US Stock Market Today: Nasdaq Jumps 1% On Nvidia Results, S&P 500 Up After Court Blocks Trump Tariffs

The Wall Street opened higher on Thursday driven by an extended rally in tech stocks following Nvidia's strong quarterly results, and the market sentiment being lifted further by a US court order that blocks President Donald Trump's sweeping trade tariffs.

The tech-heavy Nasdaq Composite gained 1.35% or 255 points to trade close to 19,400.

The 30-stock Dow Jones Industrial Average gained 0.1%, or 46 points, to reach 42,220, while the S&P 500 advanced 0.8% to 5,943. All but one of the eleven sectoral indices were trading in green led by information technology and real estate.

All three US benchmark indices came off a lacklustre session on Wednesday.

Before the markets opened, the revised official data showed US gross domestic product fell 0.2% on an annualised pace in the March quarter. That compared with an initially reported 0.3% decline. The economy’s primary growth engine — consumer spending — advanced 1.2%, compared with an initial estimate of 1.8%.

Besides, a US trade court blocked Trump’s global tariffs, deeming them illegal. These sweeping tariffs and retaliatory measures by targeted countries had rattled global markets and raised concerns over a global economic slowdown.

The latest development can also raise concerns that US trade negotiations with other countries can extend longer than previously anticipated.

Nvidia's shares jumped more than 6% in early trade at the Wall Street. The chipmaker beat earnings estimates in the first quarter, as its data center business recorded year-over-year growth of 73%, as per a CNBC report.