Wall Street today: S&P 500, Nasdaq up, Dow Jones falls after court blocks most Trump tariffs; Nvidia gains 4% on results

The S&P 500 and the Nasdaq rose on Thursday after a US court blocked many of President Donald Trump's tariffs and on better than expected Nvidia earnings.

The US Court of International Trade late on Wednesday ruled that Trump's broad imposition of tariffs had overstepped his authority, barring most of the duties announced since he took office in January.

At 12:17 PMEDT, the Dow Jones Industrial Average fell 0.16%, the S&P 500 rose 0.24%, the Nasdaq Composite added 0.46%.

At the opening bell, the Dow Jones Industrial Average rose 91.3 points, or 0.22%, to 42190.02. The S&P 500 rose 51.4 points, or 0.87%, to 5939.96​, while the Nasdaq Composite rose 288.5 points, or 1.51%, to 19389.392.

Artificial Intelligence -chip developer Nvidia stock soared 4% after the company reported a mammoth $18.8 billion in quarterly profits, even with a multi-billion dollar hit from US export controls. Its quarterly sales surged 69%.

On the economic data front, US government data showed the economy contracted 0.2% in the first quarter, a bit less than initially estimated.

In the bond market, the yield on the 10-year Treasury fell to 4.42% from 4.47% late on Wednesday. The 2-year Treasury yield slipped to 3.94% from 3.96%.

Gainers and Losers

C3ai shares jumped 25.2% after the AI application software company reported stronger quarterly profit than expected.

E.l.f. Beauty stock rose 26.5% after the cosmetics company reported a stronger profit.

Best Buy shares fell 9.5% despite posting stronger profit than expected.

Boeing stock surged 3.3% after CEO Kelly Ortberg said the planemaker aims to raise production of 737 MAX jets to 42 aircraft per month in the next few months.

Salesforce shares slumped 6.3% even as the software provider raised its annual revenue and adjusted profit forecasts.

Bullion

Gold prices rose on Thursday, on weaker jobs data.

Spot gold gained 0.9% to $3,319.22 an ounce, as of 09:37 ET (1337 GMT). US gold futures were steady at $3,294.60.

Spot silver rose 0.9% to $33.28 an ounce, platinum was up 1% at $1,085.59 and palladium firmed 0.6% to $968.43.

Crude oil

Oil prices dropped on Thursday after the International Energy Agency's director warned of weaker demand in China.

Brent crude futures fell 62 cents, or 1%, to $64.28 a barrel at 10:53 AM EDT (1453 GMT). US West Texas Intermediate crude shed 66 cents, or 1.1%, to $61.18 a barrel.