 0.28%, to 42,217.67. Boeing rose after CEO Kelly Ortberg said the planemaker aims to increase production of its best-selling 737 MAX jets to 42 aircraft per month in the next few months and boost output to 47 a month in early 2026. A second reading from the Commerce Department showed gross domestic product contracted 0.2% in the first quarter. Economists polled by Reuters had forecast a 0.3% contraction. In other earnings, Best Buy shares fell after the electronics retailer lowered its annual comparable sales and profit forecasts amid concerns that U.S. tariffs would weigh on consumer demand for big-ticket items. (Reporting by Caroline Valetkevitch in New YorkAdditional reporting by Shashwat Chauhan and Kanchana Chakravarty in BenglauruEditing by Pooja Desai, Maju Samuel and Matthew Lewis)