Markets Close Higher as Nvidia Rallies Amid Tariff Reinstatement
U.S. stocks closed higher thanks to Nvidia's gains and despite a court ruling reinstating Trump-era tariffs. Choppy trading saw Salesforce fall despite optimistic forecasts. Nvidia's AI chip sales buoyed markets, countering new export restrictions dampening sales projections. Stock advancements outpaced declines on the major exchanges.
U.S. stock indices ended positively on Thursday, buoyed by Nvidia's performance, even as investors faced a reinstatement of Trump-era tariffs, following a late appeals court ruling. This decision follows a trade court's earlier block on the tariffs.
Though trading was turbulent, Nvidia's 3.2% rise after strong sales results offered a boost, despite the company's warning about potential revenue cuts due to new U.S.-China export restrictions. Conversely, Salesforce stock fell 3.3%, despite raising revenue forecasts, reflecting market uncertainty.
Elsewhere, Boeing announced production increases for the 737 MAX, and economic data highlighted a GDP contraction. Stocks in general demonstrated resilience, with volume on exchanges remaining robust, reflecting a cautious optimism in the face of trade developments.
(With inputs from agencies.)
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