Stocks Rally as Tariff Block Boosts Investor Confidence
On Thursday, stocks soared as investors welcomed a U.S. court decision that halted President Trump’s tariffs. The Nasdaq Composite climbed 1.3%, while the S&P 500 rose 0.7%. The Dow jones Industrial Average also saw a slight gain, opening 50 points higher.
This market uplift follows Nvidia’s strong earnings report and the U.S. Court of International Trade’s ruling. The court blocked some of Trump’s tariffs, citing an overreach of authority under the International Emergency Economic Powers Act. Tho, the White House has appealed this decision.
Stocks have been volatile since Trump’s “Liberation Day” tariffs. They’ve risen with news of trade deals and fallen with new tariff threats. Recently, the Dow surged as Trump delayed tariffs until July 9 if the U.S. and EU don’t reach an agreement.
- Oil prices jumped, and treasury yields remained flat.
- Bitcoin (BTC) stayed near $108k.
Anthony Scaramucci of SkyBridge Capital tweeted that these developments could boost Bitcoin. He suggested BTC could reach $500k.
Wall Street was also encouraged by Q1 2025 GDP data, which showed a 0.2% shrinkage, better than the expected 0.3%. However, jobless claims rose to 240,000, above expectations.
the Federal Reserve’s May meeting minutes highlighted economic uncertainty, with officials noting a weaker growth outlook.
