Nasdaq leads stocks higher as court blocks Trump tariffs

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Stocks Soar as Court Says “Not Today, Trump!” 😂💰

On a rather splendid Thursday, stocks pirouetted higher, as a delightful wave of risk-on sentiment swept through the investor populace, all thanks to a U.S. court ruling that sent President Donald Trump’s tariffs packing. Who knew a courtroom could be so exhilarating? 🎉

The Nasdaq Composite, in a fit of exuberance, opened a sprightly 1.3% higher, while the S&P 500, in a more demure fashion, rose 0.7%. Even the blue-chip Dow Jones Industrial Average, that old stalwart, managed to gain a modest 50 points. A round of applause for the stock market, please! 👏

After-hours trading on Wednesday saw stocks ascend, buoyed by Nvidia’s earnings report—because who doesn’t love a good tech story? Investors, with their eyes glimmering with optimism, also latched onto the U.S. Court of International Trade’s three-judge panel decision, which effectively blocked some of Trump’s tariffs. A legal victory that feels like a refreshing breeze on a hot summer day! ☀️

This latest stock market jig continues a trend that has been a rollercoaster of investor jitters since President Trump’s “Liberation Day” tariff announcements. It’s like watching a soap opera, but with more spreadsheets and fewer dramatic pauses.

In recent months, stocks have danced higher with news of negotiations and trade deals, only to plummet at the mere whisper of fresh threats—like when Trump suggested a 50% tariff on the European Union. Oh, the drama! 🎭

While the U.S. Court of International Trade ruled that Trump overstepped his authority under the International Emergency Economic Powers Act, the White House, in a plot twist worthy of a thriller, has appealed the decision. Meanwhile, experts from Goldman Sachs have warned that while the legal tussle unfolds, Trump’s administration might still have a few tricks up its sleeve to impose those pesky tariffs.

Recently, the Dow took a sharp turn upwards as Trump announced a delay in implementation until July 9, should the U.S. and EU fail to reach a deal. Stocks weren’t the only ones celebrating; oil prices jumped, and Treasury yields remained as flat as a pancake. In the crypto realm, Bitcoin (BTC) was largely unchanged, hovering around the $108k mark. A real nail-biter! 💸

SkyBridge Capital’s Anthony Scaramucci, ever the commentator, took to X to share his thoughts on the tariff block, suggesting that these developments might just be the perfect catalyst for Bitcoin to explode. Because why not? 🚀

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, in a slightly upbeat mood, reacted to fresh U.S. economic data revealing that gross domestic product shrank by 0.2% quarter over quarter in Q1 2025, a tad better than the expected 0.3%. Meanwhile, jobless claims rose by 14,000 to 240,000 for the week ending May 24, 2025, surpassing expectations of 229,000 and up from the previous week’s 226,000. A real mixed bag, isn’t it? 🎲

Earlier, minutes from the Federal Reserve’s May monetary policy meeting highlighted the continued uncertainty about the economic outlook, with officials noting a weakened outlook for growth. Because who doesn’t love a little uncertainty in their financial forecasts? 😅

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2025-05-29 17:21