From Nasdaq: 2025-05-29 20:25:00

Stock indexes closed higher on Thursday, with the S&P 500 hitting a 1-week high and Nasdaq 100 a 3-month high. Nvidia’s strong earnings and CEO’s optimistic AI market growth outlook boosted stocks. A court ruling against some of Trump’s import tariffs also lifted sentiment. T-note yields dropped on dovish economic data, hinting at potential Fed rate cuts.

The US Court of International Trade deemed Trump’s global tariffs illegal, impacting various countries. Weekly jobless claims exceeded expectations, and Apr pending home sales saw a significant decline. Chicago Fed President’s dovish remarks and the possibility of easing rates due to trade policy resolution influenced T-note yields. A federal appeals court’s temporary pause on the tariff ruling affected stock gains.

US Q1 GDP was revised to -0.2%, with core PCE price index adjusted to 3.4% q/q. Apr pending home sales dropped by 6.3%, indicating a weak housing market. Market expectations suggest a 6% chance of a 25 bp rate cut at the next FOMC meeting. Earnings season has been positive, with 77% of S&P 500 companies beating estimates.

Overseas markets closed mixed, with Euro Stoxx 50 down, Shanghai Composite up, and Nikkei hitting a 2-week high. T-notes saw fluctuations due to economic news and auction demand. European bond yields fell. Swap rates suggest a 99% chance of an ECB rate cut in June. Stock movers included Nvidia, Nordson, Elf Beauty, Veeva Systems, and Boeing.

Notable stock movements: HP Inc down due to weak earnings, SentinelOne lowered 2026 revenue forecast, Best Buy cut adjusted EPS estimate, Arista Networks impacted by Nvidia’s comments, Uber down after Tesla’s self-driving taxi testing news, Salesforce downgraded by RBC, and GE Vernova downgraded by Jeffries. Earnings reports for May 30 include B Riley Financial, Compass Diversified Holdings, Roadzen Inc, Shoe Carnival Inc, and Sunnova Energy International Inc.



Read more at Nasdaq: Stocks Settle Higher on Nvidia Earnings and Lower Bond Yields