CNBC Business News Update Market Open: Stocks Higher, Court Blocks Some Trump Tariffs, Nvidia Reports Strong Quarter 5/29/25
May 29, 2025
The latest market shifts showcase a significant boost in the Dow, driven by NVIDIA's impressive earnings report. A federal court ruling has raised questions about certain tariffs, impacting trade dynamics. Economic concerns linger, particularly regarding unemployment claims and fragile data. Tune in to uncover how these developments affect your wallet and the broader economic landscape.
AI Snips
Chapters
Transcript
Episode notes
Court Blocks Trump's Tariffs
- A federal court blocked Trump's sweeping reciprocal tariffs due to lack of Congressional input.
- This decision challenges the use of unbounded emergency tariff authority in trade negotiations.
Legal Limits on Tariff Authority
- The U.S. Court of International Trade ruled Trump's tariff powers exceed legal bounds without Congress approval.
- Tariffs using other legal mechanisms remain, but the ruling limits tariff leverage in trade talks.
U.S. Economy Shows Mixed Signals
- U.S. GDP contracted 0.2% in Q1, less than expected, marking first contraction in 3 years.
- Rising unemployment claims suggest longer job search periods, showing a cooling economy.