US Stock Market Today: Nasdaq Jumps 1% On Nvidia Results, S&P 500 Up After Court Blocks Trump Tariffs
The tech-heavy Nasdaq Composite gained 1.35% or 255 points to trade close to 19,400. Shares of Nvidia were up 6%.
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.
The yield on 10-year US Treasury bond declined four basis points to 4.44%.
The US dollar weakened against major currencies after the revised GDP print and continued jitters from Trump tariffs. The dollar index fell 0.4% to 99.49.
The euro rose 0.5%, while the British pound gained 0.2% against the greenback. The Japanese yen rose 0.3% to 144.4 per dollar.
Spot gold prices plunged 0.7% to $2,641 an ounce.
International benchmark Brent oil dropped nearly 4% to $70.72 per barrel.
