Dow Jones Live Update May 29: Trade Court Takes Down Trump Tariffs, Dow Jones Industrial Average (DJI) Tears Higher

This article will be updated throughout the day, so check back often for more daily updates.

A three-judge panel of the U.S. Court of International Trade declared last night that President Trump’s April 2 “reciprocal tariffs” exceeded the President’s authority “to regulate importation by means of tariffs” under the 1977 International Emergency Powers Act. Tariffs against Canada, Mexico, and China similarly failed “because they do not deal with the threats set forth in those orders,” namely the fentanyl crisis. Tariffs on aluminum and steel imports, however, remain in place.

The Dow Jones Industrial Average (DJINDICES: ^DJI) opened 75 points higher Thursday morning for a 0.2 % gain.

Earnings

In earnings news, Nvidia (Nasdaq: NVDA) reported Q1 results last night. The semiconductors company missed earnings forecasts for $0.93 per share, reporting adjusted profits of $0.81. Q1 sales, however, were higher than expected at $44.1 billion.

Nvidia did warn that Q2 sales will miss expectations slightly, and probably be about $45 billion. Investors don’t seem too upset about that, though, and Nvidia stock is up more than 5% this morning.

Best Buy (NYSE: BBY) reported similarly mixed earnings this morning, with sales of $8.8 billion slightly below expectations, but per-share profits of $1.15 per share more than the $1.09 that Wall Street forecast. Best Buy stock is up more than 3%.

Analyst Calls

Deutsche Bank upgraded Southwest Airlines (NYSE: LUV) to buy this morning, with a $40 price target up 43% from its previous valuation of the airlines stock. “A new era of change at the company” has begun, predicts Deutsche, which “should drive meaningful revenue and EBIT growth over the next 12 – 24 months” and “drive higher shareholder returns.”

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