Wall Street ends up with Nvidia, appeals court reinstates Trump tariffs
Thu May 29, 2025 5:20 PM
There was much jubilation last night as the federal trade court knocked down all the tariffs and the index futures went through the roof. Of course, the cry of “the tariffs are dead” was premature since there were still major appeals to go through, not the least being the Supreme Court, and though even more courts declared the tariffs dead throughout the day, there was still uncertainty with lots of choppy movement as the Nasdaq opened up nearly 400 (the S&P up 55) but then immediately declining throughout the day.
And sure enough, before the session was done, another appeals court ruled that the tariffs stay for the moment which caused both tech indexes to crash to nearly break-even before a brief recovery in the final hour. However, all in all the market seems to be shrugging off this latest ruling as today’s expert says, “These court rulings are just headlines. It’s just a secondary thing.” Earnings are now the market’s chief driver. Volume was higher than the 17.7 billion average, coming in at 18.6 billion.
DJ: 42,098.70 -244.95 NAS: 19,100.94
-98.23 S&P: 5,888.55
-32.99 5/28
DJ: 42,215.73 +117.03 NAS: 19,175.87
+74.93 S&P: 5,912.17
+23.62 5/29
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