Stocks traded higher on Thursday, as risk-on sentiment engulfed investors following a U.S. court ruling that blocked President Donald Trump’s tariffs.
The Nasdaq Composite opened 1.3% higher, and the S&P 500 rose 0.7% as investors appeared to cheer the latest news on tariffs. The blue-chip Dow Jones Industrial Average also gained slightly, opening 50 points higher.
Stocks moved up in after-hours trading on Wednesday, buoyed by Nvidia’s earnings report. Investors also seized on another dose of optimism—the U.S. Court of International Trade’s three-judge panel decision that blocked some of Trump’s tariffs on various countries.
This latest stock market swing continued a trend that has largely stemmed from investor jitters since President Trump’s “Liberation Day” tariff announcements.
Over the past several months, stocks have regularly moved higher amid news of negotiations, trade deals, or pauses, and lower amid fresh threats, such as when Trump recommended a 50% tariff on the European Union.
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While the U.S. Court of International Trade ruled that Trump overstepped his authority as given in the International Emergency Economic Powers Act, White House has appealed the decision. More notably, experts from Goldman Sachs have cautioned that while the legal tussle shapes up, President Trump’s administration may have other tools to impose the targeted tariffs.
Recently, Dow rose sharply as Trump announced a delay to the implementation until July 9 if the U.S and EU fail to reach a deal. As well as stocks, oil prices jumped and the Treasury yields stayed flat. In crypto, Bitcoin (BTC) was largely unchanged near $108k.
SkyBridge Capital’s Anthony Scaramucci commented on the tariff block via X, suggesting these developments are perfect for BTC to explode.
Thank you DOGE for erasing the illusion government can cut $2 trillion. Now the tariff revenue blocked and won’t help offset increased big beautiful spending.
Can bitcoin just go to $500k already.
— Anthony Scaramucci (@Scaramucci) May 29, 2025
Wall Street was also slightly upbeat after fresh U.S. economic data showed gross domestic product shrank 0.2% quarter over quarter in Q1 2025, compared to the expected 0.3%. Meanwhile, jobless claims rose by 14,000 to 240,000 for the week ending May 24, 2025, above expectations of 229,000 and up from the previous week’s 226,000.
Earlier, minutes from the Federal Reserve’s May monetary policy meeting highlighted continued uncertainty about the economic outlook, with officials noting a weakened outlook for growth.
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