Wall Street recorded a positive session following Nvidia’s strong after-market results Wednesday. Markets had a lot to digest as a US trade court challenged Trump’s ability to impose tariffs, a move later overruled for the time being by the appeals court. Biggest legal challenge to Trump yet and will escalate. S&P 500 up 0.40%, NASDAQ up 0.39%. Dow rose at open, continually dropped until midday, and found strength to rise and end near high. Up 117 points. All sectors saw green. REITS biggest beneficiaries as yields fell following appeals court reinstatement of tariffs. Financials also benefitted. Energy up despite oil falling. Defensives in general were the best performing sectors. Growth sectors like Cyclicals and Tech, while positive, were the biggest laggards. Nvidia the biggest gainer following earnings, up 3.2%. Despite US curbs on chips to China, positive sentiment from Nvidia boosted other chips. Dell (-0.1%) also raised full year profit forecast on strong AI server demand, adding further fuel to the AI train. Netflix down 2.0% on no major news. Mixed performance from the other large Tech names, either modest gains or losses. Costco (-0.4%) missed earning expectations as consumer discretionary spending fell amidst economic uncertainty. Tariffs will be felt more by companies come Q2 earnings – Gap (-1.0%) flagged as much in their earnings report. Resources struggled. Despite the dollar slipping further, base metals fell. Nickel and tin both down over 2.5% as economic uncertainty once again came to the forefront following the various legal challenges, and then supports, on Trump’s tariff policy.

ASX to fall. SPI futures down 22 points (-0.26%). Gold back up - Oil down. Quiet session in store.

Want to invest with Marcus Today? The Managed Strategy Portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you.

If you’re looking for personal financial advice, our friends at Clime Investment Management can help. Their team of licensed advisers operates across most states, offering tailored financial planning services.

Why not sign up for a free trial? Gain access to expert insights, research, and analysis to become a better investor.