Stocks push higher after a federal court halted Trump’s tariffs

Stock futures gained Thursday after a federal court ruled that President Donald Trump overstepped his authority to impose sweeping tariffs, throwing into chaos the administration’s core trade policy that has threatened to raise prices for businesses and slow the economy.

Stock futures gained Thursday after a federal court ruled late Wednesday that President Donald Trump overstepped his authority to impose sweeping tariffs, throwing into chaos the administration’s core trade policy that has threatened to raise prices for businesses and slow the economy. Investors cheered — but not overwhelmingly. Dow futures rose 83 points, or 0.2%. S&P 500 futures were up 0.75% and Nasdaq futures were 1.2% higher, boosted by Nvidia’s strong earnings Wednesday. Gains were somewhat muted because the fate of Trump’s tariffs remains unclear. Trump’s administration immediately appealed, so the ruling may ultimately be overturned. A number of Wall Street analysts also suggested the White House could simply reclassify some of its sweeping tariffs under a different law that was not challenged in the court ruling. “The Trump administration has other authorities it can use to impose tariffs similar to those the court struck down,” noted Alec Phillips, managing director at Goldman Sachs, in a note to investors. Wall Street had largely moved beyond the trade war after a number of rollbacks, pauses and deals had taken much of the sting out of the tariffs that at one point early last month sent the S&P 500 into bear market territory before rallying.