U.S. stocks opened higher in New York, buoyed by a federal court’s decision to block Donald Trump’s proposed tariffs and strong earnings from Nvidia, which posted a 69% jump in quarterly revenue.
The S&P 500 rose 0.8% at the open, while the tech-heavy Nasdaq gained 1.5%. Nvidia shares surged 5.6% in early trading.
However, the sustainability of the rally remains uncertain as investors assess the possibility of Trump seeking alternative avenues to implement tariffs outside the scope of the International Emergency Economic Powers Act (IEEPA).
Meanwhile, the U.S. dollar, which initially strengthened on the court ruling, has since slipped 0.45% against a basket of major currencies.
Elsewhere in the U.S. market, shares in cosmetics company e.l.f. Beauty jumped around 30% after it announced a $1 billion deal to acquire Hailey Bieber’s skincare brand, Rhode.
Founded by Bieber three years ago, Rhode has rapidly gained traction in the beauty industry, generating $212 million in net sales over the 12 months to March.
Following the acquisition, Bieber will remain with the company, taking on an expanded role as Founder, Chief Creative Officer, and Head of Innovation.
White House Adviser Confident Tariff Ruling Will Be Overturned
White House economic adviser Kevin Hassett has expressed confidence that the recent trade court decision blocking most of Donald Trump’s tariffs will ultimately be overturned.
Speaking to Fox Business Network, Hassett said:
“We believe the court misinterpreted the scope of presidential authority under the IEEPA. The administration is fully prepared to defend its position, and we’re confident the ruling will not stand on appeal. These tariffs are a critical tool in protecting American industries and national security.”
Hassett’s comments come amid heightened market interest and legal uncertainty following the U.S. Court of International Trade’s decision to strike down Trump’s so-called “liberation day” tariffs.
