Dow Futures Jump Over 400 Points, Amazon And Walmart Shares Spike In After-Hours Trading After Court Blocks Trump Tariffs: Nikkei Opens Higher

Benzinga
2025.05.29 01:34
portai
I'm PortAI, I can summarize articles.

U.S. stock futures surged after a Federal Court ruled against President Trump's tariffs, with Dow Futures rising over 400 points. The S&P 500 and Nasdaq Futures also saw significant increases. Retail stocks, including Walmart and Amazon, spiked in after-hours trading. The ruling, which emphasized Congress's exclusive authority over trade, has led to an appeal from the White House. Meanwhile, Japan's Nikkei 225 index opened higher, driven by major exporters. Investors are now focused on upcoming earnings reports from several companies, including Costco and Dell.

U.S. stock futures are rallying Wednesday evening after a Federal Court ruled that President Donald Trump overstepped his authority with the “Liberation Day” tariffs imposed at the beginning of April.

Following the ruling, the S&P 500 Futures are up 1.50%, at 5,991.25, Nasdaq Futures trading at 21,775.75, up 1.85%, followed by Dow Futures rose over 400 points to 42,635.00, soaring 1.10% on the news.

A three-judge panel on the Manhattan-based U.S. Court of International Trade ruled unanimously on Wednesday that the Constitution gives Congress exclusive authority to regulate trade and commerce with other countries, which the International Emergency Economic Powers Act does not override.

The White House has since filed an appeal against this ruling, which could jeopardize its strategies and ongoing negotiations with several trade partners.

The ruling has sparked a surge in retail stocks in after-hours trading, with Walmart Inc. WMT up 1.54%, Amazon.com Inc. AMZN rallying 3.51%, followed by Shopify Inc. SHOP and Target Corp. TGT up 3.55% and 3.19%, respectively.

Japan’s benchmark Nikkei 225 index opened higher, currently trading up 1.49%, or 563.12 points, at 38,285.52 on the news, despite growing concerns of rising 40-Year bond yields. The rally is being led by major exporters, electronics and automotive stocks.

The U.S. Dollar Index (DXY) is up 0.51% on Wednesday, regaining the key 100 level, trading at 100.389.

Following Nvidia Corp.’s NVDA beat on its first quarter earnings on Wednesday, investors will be closely watching the results of Costco Wholesale Corp. COST, Dell Technologies Inc. DELL, Marvell Technology Inc. MRVL and Zscaler Inc. ZS on Thursday.

Photo Courtesy: Billion Photos on Shutterstock.com

  • Costco Wholesale Q3 Earnings Preview: Will Company Discuss Price Increases After Prior Trump Team Backlash?
Source: Benzinga The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.