29/05/2025 Daily Reports
US Court Blocks Trump’s Tariffs
• A panel of judges from the US Court of International Trade ruled that former President Donald Trump exceeded his authority by imposing blanket tariffs under emergency powers. According to the court, only Congress has the constitutional authority to regulate foreign trade in non-emergency situations.
The Trump administration has already filed an appeal, meaning the legal process is far from over. Still, the decision has triggered a significant market reaction.
Financial Markets React Strongly
Investor sentiment improved as the decision eased trade tensions.
• Dow Jones Industrial Average futures rose by 1.4 percent.
• S&P 500 futures climbed 1.6 percent.
• Nasdaq 100 futures jumped by 2 percent, leading the rally.
The US dollar index also rebounded, crossing back above the 100 mark, reflecting stronger confidence in US assets.
Nvidia’s Earnings Surprise Wall Street
Despite regulatory headwinds, Nvidia posted better-than-expected results for the first fiscal quarter.
• Adjusted earnings per share came in at 0.96 dollars, slightly above the 0.93 dollar consensus estimate.
• Revenue reached 44.1 billion dollars, beating expectations of 43.29 billion dollars.
However, the company warned of an 8 billion dollar sales loss in the upcoming quarter due to the US ban on H20 chip exports to China.
Shares rose nearly 5 percent in after-hours trading.
CEO Jensen Huang expressed frustration over export curbs, saying: “China’s AI industry will move forward with or without US chips. The real question is whether it will be powered by American technology or not.”
Oil Prices on the Rise
Energy markets also responded to the trade ruling.
• West Texas Intermediate (WTI) crude rose by 1.54 percent to 62.79 dollars per barrel.
• Brent crude climbed 1.25 percent to 65.71 dollars per barrel.
Traders see potential for stronger global demand if trade restrictions ease.
What’s Next?
• The temporary relief following the tariff ruling has boosted markets, especially technology stocks and oil prices. However, analysts warn that legal appeals and ongoing policy uncertainty may limit the sustainability of this rally.
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Nvidia Earnings Boost Sentiment as Court Challenges Trump Tariffs
U.S. stock futures rose sharply on Thursday after Nvidia reported stronger-than-expected earnings, even as trade tensions resurfaced following a key court ruling against President Donald Trump’s tariff policies. Futures tied to the Dow, S&P 500, and Nasdaq 100 each gained over 1% in early trading.
Nvidia shares jumped more than 5% in extended trading after the chipmaker posted robust first-quarter results, with a 73% year-over-year surge in its data center revenue driven by continued demand from the AI sector. However, CEO Jensen Huang noted the company is leaving billions in potential sales on the table due to U.S. export restrictions to China.
Adding to the policy backdrop, the U.S. Court of International Trade ruled that President Trump exceeded his legal authority by imposing certain reciprocal tariffs on foreign goods. The court found that such measures violated constitutional limits by encroaching on Congress’s exclusive power to regulate trade and impose taxes. The ruling blocks the enforcement of the contested tariffs, though the Trump administration is expected to appeal.
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