US futures jumped early Thursday following a US federal court ruling that President Donald Trump exceeded his authority with "reciprocal" tariffs. However, analysts warn that the bond market could experience more volatility, potentially limiting any stock rally.
Court Ruling on Tariffs
- The decision, made by US District Judge Timothy Kelly in Washington, D.C., surprised many observers.
- This ruling marks the first time a federal judge has ruled against Trump’s use of tariffs to retaliate against countries he claims have unfairly targeted American goods.
- The ruling is likely to be appealed by the administration and could take years to resolve.
- Current tariffs imposed under Section 232 of the Trade Expansion Act of 1962 and Section 301 of the Trade Act of 1974 will remain unaffected in the meantime.
Corporate Earnings and Developments
Nvidia
- Nvidia’s first-quarter earnings exceeded estimates from LSEG.
- However, export restrictions to China are significantly impacting the company’s performance and are expected to continue affecting its business in future quarters.
Tesla
- Tesla investors have reacted to Elon Musk’s announcement of a potential $6 billion compensation package tied to specific targets related to Tesla’s market value.
- Investors have written a letter demanding that Musk commit to working at least 40 hours per week at Tesla as part of any new compensation plan.
Apple
- Apple Inc.’s shares rose after Morgan Stanley raised its price target for Apple stock by $20, citing strong consumer demand for quick iPhone repairs rather than new purchases.
- The bank also noted that Apple’s services segment revenue growth is expected to slow this year, partly due to users opting for cheaper alternatives like Google Photos instead of paying for iCloud storage.
Micron Technology
- Shares in chipmaker Micron Technology Inc. rose after Morgan Stanley upgraded its rating, citing higher-than-expected sales growth last quarter driven by increased demand from data center customers.
U.S.-China Trade Relations
- A report released earlier this month indicated that U.S.-China trade tensions have eased somewhat in recent months, but both sides still face challenges, including ongoing disputes over technology exports.
- Despite efforts made by both sides since late last year, including an agreement not to impose further tariffs during trade talks, U.S.-China relations remain tense.
Treasury Secretary’s Global Engagement
- U.S. Treasury Secretary Janet Yellen informed lawmakers that she is working closely with her counterparts around the world, including those in various regions such as Europe, Asia, Africa, Latin America, and the Middle East.
This overview highlights the current state of the market, corporate earnings, and international trade relations, providing insights into the economic landscape as it evolves.
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