US assets got a boost Thursday after the vast majority of President Donald Trump’s global tariffs were deemed illegal and blocked by the US trade court.
Upbeat earnings from Nvidia Corp. also lifted investor sentiment. Contracts for the S&P 500 and Nasdaq 100 gained 1.6% and 2% after the ruling, which the Trump administration will appeal.
Asian shares gained 0.6%, with Japanese and South Korean stocks rising more than 1.5%. The yen weakened and the dollar strengthened, with a gauge of the greenback rising to the highest level in more than a week.
The yield on the 10-year US Treasuries rose three basis points. Nvidia surged almost 5% in post-market trading in New York after the chipmaker delivered a solid revenue forecast.
While investors sought more clarity on the impact from the court decision, the ruling provided a temporary reprieve after global financial markets were hit by a sweeping selloff from Trump’s April 2 announcement of the levies.
The century-high tariffs and the president’s plans to cut taxes had spooked investors, who caught on to a “Sell America” trade on concerns the trade war will hurt global growth.
