Wall Street Rallies After Court Blocks Trump Tariffs; Nvidia Sparks Tech Surge
U.S. stocks opened higher after the Court of International Trade struck down wide-ranging Trump duties, easing fears of a lengthier trade war. The S&P 500 climbed 0.6 percent and the Nasdaq nearly 1 percent, powered by a 4.9 percent jump in Nvidia after the chip giant’s record earnings. Asian markets posted even stronger gains overnight, though analysts caution the White House can still revive tariffs under other statutes while it appeals the ruling.
Investors took the decision as a welcome respite: treasury yields slipped, export-heavy indices from Tokyo to Seoul popped almost 2 percent and commodity prices steadied. Yet the court left untouched steel, aluminum and auto levies, and strategists at UBS warn the president retains tools to impose up to 15 percent duties for 150 days or invoke a 1930 “discrimination” clause allowing 50 percent surcharges. That lingering leverage kept Europe’s CAC 40 and DAX almost flat by comparison.
On the corporate front, AI winners stole the spotlight. Nvidia’s blowout $44 billion quarter soothed tech valuations dented during May’s tariff scare, while C3.ai rocketed 29 percent on an Air Force contract boost. Retail lagged: Best Buy slid nearly 8 percent after trimming its full-year outlook, citing tariff unknowns and softer consumer demand. With appeals pending—and the Federal Reserve still eyeing inflation—the market’s relief rally could pivot quickly if policy winds shift again.
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