US Stocks Rise on Earnings, Trump Tariff Legal Fight
U.S. stocks experienced a slight uptick on Thursday, driven by a blend of earnings optimism and tariff-related uncertainties. The S&P 500 and Nasdaq each saw a 0.4% gain, while the Dow increased by 117 points, bolstered by Nvidia's robust performance report and positive corporate developments, such as Boeing's production plans. Nvidia's shares rose by 3.2%, following its surpassing of quarterly sales expectations, a result of strong demand for AI chips. However, they cautioned that new U.S. export restrictions to China could potentially reduce next quarter's sales by $8 billion. Despite these positive factors, the overall market gains were tempered by ongoing legal challenges surrounding President Donald Trump's tariffs. Initially, a federal court had blocked most of these tariffs, deeming them unlawfully imposed, but a U.S. appeals court reinstated them on Thursday afternoon, adding an element of unpredictability to trade policies. Additionally, Best Buy reduced its full-year guidance, attributing its decision to tariff-related economic concerns, which subsequently impacted its stock negatively. On the economic data front, U.S. GDP contracted by 0.2% in the first quarter, a figure slightly better than initially estimated.
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