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Russian (RU) Updated Thu, May 29, 2025, 5:03 AM 2 min read
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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.
CME - Delayed Quote USD
As of 8:05:34 AM EDT. Market Open.
ES=F NQ=F YM=F
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 9 updates
Tesla stock rises as Elon Musk says driverless cars arriving 'a month ahead of schedule'
Tesla (TSLA) stock rose 2% in premarket trading after CEO Elon Musk teased the rollout of its robotaxis and confirmed he was leaving his role in government.
Musk said the EV maker has been testing driverless Model Y cars in Austin, Texas, for the past several days. Previously, he said Tesla would begin testing by the end of June, per Reuters. The rollout is also expected to feature 10 to 20 cars to start, based on past comments.
"A month ahead of schedule," Musk wrote on X.
Also lifting shares was a confirmation from a White House official that Musk will no longer serve on the Department of Government Efficiency (DOGE). Musk's involvement in government was controversial for Tesla shareholders, many of whom felt his attention had become too divided.
“Back to spending 24/7 at work and sleeping in conference/server/factory rooms,” Musk said on Tuesday, adding that he “must be super focused on 𝕏/xAI and Tesla (plus Starship launch next week), as we have critical technologies rolling out.”
Read more here about Tesla's driverless cars and Musk's return to the office.
Goldman: Trump can offset tariff ruling with other tools
Salesforce earnings surprise, but bears on the stock still lurk
Salesforce (CRM) defied conventional thinking by raising its full-year guidance in the face of tariff headwinds late Wednesday, as it posted first quarter profit and revenue beats.
But the software giant's stock is trading pretty much flat in Thursday's pre-market — a sign that analysts aren't that jazzed by its results.
Yahoo Finance's Brian Sozzi reports on how Wall Street is reacting:
Buying the stock market dip hasn't paid off this much in 30 years
As a US trade court ruling upends President Trump's trade strategy, Yahoo Finance's Josh Schafer points out the rewards that awaited investors who snapped up tariff-bruised stocks.
Good morning. Here's what's happening today.
Economic data: First quarter GDP; First quarter personal consumption; Initial jobless claims, (week ended May 24); Pending home sales (April)
Earnings: American Eagle (AEO), Best Buy (BBY), Burlington Stores (BURL), Build-a-Bear Workshop (BBW), Costco (COST), Dell (DELL), Foot Locker (FL), Hormel Foods (HRL), Gap (GAP), Marvell Technology (MRVL), Ulta (ULTA), Zscaler (ZS)
The United States Court of International Trade has ruTrump tariffs "unlawful." Meanwhile, Nvidia earnings lifted Wall Street, even as the chipmaker flagged risks relating to AI chip controls.
Here are some of the biggest stories you may have missed overnight and early this morning:
Trump's tariffs in limbo after trade court's stunning rebuke
Nvidia pops, CEO warns US chip curbs boost China rivals
Court rules Trump doesn't have authority to impose tariffs
Buying the dip hasn't paid off this much in 30 years
Nvidia gets a pass after earnings miss: What Wall Street is saying
Real winner in GameStop's bitcoin pivot is Strategy
Goldman: Trump can offset tariff ruling with other tools
Microsoft shares go from laggard to leader as AI growth improves
Nvidia's earnings miss is getting a pass from Wall Street. Here's why.
Yahoo Finance's Brian Sozzi reports:
Read more here on what Wall Street is saying about Nvidia's quarter.
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:
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:
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:
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