The S&P 500 rose modestly Thursday as Nvidia shares rallied. But gains were restricted, with investors cautious following a salvo of judicial developments surrounding President Donald Trump’s “reciprocal” tariffs
The broad index gained 0.3% after trading as high as 0.9% up at session highs. The Nasdaq Composite ticked higher by 0.2%, also well off its highest intraday gain of 1.5%. The Dow Jones Industrial Average added 76 points, or 0.3%, despit a slide of 3.5% in Salesforce following earnings.
The U.S. Court of International Trade ruled on Wednesday night that Trump overstepped his authority when he imposed his “reciprocal” tariffs. The court ordered that the challenged tariff orders be vacated.
But the Trump administration filed a notice of appeal quickly following the judgment and an appeals court reinstated the levies on Thursday afternoon. The administration said it could ask the Supreme Court as early as Friday to pause the federal court’s original ruling if necessary.
Trump’s on-again-off-again levy policy, as well as inflation fears fueled by the prospect of the tariffs, roiled markets last month. Some companies have also pointed to the duties when dialing back their forecasts and noted uncertainty around trade policy and the impact on the consumer.
“In general, markets don’t like uncertainty, because it makes forecasting more difficult,” said Larry Tentarelli, founder of the Blue Chip Daily Trend Report. “We expect the tariff news cycle to be an extended process, which can lead to higher short-term volatility.”
Nvidia rallies after earnings
Still, Nvidia shares provided upward market momentum with a jump of nearly 3%. The chipmaker exceeded expectations on the top and bottom lines in the first quarter, as its data center business recorded year-over-year growth of 73%.
Nvidia’s strong report “can rejuvenate investor optimism across the board and help investors to focus on the power of AI and less on headlines out of Washington on tariffs and taxes,” said James Demmert, chief investment officer of Main Street Research.
Stocks are coming off of a lackluster session Wednesday, but the major U.S. indexes are on track to close the week — and month — higher. The S&P 500 and 30-stock Dow are up 1.7% and 1.2% this week, respectively, while the tech-heavy Nasdaq has rallied more than 2%.
This month, the S&P 500 has gained 6%. The Dow has added 3.5%, while the Nasdaq has jumped close to 10%.
Strong May is a good omen for future stock returns, says Carson Group’s Detrick
The stock market’s strong performance in May is historically a good sign for its trajectory over the next year, according to Ryan Detrick, chief market strategist at Carson Group.
When the S&P 500 returns more than 5% in May, “then the next 12 months have never been lower and [are] up 20% on average,” Detrick said in a post on X.
As of late Thursday afternoon, the index was up nearly 6% for the month. Friday is the final trading day in May.
— Jesse Pound
GE Vernova downgraded by Jefferies: ‘It has been a great climb’
Jefferies has downgraded GE Vernova to hold from buy, arguing that there is no longer obvious upside after the company’s strong run.
“It has been a great climb but air gets rarer towards the top,” analysts led by Brian Russo told clients in a note. GE Vernova’s stock has surged more than 40% this year as the company’s natural gas turbines are effectively sold out on rising electricity from data centers and other industries.
The demand fundamentals in the power sector remain strong, but the risk-reward balance is narrowing after GE Vernova’s outperformance, according to the analysts. Jefferies is not calling a peak for new gas plant buildouts worldwide, but the pace of change in margins and volume should slow, according to the firm.
Jefferies has increased its stock price target to $517 per share for GE Vernova, implying more than 6% upside from the company’s recent close $485.01 per share.
— Spencer Kimball
Boeing, Nvidia, Salesforce, E.l.f. Beauty among several stocks moving Thursday
Check out the companies making headlines in Thursday trading:
Salesforce — The customer relations management software maker’s shares traded 5% lower on Thursday after the company posted its latest quarterly results. RBC Capital Markets downgraded the stock, citing execution risks if the company continues acquiring. Salesforce did beat fiscal first-quarter estimates and raised its full-year outlook, and posted results a day after announcing plans to acquire data management company Informatica.Boeing – The aircraft maker’s shares gained more than 2% and hit a 52-week high after CEO Kelly Ortberg said its airplane deliveries to China will resume next month after handovers were paused amid a trade war with the Trump administration. He also said Boeing could ramp up production of its best-selling Max jets to 47 a month by the end of the year.C3.ai — Shares of the enterprise artificial intelligence company surged 23% after C3.ai reported strong results for its fiscal fourth quarter. The company posted a narrower-than-expected loss of 16 cents per share, less than the 20 cent loss analysts polled by LSEG had estimated. Revenue of $108.7 million exceeded the anticipated $107.8 million.For the full list, read here.
— Pia Singh
Information technology sector heads for best month since 2023
Information technology stocks in the S&P 500 are on track to record their best monthly performance in about a year and a half.
As a whole, the sector has jumped around 11% in May. If that holds through Friday’s close, it would mark the sector’s biggest monthly gain since November 2023, when the group surged more than 12%.
Super Micro Computer and Seagate Technology led the sector high, with both stocks soaring more than 29% in the month. Nvidia, Micron and Broadcom were also among the top performers.
With this move, information technology is poised to be the best-performing S&P 500 sector for May. The index as a whole is up just about 6% for the month.
— Alex Harring
Court decision doesn’t change market expectation for tariffs, Jeremy Siegel says
The court decision to block much of President Donald Trump’s tariff plans may not have had much of an impact on the market’s expectations, according to WisdomTree senior economist and Wharton professor emeritus Jeremy Siegel.
“I think the market had already anticipated that we’re not going to get back to those reciprocal tariffs of April 2. We’re not going to get back at all to those 100%-plus tariffs on China,” Siegel said on “Squawk on the Street.”
The market “could live with” 10% base tariffs on most countries and a 30% on tariff on China if that is where things settle out, he added.
— Jesse Pound
Powell meets with Trump, says Fed decisions will be based on ‘non-political analysis’
Jim Watson | Afp | Getty ImagesUS Federal Reserve Chairman Jerome Powell speaks during the Thomas Laubach Research Conference at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, DC, May 15, 2025.President Donald Trump met with Federal Reserve Chair Jerome Powell on Thursday, and the Fed chair told Trump that the central bank will continue to make monetary policy decisions based on “non-political analysis,” according to a statement from the Fed.
“Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook,” the statement said.
— Jesse Pound
E.l.f. Beauty shares on pace for best day on record following acquisition announcement, earnings beat
Shares of E.l.f. Beauty soared nearly 24% in midday trading Thursday, putting the stock on track for its biggest one-day percentage gain ever.
The stock’s current best day on record is May 25, 2023, when it gained about 20.5%.
The move higher comes after the beauty company announced that it’s planning to acquire Hailey Bieber’s beauty brand Rhode in a $1 billion deal. Its fiscal fourth-quarter results also beat on the top and bottom lines.
Thursday’s gain puts the stock’s month-to-date advance at more than 81%.
— Sean Conlon
Trump administration could ask Supreme Court to pause federal court’s tariff ruling
The Trump administration said it might ask the Supreme Court as early as Friday to immediately pause a federal court ruling that blocked many of the president’s tariffs.
The U.S. will seek the “emergency relief” from the nation’s highest court if a federal appeals court does not issue its own temporary pause of the lower-court ruling.
— Kevin Breuninger, Laya Neelakandan
7 stocks in the S&P 500 trade at new 52-week highs
Kevin Carter | Getty ImagesAn Olive Garden logo is displayed outside a restaurant on February 21, 2025 in Peoria, Arizona.During Thursday’s trading session, seven stocks in the S&P 500 traded at new 52-week highs.
Of these names, five stocks reached new all-time highs. These tickers are shown below:
Darden trading at all-time high levels back to its IPO in 1995GE Vernova trading at all-time highs back to its spin-off from GE in April 2024Johnson Controls trading at all-time high levels back to when it began trading in 1940Amphenol trading at all-time high levels since its IPO in 1991Intuit trading at all-time high levels back to its IPO in 1993— Christopher Hayes, Lisa Kailai Han
Salesforce weighs on Dow
The Dow underperformed on Thursday, hurt in part by Salesforce‘s post-earnings slide.
The 30-stock average added around 0.1% in late morning trading. By comparison, the S&P 500 rose 0.5%.
Salesforce tumbled more than 6% as investors reacted to the software company’s quarterly release. The report comes after Salesforce on Tuesday said it agreed to pay $8 billion for data management software maker Informatica.
Goldman Sachs and IBM were also among the Dow’s worst performers on Thursday.
— Alex Harring
HSBC upgrades outlook for U.S. stocks
HSBC increased its view of U.S. equities to neutral from underweight. Max Kettner, the firm’s chief multi-asset strategist, said in a note to clients that political risks have declined for the U.S. markets.
“Various tariff pauses should provide a window of relief – use further dips to scale up exposure to risk assets,” the note said.
Stocks have already bounced back from their tariff lows, but positioning in stocks is still relatively light, Kettner said.
“Despite the rebound to pre-Liberation Day levels in US equities, our sentiment and positioning indicators are still flashing a buy signal,” the note said.
— Jesse Pound
Court shooting down Trump’s tariffs only adds to uncertainty for markets, says Harris Financial Group
Carlos Barria | ReutersU.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., on April 2, 2025.After the U.S. Court of International Trade shot down President Donald Trump’s tariffs on Wednesday night, the market now has even more uncertainty to contend with, according to Harris Financial Group managing partner Jamie Cox.
“The only thing this court ruling did was extend the uncertainty of how this ends. All of the [yet]-to-be announced trade deals likely are now on ice and, if Trump wins on appeal, he’ll hit harder and faster in round two,” Cox told CNBC.
“Given how far along things were and seemingly causing less heartburn than feared, this ruling may be effective in restraining the executive, but not accomplish much otherwise,” he added.
— Brian Evans
Stocks open higher
Stocks kicked off Thursday’s session in the green.
The S&P 500 climbed 0.8%, while the Nasdaq Composite jumped 1.5%. The Dow added 0.2%.
— Alex Harring
Stocks making the biggest moves before the bell: Nvidia, E.l.f. Beauty and more
Michael M. Santiago | Getty ImagesA person grabs an e.l.f. cosmetics product at a Target store in Union Square on April 04, 2025 in New York, New York. U.S.These are the stocks moving the most in premarket trading:
Nvidia — The graphics processing unit manufacturer popped 6% after fiscal first-quarter adjusted earnings of 96 cents per share exceeded the 93 cents analysts polled by LSEG had expected.E.l.f. Beauty — The beauty stock soared 9% after fiscal fourth-quarter earnings and revenue beat analyst estimates, although the company withheld its full-year outlook due to tariff uncertainty.HP — The personal computer maker fell 10% after second-quarter earnings missed analyst expectations.Read the full list of stocks moving here.
— Lisa Kailai Han
Jobless claims rise, Q1 GDP not as bad as originally thought
Initial claims for unemployment insurance rose more than expected last week, pushed by an increase in Michigan, the Labor Department reported Thursday.
Filings totaled a seasonally adjusted 240,000 for the week ending May 24, up 14,000 from the prior period and ahead of the Dow Jones estimate for 230,000. Continuing claims, which run a week behind, also showed an increase, up 26,000 to the highest level since Nov. 13, 2021. Claims rose by 3,329 in Michigan, according to unadjusted figures.
In other economic news, the Commerce Department reported that gross domestic product contracted at a 0.2% pace in the first quarter, according to numbers adjusted for seasonality and inflation. The number was 0.1 percentage point below the initial estimate and better than the forecast for 0.4%.
Most of the decline came from a 42.6% explosion in imports, due to companies trying to get ahead of President Donald Trump’s tariffs. However, consumer spending rose a revised 1.2%, compared to the initial estimate of 1.8% and the slowest gain since Q2 of 2023. An upward revision in the gross private domestic investment gain to 24.4% helped offset the consumer slowdown.
—Jeff Cox
Best Buy cuts guidance, citing negative impact from tariffs
Cheng Xin | Getty ImagesShares of Best Buy dipped more than 1% after the electronics retailer lowered its full-year guidance, citing the impact of tariffs.
Best Buy now projects comparable sales growth of -1% to 1% for its 2026 fiscal year, down from a range of 0% to 2%. On the revenue side, Best Buy trimmed its guidance range to $41.1 billion to $41.9 billion from $41.4 billion from $42.2 billion.
And for adjusted earnings per share, Best Buy cut its projection to $6.15 to $6.30, down from $6.20 to $6.60.
“Today we are updating our full year guidance to incorporate the impact of tariffs. … Our underlying working assumptions are 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. As you can imagine, and based on our history, we will continue to scenario-plan and adjust with agility as the situation evolves,” Matt Bilunas, Best Buy CFO, said in a press release.
The company’s first quarter results were mixed. Best Buy reported $1.15 in adjusted earnings per share on $8.77 billion of revenue. Analysts surveyed by LSEG were looking for $1.09 per share and $8.81 billion.
— Jesse Pound
Nvidia rallies on earnings beat
Brittany Hosea-small | ReutersNvidia CEO Jensen Huang delivers the keynote for the Nvidia GPU Technology Conference (GTC) at the SAP Center in San Jose, California, U.S. March 18, 2025.Nvidia shares jumped in extended trading as investors cheered the megacap technology giant and artificial intelligence darling’s better-than-expected earnings report.
The chip company earned an adjusted 96 cents per share on $44.06 billion in revenue for the first quarter. Analysts polled by LSEG anticipated 93 cents and $43.31 billion, respectively.
— Alex Harring, Kif Leswing
Tesla shares rise 3% in premarket trade as Musk exits Trump administration role
Kevin Lamarque | ReutersU.S. President Donald Trump and Tesla CEO Elon Musk shake hands in front of a Tesla Cybertruck, at the White House in Washington, D.C., U.S., March 11, 2025.Tesla shares were 2.8% higher in premarket deals at 4:50 a.m. ET, after CEO Elon Musk confirmed he was leaving his role in the U.S. government this week, in-line with limits on so-called special government employees.
Tesla investors have expressed concerns that Musk is not focused enough on challenges at the electric vehicle maker, including a falling share price, fast-growing market competition and plunging European sales.
— Jenni Reid
Asia-Pacific markets rise after U.S. trade court blocks Trump ‘reciprocal’ tariffs
Asia-Pacific markets mostly rose Thursday after a U.S. federal trade court ruled that President Donald Trump exceeded his authority with his “reciprocal” tariffs, dealing a blow to a major tenet of the president’s economic agenda.
South Korea’s Kospi rose 1.89% to end the day at 2,720.64 while the small-cap Kosdaq climbed 1.03% to 736.29. The Bank of Korea cut its policy rate from 2.75% to 2.5% Thursday, its lowest level since August 2022, in line with expectations among economists polled by Reuters.
Japan’s benchmark Nikkei 225 rose 1.88% to end the day at 38,432.98, and the Topix climbed 1.53% to 2,812.02.
Australia’s S&P/ASX 200 edged up 0.15% to close at 8,409.8.
Hong Kong’s Hang Seng index advanced 1.35% to end the day at 23,573.38 while mainland China’s CSI 300 moved 0.59% higher to 3,858.70.
India’s benchmark Nifty 50 and BSE Sensex were flat as at 1.45 p.m. Indian Standard Time.
Investors will be keeping an eye out for Asian chip stocks after artificial intelligence heavyweight Nvidia posted stronger-than-expected earnings and revenue Wednesday, driven by a 73% year-over-year surge in its data center business.
— Amala Balakrishner, Lee Ying Shan
Stock futures rise as court blocks Trump’s ‘reciprocal’ tariffs
Carlos Barria | ReutersU.S. President Donald Trump holds a document as he delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., on April 2, 2025.Stock futures surged after the U.S. Court of International Trade ruled that President Donald Trump overstepped his authority when he issued his “reciprocal” tariffs.
Dow futures were last up more than 400 points, while S&P 500 futures jumped 1.4%. Nasdaq 100 futures added 1.7%.
“The Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by [the International Emergency Economic Powers Act] to regulate importation by means of tariffs,” the judges wrote in their decision on Wednesday.
The judges said that the challenged tariff orders “will be vacated and their operation permanently enjoined.”
White House spokesperson Kush Desai pushed back on the ruling, noting that trade deficits “have created a national emergency that has decimated American communities.”
“It is not for unelected judges to decide how to properly address a national emergency,” Desai added.
Read more about the decision from CNBC’s Lora Kolodny and Erin Doherty here.
– Darla Mercado
Trump likely to find a way around court ban on reciprocal tariffs, says Goldman Sachs
Leah Millis | ReutersU.S. President Donald Trump takes questions from the press during a swearing-in ceremony for the interim U.S. Attorney for the District of Columbia, Jeanine Pirro, at the White House in Washington, D.C., U.S., May 28, 2025.The White House is likely to find a way around a U.S. court ruling that struck down steep reciprocal tariffs imposed by President Donald Trump in April, according to Goldman Sachs.
Read more about the Court of International Trade’s (CIT) ruling here.
The Wall Street bank said the Trump administration is likely to appeal the decision, but would also seek to use executive power under Section 301 of the Trade Act of 1974 to reimpose tariffs. This was the basis of Trump’s tariffs on China during his first term.
“As the administration can impose an across-the-board tariff and country-specific tariffs under other legal authorities (e.g., Sec. 122 and Sec. 301) this ruling represents a setback for the administration’s tariff plans and increases uncertainty but might not change the final outcome for most major US trading partners,” said Goldman’s chief economist Jan Hatzius in a note to clients.
“As it seems unlikely that the administration could win an appeal in the 10 days it has under the CIT order to remove the tariffs, we would expect the White House to announce a similar across-the-board tariff using Sec. 122,” Hatzius added.
Section 122 of the same Act allows the White House to impose import tariffs of up to 15% for up to 150 days on nations that have “large and serious” trade surpluses with the U.S.
Goldman’s economist also suggested that while the White House is likely to find ways to reimpose tariffs, it’s unlikely to be able to do it for all the nations targeted in the so-called “Liberation Day” announcement.
“This would then provide the administration time to launch a series of Sec. 301 cases against larger trading partners, potentially opening the door to imposing tariffs higher than 10% in some cases. However, it seems unlikely that the administration could complete Sec. 301 investigations on every US trading partner within the next several months,” Hatzius added.
— Ganesh Rao
Dollar strengthens as Trump’s tariffs blocked
The U.S. dollar index — which measures the greenback against a basket of major rivals — is up 0.2% after U.S. judges threw cold water on President Donald Trump’s tariffs plans.
The euro was 0.2% lower against the dollar by 8:11 a.m. in London, while the British pound was 0.1% lower versus the greenback. The Swiss franc, often considered a safe haven in times of market turmoil, was 0.3% lower against the U.S. currency.
The U.S. dollar has shed almost 8% so far this year, as U.S. trade policy rocked markets and sparked a so-called “Sell America” trade.
— Chloe Taylor
Nvidia’s next key breakout level is $140 per share, says chief technical strategist
Larry Tentarelli, chief technical strategist and founder of the Blue Chip Daily Trend Report, sees substantial gains ahead for Nvidia this year.
Nvidia shares jumped nearly 5% in after-hours trading Wednesday after the chipmaker beat first-quarter earnings and revenue expectations, as its data center business saw booming growth even as China restrictions weighed on sales. The stock is up 23.8% this month, and is just 0.4% higher year to date. Shares last closed at $134.81.
“From a technical perspective, 140 is a key breakout level that we would like to see the stock close above in the next 2 days,” Tentarelli said. “The stock is in an uptrend over rising 20, 50 and 200-day moving averages. This indicates an uptrend on multiple time frames. After a 43.4% correction earlier in 2025, the stock has reclaimed the daily moving averages and also a 50% retracement level of $119.86. We are bullish on Nvidia here.”
Tentarelli’s year-end price target of $165 per share suggests 22.4% potential upside.
— Pia Singh
Several stocks are moving in after-hours trading Wednesday, including Nvidia
Mike Blake | ReutersFounder and CEO at Nvidia Jensen Huang is interviewed by Chairman of the Milken Institute Michael Milken during the Milken Institute Global Conference 2025 in Beverly Hills, California, U.S., May 6, 2025.Check out the companies making headlines after market close:
Nvidia — The artificial intelligence chipmaker’s shares jumped 5% after Nvidia reported better-than-expected quarterly results, as its data center business recorded year-over-year growth of 73%. Nvidia reported first-quarter adjusted earnings per share of 96 cents on revenue of $44.06 billion, higher than analysts’ estimates for earnings of 93 cents a share on revenue of $43.31 billion, according to LSEG.C3.ai — The enterprise artificial intelligence software company saw its shares pop 14% on the back of a strong quarterly financial report. For its fiscal fourth quarter, C3.ai reported a loss of 16 cents per share, while analysts surveyed by LSEG forecasted a loss of 20 cents per share. C3.ai’s revenue of $109 million for the period exceeded the consensus estimate of $108 million, per LSEG.Salesforce — Shares of the sales and customer service software maker rose about 1% after the company posted better-than-expected fiscal first-quarter results and lifted its full-year forecast. Salesforce reported earnings of $2.58 per share, excluding items, while analysts polled by LSEG expected $2.54 per share. The company’s revenue of $9.83 billion beat analysts’ consensus call for $9.75 billion.For the full list, read here.
— Pia Singh
S&P 500, Nasdaq futures open higher
S&P 500 futures opened higher Wednesday night.
S&P 500 futures and Nasdaq 100 futures climbed 0.3% and 0.6%, respectively. Dow futures hovered below the flatline, down 15 points, meanwhile.
— Pia Singh
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