Stock Market Live May 29: Trump Tariffs Terminated, S&P 500 (VOO) Soars

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

In a shocking development last night, the U.S. Court of International Trade declared President Trump’s April 2 “reciprocal tariffs” against scores of other countries illegal, and ordered that they be dropped. The President, ruled a three-judge panel, exceeded his authority “to regulate importation by means of tariffs” under the 1977 International Emergency Powers Act. His specific tariffs against Canada, Mexico, and China fail “because they do not deal with the [fentanyl] threats set forth in those orders.”

Tariffs on aluminum and steel imports remain in place.

Investors responded by bidding up the Vanguard S&P 500 ETF (NYSEMKT: VOO) 0.8% premarket.

Earnings

Adding to investor optimism this morning was a mixed earnings report from S&P 500 component company Nvidia (Nasdaq: NVDA) last night, which investors are viewing as half-full rather than half empty. On the one hand, the semiconductors giant missed earnings forecasts for $0.93 per share, reporting adjusted profits of only $0.81. On the other hand, the company’s Q1 sales were $44.1 billion, ahead of forecasts for $43.25 billion.

Nvidia also guided investors to expect $45 billion in Q2 revenue, below forecasts for $45.66 billion.

A second S&P 500 component company, Best Buy (NYSE: BBY) reported mixed earnings this morning, and this time it was an earnings beat but a sales miss. Best Buy earned $1.15 per share in Q1 2025, versus $1.09 expected. Sales were just under the $8.8 billion expected however.

Analyst Calls

Nearly a dozen separate analysts are hiking price targets on Nvidia stock this morning, most with “buy” or “overweight” ratings. Citigroup sighed with relief that Nvidia managed to beat sales expectations despite being faced with the “hurdle of the China H20 ban,” and raised its price target 20% to $180 a share. Melius Research pointed out that, not counting China, Nvidia’s revenue guidance for Q2 is about $2 billion to $3 billion more than it expected.

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