Tech Stocks Lead Market Amid Tariff Legal Battles

Stocks closed slightly higher on Thursday as investors monitored legal wrangling over the Trump administration’s tariff policy, while the technology sector rallied following a strong earnings report from AI chipmaker Nvidia. The S&P 500 and tech-heavy Nasdaq Composite each gained 0.4%, finishing the day well off their highs for the session, while the Dow Jones Industrial Average added 0.3%. Nvidia reported that its fiscal first-quarter revenue surged 69% from the year-ago period to $44 billion, with CEO Jensen Huang noting that demand remains strong. Nvidia shares rose more than 3% Thursday, briefly making the chipmaker the world’s most valuable company.

The market also reacted to court rulings on tariffs, with a federal court stating that President Donald Trump overstepped his authority by imposing massive tariffs. HP Inc. and Best Buy saw their stocks decline after both companies lowered their full-year guidance due to trade-related costs. Boeing, on the other hand, saw a rise in its shares after announcing that aircraft deliveries to China would resume next month.

In the cryptocurrency market, Bitcoin experienced fluctuations, trading at $106,300 in late afternoon trading. The yield on the 10-year Treasury note fell to 4.43% from last week’s high of 4.63%. Gold futures rebounded, while West Texas Intermediate futures slipped to $60.90 per barrel.

Looking at the broader market trends, the S&P 500 and Nasdaq Composite were set to record their biggest monthly gains since late 2023. The Dow was also on track for its best monthly performance in several months. These gains were attributed to positive developments in U.S.-China trade relations, which led to a reduction in tariffs between the two countries.

Overall, the market showed resilience amid trade uncertainties and legal battles over tariffs, with tech stocks leading the way following Nvidia’s strong earnings report. The ongoing trade disputes and their impact on various industries continue to be a focal point for investors, shaping market sentiment and performance.