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Fast Company
2 days ago
- Business
- Fast Company
Chip stocks and Big Tech shares jump on Trump tariffs ruling, Nvidia's earnings, and Elon Musk news
Stock markets are moving higher in premarket trading on Thursday as of the time of this writing. Two groups of stocks are doing particularly well: Big Tech's Magnificent Seven and major chipmaker stocks. Shares in one stock that crosses over into both groups—Nvidia Corporation (Nasdaq: NVDA)—are currently up 6% in premarket trading. But NVDA isn't the only chip and tech stock that is up. Other major technology companies like Apple Inc. (Nasdaq: AAPL), Inc. (Nasdaq: AMZN), and Broadcom Inc. (Nasdaq: AVGO) are also trending significantly higher. Why are Big Tech and chipmaker stocks surging this morning? It comes down to three pieces of news. Here's what you need to know. Markets and Big Tech jump on Trump tariff court ruling As of the time of this writing, market futures are trending higher this morning. S&P Futures are currently up 1.1%, Dow Futures are up 0.56%, and Nasdaq Futures are up 1.6%. The main reason for this broad surge in futures is a ruling issued by the U.S. Court of International Trade on Wednesday that declared President Trump's 'Liberation Day' tariffs illegal. As CNBC notes, the three-judge panel ruled that the mechanism Trump used to invoke the tariffs without Congressional approval—the International Emergency Economic Powers Act (IEEPA)—doesn't grant the president the authority to impose universal tariffs. The judges declared that 'the Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs,' and ordered not only a permanent halt to the tariffs but future modification to them as well. As Fast Company previously reported, multiple states and small businesses sued over the implementation of the tariffs. The judges also ruled against the Trump administration's implementation of tariffs against Canada, Mexico, and China based on the importation of fentanyl into the United States, saying those separate tariffs 'fail because they do not deal with the threats set forth in those orders.' Not all of Trump's tariffs have been ruled unlawful. The president's tariffs on aluminum and steel can remain because they were not implemented under the IEEPA. The Court of International Trade gave the Trump administration 10 days to put a halt to the tariffs ruled illegal, but the Trump administration has already appealed the ruling, which may very likely end up before the Supreme Court. While the tariff situation is likely to continue to play out in the courts in the weeks ahead, news of the ruling has lifted futures—and Big Tech stocks. The companies that make up Big Tech's Magnificent Seven—Google, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla—faced particular challenges from the tariffs since many of their products are sourced from China, the country that received the highest tariffs. If not directly sourcing their products from China, they still rely on supplies or components from the country, such as servers, that the tariffs have threatened to make acquiring more expensive. Here's how Big Tech's Magnificent Seven stocks are currently trading based on the news: Alphabet Inc. (Nasdaq: GOOG): up 1.29% Inc. (Nasdaq: AMZN): up 2.5% Apple Inc. (Nasdaq: AAPL): up 2.4% Meta Platforms, Inc. (Nasdaq: META): up 1.4% Microsoft Corporation (Nasdaq: MSFT): up 0.8% NVIDIA Corporation (Nasdaq: NVDA): up 6% Tesla, Inc. (Nasdaq: TSLA): up 2.49% Elon Musk's time in the Trump administration 'comes to an end' One of the Magnificent Seven stocks—Tesla—is certainly getting a boost from the ruling against Trump's tariffs, but there's likely another reason why the stock is trending higher today, too. That reason is Elon Musk. On Wednesday, the CEO took to his social media platform X to announce that his time in the Trump administration has come 'to an end.' 'As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending,' Musk wrote, adding, 'The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government.' Musk joined the administration in January to head the controversial Department of Government Efficiency (DOGE). But his work with the administration and DOGE has cost his most well-known company, Tesla, dearly. Musk's involvement in politics has alienated many of the carmaker's fans across the globe, leading to plummeting Tesla sales in many key markets, including those in Europe and the United States. News that he is leaving DOGE and the Trump administration is something Tesla investors have been waiting to hear for a long time—and it's contributing to TSLA stock moving higher this morning. Nvidia's earnings lift chip stocks Finally, while many chipmaker stocks are also getting a lift today due to the Trump tariff ruling news, chipmaker and chipmaker-adjacent stocks, including chip machine maker ASML Holding N.V. (Nasdaq: ASML), are also seeing a boost thanks to Nvidia's Q1 fiscal 2026 earnings results, which the company announced yesterday. Nvidia reported revenue of $44.1 billion, which was up 12% from the previous quarter and 69% from the same quarter a year earlier. It also reported data center revenue of $39.1 billion, a 10% rise from the previous quarter and a 73% rise from the same quarter a year ago. As CNBC notes, the better-than-expected earnings results have sent NVIDIA Corporation shares higher. Currently, they are up 6%. But since Nvidia is often seen as a bellwether for other chipmakers and chipmaker-adjacent stocks, companies operating in those spaces are also seeing their shares rise this morning on Nvidia's news. Moreover, as Nvidia's technology has been playing a key role in powering the artificial intelligence (AI) revolution, its earnings beat was seen as a sign that demand for AI remains strong. All in all, it's looking like a positive start to the morning in the markets, especially for stocks that operate in the Big Tech and chipmaker sectors.
Business Upturn
3 days ago
- Business
- Business Upturn
Global markets rally as U.S. court blocks Trump-era tariffs; AI earnings also boost sentiment
Global equity markets opened higher on Thursday, buoyed by sharp gains in U.S. futures after a landmark federal court ruling blocked former President Donald Trump's authority to impose trade tariffs. The move was viewed as a significant de-escalation of trade-related risks, further supported by strong quarterly results from artificial intelligence major Nvidia. A U.S. federal court ruled that Donald Trump did not have the authority to set tariffs unilaterally, effectively blocking the so-called 'Liberation Day' tariffs introduced during his presidency. The Trump administration has already appealed the decision. The White House issued a sharp response, stating, 'It's not for unelected judges to decide how to properly address a national emergency.' This legal development was interpreted by markets as a rollback of protectionist trade policies, leading to a relief rally in equities. U.S. stock index futures surged in response: Dow Futures jumped 500 points (+1.19%) to 42,599 Nasdaq Futures gained 400 points (+1.88%) to 21,718 Russell 2000 Futures rose 41 points (+1.98%) to 2,109 The positive momentum spilled over into global markets: Germany's DAX Futures were up 190 points (+0.79%) UK's FTSE Futures added 62 points (+0.70%) Japan's Nikkei Index gained 529 points (+1.40%) to 38,252 South Korea's KOSPI rose 30 points (+1.14%) Taiwan's Taiex Futures climbed 141 points (+0.67%) India's GIFT Nifty was up 57 points (+0.23%) at 24,820 (adjusted). However, Hang Seng Futures in Hong Kong edged slightly lower by 24 points (-0.10%). This rebound comes after a slightly negative close on Wall Street on the previous day: Dow Jones closed at 42,099, down 245 points (-0.58%) Nasdaq ended at 19,101, lower by 98 points (-0.51%) Analysts noted that the combination of strong AI earnings and legal checks on unilateral tariff powers has infused fresh optimism across equity markets globally. News desk at
Business Upturn
19-05-2025
- Business
- Business Upturn
Global markets: Asian markets slip; US futures dip after Moody's downgrade, Europe trades flat
Global markets opened on a cautious note as Asian equities traded in the red, reacting to Moody's downgrade of the U.S. investment grade rating, which has sparked fresh concerns around economic growth and rising debt levels. Meanwhile, European futures are holding steady in a narrow range. In the U.S. futures market, all major indices are in the red: Dow Futures : 42,400 (▼254 pts / -0.60%) Nasdaq Futures : 21,201 (▼224 pts / -1.05%) US Small Cap 2000 Futures: 2,096 (▼18 pts / -0.84%) European markets are trading mixed: DAX Futures (Germany) : 23,820 (▲4 pts / +0.02%) FTSE Futures (UK): 8,687 (▼10 pts / -0.11%) Asian markets are broadly lower: Hang Seng Futures : 23,012 (▼253 pts / -1.03%) Taiex Futures (Taiwan) : 21,653 (▼176 pts / -0.80%) KOSPI (South Korea) : 2,598 (▼29 pts / -1.11%) Nikkei (Japan) : 37,609 (▼144 pts / -0.38%) Gift Nifty (India): 25,061 (▼18 pts / -0.07%, adjusted) The cautious sentiment follows a positive close on Wall Street yesterday, where the Dow Jones gained 332 points (+0.78%) and the Nasdaq rose 99 points (+0.52%), although futures suggest those gains may be pared back in today's session. Markets are likely to remain volatile as investors digest the implications of the U.S. credit rating move and await further macroeconomic cues. News desk at
Business Upturn
09-05-2025
- Business
- Business Upturn
Asian markets trade flat; US futures steady after Wall Street rally on UK deal
By Arunika Jain Published on May 9, 2025, 07:50 IST Global equity markets opened Thursday on a mixed note amid muted overnight sentiment and cautious optimism following a Wall Street rally. The gains in U.S. markets were spurred by the announcement of a new trade deal framework between the United States and the United Kingdom, while investors remained watchful for progress on broader trade negotiations, including a potential agreement with China. U.S. stock futures showed minimal movement in early Asian hours. Dow Futures slipped 39 points or 0.09% to 41,329, while the Nasdaq Futures edged up 4 points or 0.02% to 20,068. The U.S. Small Cap 2000 Futures declined by 6 points or 0.28% to 2,021. European futures signaled cautious optimism, with Germany's DAX Futures rising 32 points or 0.14% to 23,501 and the UK's FTSE Futures gaining 19 points or 0.22% to 8,558. In Asia, indices displayed a mixed trend. Japan's Nikkei outperformed with a gain of 427 points or 1.16% at 37,356, supported by tech and export-heavy stocks. Taiwan's Taiex Futures also moved higher by 60 points or 0.29% to 20,638. However, South Korea's KOSPI slipped marginally by 1.2 points or 0.04% to 2,578, while Hong Kong's Hang Seng Futures were down 11 points or 0.05% at 22,738. India's Gift Nifty indicated a weaker start for domestic equities, trading 290 points lower at 23,982, a drop of 1.20% on an adjusted basis. In the previous U.S. session, the Dow Jones Industrial Average climbed 255 points or 0.62% to close at 41,369. The Nasdaq Composite advanced 190 points or 1.07% to finish at 17,928, buoyed by strong buying in technology stocks. Arunika Jain, a graduate in Mass Communication, brings a fresh perspective to the world of journalism. Arunika has a passion for writing finance and corporate news at You can write to her at [email protected]
Business Upturn
08-05-2025
- Business
- Business Upturn
Asian markets open mixed; US futures bounce as Trump teases ‘big' trade deal
By News Desk Published on May 8, 2025, 07:46 IST Global equities displayed mixed cues on Thursday morning as Asian markets opened on a cautious note, while European futures edged higher. US futures staged a recovery after former President Donald Trump hinted at a major trade deal, calling it 'the first of many,' during a surprise announcement. This came after a brief dip in futures overnight, following the US Federal Reserve's warning about heightened uncertainty around tariffs and broader economic conditions. The Dow Futures were up 130 points at 41,244 (+0.31%), while Nasdaq Futures rose 152 points to 20,020 (+0.77%). The US Small Cap 2000 Futures climbed 12 points to 2,001 (+0.58%). In Europe, Germany's DAX Futures advanced 136 points to 23,377 (+0.54%) and UK's FTSE Futures added 43 points to 8,591 (+0.50%). Among Asian indices, Hang Seng Futures were slightly up at 22,617 (+0.11%), Taiex Futures surged 193 points to 20,569 (+0.94%), South Korea's KOSPI rose 6 points to 2,580 (+0.22%), and Japan's Nikkei Index gained 71 points to 36,851 (+0.19%). However, India's Gift Nifty was in the red, down 38 points at 24,423 (-0.16%), indicating a soft start for domestic equities. From the previous US trading session, the Dow closed higher by 285 points at 41,117 (+0.70%), while the Nasdaq settled at 17,738, up 49 points (+0.23%). Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors are advised to do their own research or consult financial experts before making any investment decisions. News desk at
