Nvidia shares jump, tariff ruling lifts stocks, Musk departs DOGE: Live Updates
Nvidia results pleased investors and eased fears over China tariffs and separately a court ruled President Trump’s tariffs are illegal with the White House vowing to appeal and Elon Musk is officially done with DOGE. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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A trader works on the floor of the New York Stock Exchange in New York City. (Reuters)
Stocks closed higher on Thursday as investors weighed Nvidia's strong quarterly results and rulings on President Donald Trump's "reciprocal" tariffs.
The Dow Jones Industrial Average climbed 117.03 points, or 0.28%, while the S&P 500 and Nasdaq Composite rose 0.4% and 0.39%, respectively.
A federal appeals court on Thursday allowed Trump’s tariffs to remain in effect for now, despite another court’s ruling just one day earlier that said the president overstepped his authority by imposing the tariffs.
In its decision, the U.S. Court of Appeals for the Federal Circuit granted an immediate administrative state to the extent that permanent injunctions entered by the Court of International Trade on Wednesday are temporarily stayed until at least June 9.
After June 9, the court can issue an order of enforcement.
"The plaintiffs-appellees are directed to respond to the United States's motions for a stay no later than June 5, 2025," the decision read. "The United States may file a single, consolidated re-ply in support no later than June 9, 2025."
The U.S. Court of International Trade ruled Wednesday that Trump overstepped his authority over tariffs under the International Emergency Economic Powers Act (IEEPA).
Nvidia's strong first-quarter results also boosted stocks on Thursday. The company's earnings beat analysts' expectations, though it projected second-quarter sales below estimates amid tightening export controls to China that cover some of its AI chips.
Nvidia, a leader in the artificial intelligence (AI) space, saw shares rise 3% in after-hours trading following the announcement. The earnings report showed that first-quarter net income was up 26% from a year ago at nearly $19 billion, with revenue rising to $44 billion, up 69% from last year.
The company's revenue from data centers was $39 billion in the first quarter – up 10% from the previous quarter and 73% from last year. Nvidia is also building factories in the U.S. and working to produce AI supercomputers in the U.S. with its partners.
"Our breakthrough Blackwell NVL72 AI supercomputer – a 'thinking machine' designed for reasoning – is now in full-scale production across system makers and cloud service providers," said Nvidia CEO Jensen Huang.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| NVDA | $139.19 | 4.38 | 3.25 |
| DELL | $113.63 | -0.14 | -0.12 |
Nvidia CEO Jensen Huang and Dell CEO Michael Dell announced the partnership with the Department of Energy on the Doudna supercomputer.
Nvidia and Dell on Thursday announced a breakthrough supercomputer powered by artificial intelligence (AI) will launch next year to help drive research at the Department of Energy (DOE).
The two companies were awarded a contract by the DOE to develop the new flagship supercomputer at the Lawrence Berkeley National Laboratory – known as the Berkeley Lab – which will be due in 2026. The supercomputer is expected to help advance research into fusion energy, materials science, astronomy and accelerate drug discoveries at the National Energy Research Scientific Computing Center (NERSC), a DOE unit focused on high-performance computing located at the Berkeley Lab.
The Doudna supercomputer will be powered by Dell in combination with Nvidia's AI solutions and capable of supporting large-scale high-performance computing workloads, such as those in molecular dynamics, high-energy physics and AI training and inference. "The Doudna supercomputer represents DOE's commitment to advancing American leadership in science, AI, and high performance computing," said Energy Secretary Chris Wright.
This is an excerpt from an article by FOX Business' Eric Revell
President Donald Trump, left, shakes hands with Jerome Powell at the White House on Nov. 2, 2017.
Federal Reserve Chair Jerome Powell on Thursday met with President Donald Trump at the White House for the first time in the president's second term.
"At the President's invitation, Chair Powell met with the President today at the White House to discuss economic developments including for growth, employment and inflation," the Fed said in a statement.
"Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook," the central bank's statement continued.
"Finally, Chair Powell said that he and his colleagues on the FOMC [Federal Open Market Committee] will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis."
The meeting between Powell and Trump comes after the president has repeatedly called on the central bank to lower interest rates, while claiming the White House should have more authority over how the Fed sets monetary policy.
This is an excerpt from an article by FOX Business' Eric Revell
In a FOX Business Exclusive...Citigroup CEO Jane Fraser weighed on President Trump and whether or not its safe to bet against the American consumer...
Shares this year have gained nearly 7%, slightly trailing rival JPMorgan which have seen a nearly 10% rise. Both are outperforming the S&P 500 which is essentially flat.
People on line at a job fair. (Getty Images)
The number of Americans filing new applications for unemployment benefits increased more than expected last week, while the jobless rate appeared to have picked up in May as labor market conditions continue to ease.
Initial claims for state unemployment benefits rose 14,000 to a seasonally adjusted 240,000 for the week ended May 24, the Labor Department said on Thursday. Economists polled by Reuters had forecast 230,000 claims for the latest week.
Worker hoarding by employers following difficulties finding labor during and after the COVID-19 pandemic is underpinning the jobs market. Nonetheless there has been an uptick in layoffs because of economic uncertainty as President Donald Trump pursues an aggressive trade policy, which economists say is making it challenging for businesses to plan ahead.
A U.S. trade court on Wednesday blocked most of Trump's tariffs from going into effect in a sweeping ruling that the president overstepped his authority. Economists said the ruling, while it offered some relief, had added another layer of uncertainty over the economy.
A report from the Bank of America Institute noted a sharp rise in higher-income households receiving unemployment benefits between February and April compared to the same period last year. Its analysis of Bank of America deposit accounts also showed notable rises among lower-income as well as middle-income households in April from the same period a year ago.
Economists expect claims in June to break above their 205,000-243,000 range for this year, mostly driven by difficulties adjusting the data for seasonal fluctuations, following a similar pattern in recent years. That would not suggest a material shift in labor market conditions.
This is an excerpt from a Reuters story
Cosmetics giant e.l.f. is plunking down $1 billion for Haley Bieber's Rhode skincare line and investors like the deal. Shares were moving higher Thursday by over 17%.
Nvidia shares are looking at gains early Thursday after the chip giant reported its first-quarter earnings on Wednesday, beating analysts' expectations, though it projected second-quarter sales below estimates amid tightening export controls to China that cover some of its AI chips.
The earnings report showed that first-quarter net income was up 26% from a year ago at nearly $19 billion, with revenue rising to $44 billion, up 69% from last year. The company's revenue from data centers was $39 billion in the first quarter – up 10% from the previous quarter and 73% from last year. Nvidia is also building factories in the U.S. and working to produce AI supercomputers in the U.S. with its partners.
"Our breakthrough Blackwell NVL72 AI supercomputer – a 'thinking machine' designed for reasoning – is now in full-scale production across system makers and cloud service providers," said Nvidia CEO Jensen Huang.
(Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)
The U.S. Court of International Trade ruled Wednesday that President Donald Trump overstepped his authority over tariffs under the International Emergency Economic Powers Act (IEEPA).
U.S. stocks rose following the ruling which the White House plans to appeal.
Elon Musk is calling it quits as the leader of DOGE, the controversial and sometimes celebrated Department of Government Efficiency.
"As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending. The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government" he posted on X late Wednesday.
DOGE, through its efforts to cut government waste saved billions, but has yet to reach the $2 trillion mark Musk aspired to.
Tesla investors, some who had grown impatient with his time away from the EV maker, will watch him return his full attention to the company.
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