Equities Rise Despite Trade Confusion
The S&P 500 rose modestly Thursday, led by Nvidia. But gains were restricted, with investors cautious following a salvo of judicial developments surrounding President Donald Trump’s “reciprocal” tariffs
The Dow Jones Industrials recovered 117.03 points to conclude Thursday at 42,215.73, despite a slide of 3.5% in Salesforce following earnings.
The much-broader index gained 23.62 points to 5,912.17.
The NASDAQ Composite moved upward 74.93 points to 19,175.87.
The U.S. Court of International Trade ruled on Wednesday night that Trump overstepped his authority when he imposed his “reciprocal” tariffs. The court ordered that the challenged tariff orders be vacated.
But the Trump administration filed a notice of appeal quickly following the judgment and an appeals court reinstated the levies on Thursday afternoon. The administration said it could ask the Supreme Court as early as Friday to pause the federal court’s original ruling if necessary.
Still, Nvidia shares provided upward market momentum with a jump of nearly 3%. The chipmaker exceeded expectations on the top and bottom lines in the first quarter, as its data center business recorded year-over-year growth of 73%.
Stocks are coming off of a lackluster session Wednesday, but the major U.S. indexes are on track to close the week — and month — higher.
The S&P 500 is better on the month by 1.7%, while the 30-stock Dow has progressed 1.2% this week, while the tech-heavy NASDAQ has rallied more than 2%.
This month, the S&P 500 has gained 6%. The Dow has added 3.5%, while the NASDAQ has jumped close to 10%.
Prices for the 10-year Treasury were ahead by noon, lowering yields to 4.43% from Wednesday’s 4.44%. Treasury prices and yields move in opposite directions.
Oil prices dipped 91 cents to $60.93 U.S. a barrel.
Gold prices climbed $18.60 to $3,313.50
