<figure id="attachment_2947090" aria-describedby="caption-attachment-2947090" style="width: 1600px" class="wp-caption aligncenter"><img loading="lazy" class="wp-image-2947090 size-full" src="https://media.freemalaysiatoday.com/wp-content/uploads/2024/12/d1d02047-12444452.webp" alt="US STOCK MARKET" width="1600" height="1000" /><figcaption id="caption-attachment-2947090" class="wp-caption-text">May has been a solid month for equities, with both the S&amp;P 500 and the Nasdaq on pace for their best monthly performances since November 2023. (EPA Images pic)</figcaption></figure>
NEW YORK: Wall Street futures climbed today after a US trade court blocked most of President Donald Trump&#8217;s proposed tariffs, while AI bellwether Nvidia&#8217;s stronger-than-expected quarterly revenue added to the upbeat mood.
Nvidia jumped over 6% in premarket trading after reporting 69% quarterly sales growth, driven by customers stockpiling AI chips ahead of US export restrictions to China.
The company, however, warned that the new curbs are expected to cut US$8 billion from current-quarter sales.
Other chipmakers rose in the wake of Nvidia&#8217;s results, with Advanced Micro Devices gaining 3%. The VanEck Semiconductor ETF advanced 3.2%.
Global risk appetite was also buoyed after a US court invalidated with immediate effect most of Trump&#8217;s sweeping levies imposed since January, but did not address some industry-specific tariffs on automobiles, steel and aluminium.
&#8220;This ruling is a key development, and it will weaken Trump&#8217;s bargaining power in his ongoing negotiations with the US&#8217; key trading partners,&#8221; National Bank of Kuwait analysts said in a note.
&#8220;If the ruling is sustained, it will be a major positive development for the US and the global economy,&#8221; analyst said.
However, the decision can be appealed to the US court of appeals for the Federal Circuit in Washington, DC, and potentially to the US Supreme Court.
At 7.06am, Dow E-minis were up 205 points, or 0.49%, S&amp;P 500 E-minis were up 64.25 points, or 1.09%. Nasdaq 100 E-minis were up 345.5 points, or 1.62%.
Futures linked to the economically-sensitive Russell 2000 small-cap index also ticked up 1.07%.
Apple, which was hit with a threat of tariffs from Trump last week, led gains among megacap and growth stocks with a 2.4% jump.
Meta Platforms rose 1.5%, while shares of Alphabet added 1.3%.
The S&amp;P 500 is currently about 4% below an all-time high touched on Feb 19, having rebounded from a nearly 19% decline earlier in April, supported by easing trade tensions, strong earnings, and subdued inflation data that boosted risk appetite.
May has been a solid month for equities, with both the S&amp;P 500 and the Nasdaq on pace for their best monthly performances since November 2023.
Minutes from the US Federal Reserve&#8217;s (Fed) latest policy meeting, released yesterday, indicated that policymakers acknowledged they could face &#8220;difficult tradeoffs&#8221; in coming months in the form of rising inflation alongside rising unemployment.
Later in the day, the second estimate for first-quarter GDP will be released at 8.30am and personal consumption expenditure data is slated for Friday.
At least five Fed policymakers including Fed board governor Adriana Kugler are scheduled to make public remarks through the day.
In other earnings, HP Inc shed nearly 9% after the PC maker cut its annual profit forecast.
Best Buy dropped nearly 3% after the electronics retailer lowered its annual sales forecast.

MatchPoint Times

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