The the knee-jerk exuberance for the broader equity market seems a bit much.
On the other hand, Nvidia delivered nicely.
From Marc to Market:
Overview: There is one driver today. The US Court of International Trade ruled against the Trump administration's "Liberation Day" tariffs. The court rules that the 1977 law used to justify the actions did not apply. The ruling also applies to the earlier tariffs on security of the US borders and fentanyl trafficking. The dollar initially rallied but is now more mixed, with the dollar bloc and Scandis firmer on the day. Emerging market currencies have not recovered as well, but after the Russian ruble, the South African rand, Mexican peso, and Chinese yuan are making advances.
Equities mostly like the development, but the Trump administration will appeal. Taiwan and India were notable exceptions. The Stoxx 600 recovered a little more than half of yesterday's losses and is rising for the third time this week. US index futures are broadly higher (S&P ~1.5%, Nasdaq ~2%). Bonds are under some pressure. Japan's 30-year yield rose nearly eight basis points to almost 3.0%, the 40-year yield fell by 22 bp. European 10-year benchmark yields are around two basis points higher while the 10-year Treasury yield is up almost six basis points to 4.54%. Gold is recovering after dropping to $3245 from $3287 at yesterday's settlement. It is little changed on the day in late European morning turnover. July WTI is extending yesterday’s gain. It traded above $63 before pulling back toward $62.50, which is still $1 above last week's settlement.
USD: The Dollar Index gapped higher in response to the US Court of International Trade ruling....
....MUCH MORE
Earlier today:
Goldman Sachs: "Four tools at the Trump administration’s disposal after a U.S. court blocks tariffs"
