Live Nasdaq Composite: Tariff Shocker, Tech Strength Send Markets Higher

Key Points

Stocks are taking back ground today after a court blocked the Trump administration’s reciprocal tariffs, saying that the president overreached.
Nvidia’s Q1 results blew away estimates as AI-fueled data center demand soared.
Investors rethink ‘hands off’ investing and decide to start making real money

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Mag 7 Market Cap

May 29, 2025 at 3:09 PM EDT | Gerelyn Terzo

The Magnificent 7 stocks are on the comeback trail in 2025, with a combined market cap that now hovers at $16.8 trillion, compared with $13.2 trillion around the time of Liberation Day in early April. The Nasdaq Composite is currently up 0.12%. Nvidia stock is gaining 3% for a market cap of $3.9 trillion.

Tariffs and Rates

May 29, 2025 at 11:36 AM EDT | Gerelyn Terzo

Chicago Federal Reserve Bank President Austan Goolsbee believes that if tariffs can be sidestepped through trade partner deals or other actions, the Federal Reserve would be more included to lower interest rates. Goolsbee previously commented on inflation, saying that it was getting closer to the central bank’s 2% target. The Dow Jones Industrial Average has turned negative, while the Nasdaq Composite and S&P 500 are holding into fractional gains.

Wall Street Analyst Moves

May 29, 2025 at 10:09 AM EDT | Gerelyn Terzo

Bank of America has reiterated its “buy” rating on Salesforce (NYSE: CRM) after the company’s Q1 earnings report. CRM shares are sinking 6.5% today.

JPMorgan has reiterated its “overweight’ rating on HP (NYSE: HPQ) after the company lowered its profit outlook for the year, saying that there are some positive catalysts up ahead to offset the tariff impact.

Citi analysts have added AppLovin (Nasdsaq: APP) to their top picks, suggesting it will soon have a place in the S&P 500 index.

This article will be updated throughout the day, so check back often for more daily updates.

The markets are finding cause for celebration today, with all three of the major stock market averages moving higher out of the gate. A federal court has blocked President Trump’s reciprocal tariffs, ruling them an overreach and ordering the removal of those specific tariffs. The White House is appealing the decision, but the markets are seeing a light at the end of the tunnel for now.

Stocks have been extremely headline-driven in 2025, and this time, it is working as a tailwind. Most sectors of the economy are seeing green today, led by a 1.8% advance in technology stocks.

Today’s gains are also being fueled by Magnificent Seven stock Nvidia (Nasdaq: NVDA), whose quarterly earnings results blew away expectations on both the top and bottom lines, sending the stock 4.9% higher. Nvidia’s data center growth, where the chipmaker’s AI magic happens, grew by a whopping 73%, putting to rest any doubts that the tariff impact and China headwinds would slow AI demand. Nvidia’s U.S. revenue alone surpassed $20 billion, in a first for the company.

In response, Wall Street analysts revisited NVDA stock. JPMorgan reiterated its “overweight” rating on the stock with a $170 price target attached, while UBS maintained its “buy” rating with a bullish price target of $175 per share.

Here’s a look at the performance as of morning trading:

Dow Jones Industrial Average: Up 37.66 (+0.09%)
Nasdaq Composite: Up 260.12 (+1.36%)
S&P 500: Up 43.37 (+0.74%)

Market Movers

Tempus AI (Nasdaq: TEM) is gaining 1.5% today as it takes back some recently lost ground. TEM shaved off 20% of its value on Wednesday in a steep sell-off.

Electronics retailer Best Buy (NYSE: BBY) is down 6.5% after management lowered the full-year outlook due to the tariff impact.

Nordson (Nasdaq: NDSN) is gaining 10% on an announced deal with Quasar Medical.