Nasdaq up on Nvidia earnings, Dow Jones declines on tariff uncertainty

U.S. stocks were mixed amid uncertainty over trade, while Nvidia earnings boosted investor sentiment.

Markets reacted positively to Nvidia’s latest earnings, but tariff-related news continued to weigh on investor confidence. On Thursday, May 29, the tech-focused Nasdaq rose 35 points, or 0.18%. At the same time, the Dow Jones slipped 0.04%, while the S&P 500 gained a modest 0.15%.

Traders are focusing on the latest legal challenge to Trump’s trade policy. Judges at the US Court of International Trade blocked Trump’s tariffs on Wednesday, May 27. According to the legal body, the president does not have the authority to impose such sweeping tariffs.

The White House responded with a formal notice of appeal. A spokesperson added that “unelected judges” should not dictate policy to the president, calling the situation a “national emergency.”

The legal battle, which might eventually arrive before the Supreme Court, will likely take some time. In the meantime, Trump has several options to try and circumvent the ruling, including imposing more limited tariffs.

Traders are excited over Nvidia’s AI supercomputer

Nvidia’s stock was up post earnings call, gaining 2.69%, despite just barely hitting projections. The chipmaker reported revenue of $44.1 billion and EPS of 96 cents versus expectations of $43.31 billion and 93 cents per share.

Revenue was up 69% year over year, and investors were enthusiastic about the announcement of Nvidia’s new Blackwell NVL72 AI supercomputer. The “thinking machine,” as CEO Jensen Huang described it, is now in full-scale production. He also noted that demand for Nvidia’s AI infrastructure remains strong.