Stocks advanced on Thursday after a federal court knocked down President Donald Trump's "reciprocal" tariffs and as Nvidia shares staged a post-earnings rally.
The S&P 500 climbed 0.5%, while the Nasdaq Composite advanced 0.9%. The Dow Jones Industrial Average gained 78 points, or 0.2%, weighed down by a slide of more than 5% in Salesforce following earnings.
The U.S. Court of International Trade ruled on Wednesday night that Trump overstepped his authority when he imposed his "reciprocal" tariffs. The court ordered that the challenged tariff orders be vacated.
Trump's changing approach toward trade policy, as well as inflation fears fueled by the prospect of the tariffs, roiled markets last month. Some companies have also highlighted the levies and dialed back their forecasts, pointing to uncertainty around trade policy and the impact on the consumer. Trump rolled back his original tariff policy shortly after its unveiling in early April.
Source: CNBC
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