NEW YORK: Wall Street stocks rose in early trading Thursday after a US court blocked many of President Donald Trump’s tariffs and Nvidia earnings topped estimates.
The US Court of International Trade ruled late Wednesday that Trump’s broad imposition of tariffs had overstepped his authority, barring most of the duties announced since he took office in January.
Meanwhile, Nvidia reported a mammoth $18.8 billion in quarterly profits, even with a multi-billion dollar hit from US export controls. Shares of the artificial intelligence leader climbed 6.4 percent.
About five minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 42,147.01.
Wall St edges lower as markets await Nvidia earnings
The broad-based S&P 500 gained 0.7 percent to 5,932.00, while the tech-rich Nasdaq Composite Index jumped 1.3 percent to 19,354.03.
Given that uncertainty around Trump’s trade policy has rattled markets, the tariff ruling “has taken a lot of that threat off the table,” said Adam Sarhan of 50 Park Investments.
Sarhan called the Nvidia results “very good” for AI-linked equities.
In other news, government data showed the US economy contracted 0.2 percent in the first quarter, a bit less than initially estimated.
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