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    Home»Stock Market»Dow, S&P 500, Nasdaq futures jump as court blocks Trump tariffs, Nvidia earnings impress
    Stock Market

    Dow, S&P 500, Nasdaq futures jump as court blocks Trump tariffs, Nvidia earnings impress

    May 29, 20253 Mins Read


    US stock futures surged on Thursday after a US trade court blocked some of President Trump’s tariffs and Nvidia’s (NVDA) earnings report impressed Wall Street even as the AI chipmaker flagged risks from export curbs.

    Dow Jones Industrial Average futures (YM=F) rose 1.2%, while those on the S&P 500 (ES=F) jumped 1.5%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) led the advance, up 1.8%.

    On Wednesday evening, a panel of judges at the US Court of International Trade took aim at Trump’s trade agenda, blocking global tariffs imposed citing emergency powers on the grounds that they are illegal. The decision can be appealed by the Trump administration in federal court.

    Nvidia beat expectations on revenue but fell short on adjusted earnings per share (EPS) due to the impact of the US government’s ban on the sale of its H20 chips to China. The company also warned that it expects to miss out on $8 billion in sales in the next quarter due to the restriction.

    Despite the chip giant’s complications in China, Nvidia shares jumped in after-hours trading.

    In the company’s earnings call, CEO Jensen Huang criticized US chip curbs, saying they have spurred innovation among rivals in China and weaken America’s position. “China’s AI moves on with or without US chips,” Huang said. “The question is whether one of the world’s largest AI markets will run on American platforms.”

    Overall, however, Nvidia’s performance on Wednesday boosted hopes on Wall Street that Big Tech can weather President Trump’s far-reaching trade policy.

    Read more: The latest on Trump’s tariffs

    On Thursday, investors will be watching for earnings reports from Best Buy (BBY) and Costco (COST). Retailers have found themselves a difficult position when it comes to Trump’s trade war, with the president telling Walmart to “eat” price hikes associated with new duties following its latest results.

    Wall Street will also receive fresh economic data on Thursday, including weekly jobless claims and a revision of first quarter US gross domestic product (GDP). The initial GDP release showed economic growth contracted for the first time in three years at the start of 2025.

    LIVE 3 updates

    • Jenny McCall

      HP plunges after cutting profit outlook on tariffs, economy

      Shares in HP Inc. (HPQ) fell by 8% on Thursday in premarket trading after the company’s profit outlook missed estimates and it cut the annual earnings forecast, citing a weaker economy and continuing costs from US tariffs on goods from China.

      Bloomberg News reports:

      Read more here.

    • US court’s tariff ruling gives markets short-term pop, long-term angst

      Markets may be celebrating the latest turn in the tariffs saga, but the US trade court’s block isn’t definitive — and that means there’s still cause for concern, some analysts say.

      Reuters reports:

      Read more here.

    • Oil prices jump as Trump tariffs blocked in court

      A landmark decision by the US Court of International Trade has deemed many of President Trump’s tariffs ‘unlawful’ and sent markets into a global upturn.

      Reuters reports:

      Read more here.



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