Markets Surge After Tariff Ruling, Nvidia Earnings

A U.S. federal court blocked many of President Donald Trump's proposed tariffs, citing limits under the International Emergency Economic Powers Act, though the White House has appealed the decision. The partial rollback of tariffs led to a surge in global markets, with Asian stocks rallying most strongly before gains moderated in the U.S. Major U.S. indexes, including the S&P 500 and Nasdaq, opened higher, helped by Nvidia's strong earnings that surpassed expectations despite forecasting an $8 billion revenue hit from U.S. export controls on China. Nvidia's performance reassured investors about AI demand and supply-chain stability, while the company's outlook remains positive as rack shipments to customers accelerate. However, uncertainty persists as only some tariffs are affected and legal proceedings continue. U.S. economic data also revealed a slight but less-than-expected GDP contraction in the first quarter.