Wall Street Rises Amid Legal Developments on Trump’s Tariffs

Stocks experienced fluctuations on Thursday (May 29, 2025), as investors absorbed the latest legal developments regarding President Donald Trump’s ‘reciprocal’ tariffs and Nvidia’s earnings. Ultimately, markets closed in positive territory. Shares trading within the broader Wall Street index, S&P 500, gained 0.41%, Nasdaq strengthened by 0.39%, and Dow Jones saw an increase of 0.28%. The U.S. International Trade Court ruled Wednesday night that Trump exceeded his authority when imposing ‘reciprocal’ tariffs. The court ordered the cancellation of the disputed tariff directives. However, the Trump administration swiftly filed for a stay after the ruling. The government stated it may request the Supreme Court as early as Friday to suspend the federal court decision. Trump’s unstable tariff policies, along with inflation fears fueled by potential tariff implementations, unsettled markets last month. Some companies cited tariffs when revising their forecasts downward and highlighted the uncertainty surrounding trade policy and its impact on consumers.