A big rally for stocks that began in Asia ran out of momentum Thursday amid uncertainty about what will happen next after a court blocked many of President Trump's tariffs.
- The S&P 500 rose 23.62 points, or 0.4%, to 5,912.17 after giving up most of an earlier gain.
- The Dow Jones Industrial Average rose 117.03 points, or 0.3%, to 42,215.73.
- The Nasdaq composite rose 74.93 points, or 0.4%, to 19,175.87.
It was a downshift after stocks initially leaped in Tokyo and Seoul, where markets had the first chance to react to Wednesday's ruling by the US Court of International Trade, the
AP reports. US markets didn't have much time to react to a Thursday afternoon appeals court ruling that
reinstated the tariffs for now.
On Wall Street, tech stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The chip company's 3.2% rise was the strongest force by far lifting the S&P 500. C3ai, an AI application software company, jumped 20.8% after it reported stronger profit than analysts expected for its latest quarter. E.l.f. Beauty was another big winner and rose 23.6% after the cosmetics company delivered a stronger profit for the latest quarter than analysts expected. It also said it agreed to buy Hailey Bieber's Rhode skincare brand in a $1 billion deal.
Best Buy fell 7.3% even though it reported a stronger profit than expected. Its revenue fell short of analysts' forecasts. The electronics retailer also cut its forecast ranges for revenue and profit over the full year on the assumption that "tariffs stay at the current levels for the rest of the year, and there is no material change in consumer behavior from the trends we have seen in recent quarters," Chief Financial Officer Matt Bilunas said.
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The trade court's ruling raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the White House filed notice of appeal, and the long-term outcome of legal disputes over tariffs remains uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum, and autos, which were invoked under a different law. Trump "is still able to impose significant and wide-ranging tariffs over the longer-term through other means," according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. (More stock market stories.)
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