Stocks Find Feet After Trump Trade Struck Down
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 hesitated 14.09 points to open Thursday at 42,085.21, 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 inched up 12 points to 5,900.55
The NASDAQ Composite recovered 67.12 points to 19,168.06.
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 static first thing Thursday, keeping yields at Wednesday’s 4.44%.
Oil prices slid $1.09 to $60.75 U.S. a barrel.
Prices for gold resurged $20.60 to $3,315.50.
