US stocks rise as market weighs tariff ruling
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Traders working on the floor of the New York Stock Exchange.
PHOTO: AFP
NEW YORK – Wall Street stocks finished modestly higher on May 29 following strong earnings from Nvidia as a judicial ruling added to uncertainty about President Donald Trump’s tariffs.
Nvidia jumped 3.3 per cent after reporting a mammoth US$18.8 billion (S$24.2 billion) in quarterly profits, even with a multi-billion dollar hit from US export controls.
Meanwhile, Mr Trump’s trade policies faced a new challenge when the US Court of International Trade blocked most of the duties the White House has announced.
An appeals court later issued a temporary suspension on the ruling while the litigation proceeds.
The Dow Jones Industrial Average finished up 0.3 per cent at 42,215.73.
The broad-based S&P 500 climbed 0.4 per cent to 5,912.17, while the tech-rich Nasdaq Composite Index jumped 0.4 per cent to 19,175.87.
The market’s subdued advance on May 29 reflects concerns that the latest judicial actions could prolong uncertainty about trade, said Mr Art Hogan, of B. Riley Wealth Management.
The ruling may lead some countries negotiating with Mr Trump to shift course if Mr Trump is perceived as losing leverage in the talks.
“It just stretches out the trade war drama,” said Mr Hogan.
Among individual companies, Boeing climbed 3.3 per cent after the company’s chief executive said he was hopeful the company could be cleared by US regulators to significantly boost production of the 737 Max, leading to higher revenues.
But Best Buy slumped 7.3 per cent after the electronics retailer cut its full-year forecast due to the tariffs. AFP
