S&P Rises on Back of Nvidia Gain
The S&P 500 ticked higher on Thursday as Nvidia shares staged a post-earnings rally. But gains were restricted as investors wondered what would come next after a federal court knocked down President Donald Trump’s “reciprocal” tariffs.
The Dow Jones Industrials dumped 177.38 points to pause for lunch Thursday at 41,921.32, weighed down by a slide of more than 7% in Salesforce following earnings.
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.
The much-broader index slid 1.02 points to 5,886.33
The NASDAQ Composite recovered 35.79 points to 19,136.73.
Stocks are coming off a lackluster session Wednesday, but the major U.S. indexes are on track to close the week — and month — higher.
The S&P 500 gained 1.7% and 30-stock Dow is up 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%.
Nvidia shares jumped more than 5%. 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%.
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 slid 70 cents to $61.14 U.S. a barrel.
Prices for gold resurged $22.50 to $3,317.40.
