US stock futures rose after a US trade court blocked some of President Trump’s tariffs, and Nvidia (NVDA)’s mixed earnings report impressed Wall Street despite the company’s warnings on chip curbs.
Futures attached to the Dow Jones Industrial Average (YM=F) rose 1.3%. Futures attached to the benchmark S&P 500 (ES=F) rose 1.5%. Futures attached to the tech-heavy Nasdaq 100 jumped (NQ=F) 1.9%.
On Wednesday evening, a panel of judges at the US Court of International Trade took aim at Trump’s trade agenda, blocking global tariffs imposed citing emergency powers on the grounds that they are illegal. The decision can be appealed by the Trump administration in federal court.
Nvidia beat expectations on revenue but fell short on adjusted earnings per share (EPS) due to the impact of the US government’s ban on the sale of its H20 chips to China. The company also warned that it expects to miss out on $8 billion in sales in the next quarter due to the restriction.
Despite the chip giant’s complications in China, Nvidia shares jumped in after-hours trading.
In the company’s earnings call, CEO Jensen Huang criticized US chip curbs, saying they have spurred innovation among rivals in China and weaken America’s position. “China’s AI moves on with or without US chips,” Huang said. “The question is whether one of the world’s largest AI markets will run on American platforms.”
Overall, however, Nvidia’s performance on Wednesday boosted hopes on Wall Street that Big Tech can weather President Trump’s far-reaching trade policy.
Read more: The latest on Trump’s tariffs
On Thursday, investors will be watching for earnings reports from Best Buy (BBY) and Costco (COST). Retailers have found themselves a difficult position when it comes to Trump’s trade war, with the president telling Walmart to “eat” price hikes associated with new duties following its latest results.
Wall Street will also receive fresh economic data on Thursday, including weekly jobless claims and a revision of first quarter US gross domestic product (GDP). The initial GDP release showed economic growth contracted for the first time in three years at the start of 2025.
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