Overview

• A three-judge panel at the U.S. Court of International Trade ruled that President Donald Trump exceeded his authority in imposing 'reciprocal tariffs', permanently halting duties on more than 180 countries.
• U.S. stock futures jumped following the ruling and Nvidia’s results, with S&P 500 futures up 1.16%, Nasdaq 100 futures up 1.67% and Dow futures up 0.60%.
• Nvidia posted a 73% year-over-year increase in first-quarter data center revenue, topping Wall Street forecasts despite absorbing a $4.5 billion charge from export curbs on its H20 chips.
• The company warned that U.S. restrictions on H20 sales to China will cause an $8 billion sales shortfall in the current quarter.
• Minutes from the Federal Reserve’s May meeting indicate officials will maintain a cautious stance and hold interest rates at 4.25%–4.50% as they assess the impact of shifting trade policies.