Global rally for stocks loses steam as US court blocks Trump's tariffs, financial markets hopeful

From Yahoo Finance: 2025-05-28 21:18:00

Stocks rallied in Asia and Europe but lost steam in the U.S. after a U.S. court blocked many of Trump’s sweeping tariffs. S&P 500 rose 0.4%, Dow Jones added 117 points, Nasdaq rose 0.4%. Financial markets hopeful Trump won’t drive economy into recession with tariffs. Court ruling affects only some tariffs.

Tech stocks led Wall Street after Nvidia beat profit and revenue expectations. C3.ai rose 20.8% after stronger profit report. E.l.f. Beauty rose 23.6% after buying Rhode skincare brand for $1 billion. Best Buy fell 7.3% despite stronger profit report, cut revenue and profit forecasts due to tariffs.

S&P 500 rose 23.62 points, Dow Jones gained 117.03 points, Nasdaq gained 74.93 points. Treasury yields eased following mixed reports on the economy. U.S. economy likely shrunk less in Q1, more workers applied for unemployment benefits. 10-year Treasury yield fell to 4.43% from 4.47%.

Asian markets rose, with Japan’s Nikkei 225 up 1.9%. South Korea’s Kospi rallied 1.9% after Bank of Korea cut key interest rate. European stocks had more muted moves, with France’s CAC 40 and Germany’s DAX swinging from gains to losses. AP Business Writers Matt Ott and Elaine Kurtenbach contributed to this report.



Read more at Yahoo Finance: A global rally for stocks loses steam amid questions about what will happen to Trump’s tariffs