May 29, 2025

Markets:

Stock futures advanced on early Thursday after a federal court knocked down President Donald Trump’s “reciprocal” tariffs. Solid earnings from artificial intelligence heavyweight Nvidia also buoyed the market.

The U.S. Court of International Trade ruled on Wednesday night that Trump overstepped his authority when he imposed his “reciprocal” tariffs. The court ordered that the challenged tariff orders be vacated.

The April 2 announcement of Trump’s duties, the president’s changing approach toward trade policy, as well as inflation fears fueled by the prospect of the tariffs, roiled markets last month. Some companies have also highlighted the levies and dialed back their forecasts, pointing to uncertainty around trade policy and the impact on the consumer.

For now, the judges’ decision appears to have allayed investors’ worries. However, this development can also raise concerns that U.S. trade negotiations with foreign countries could be drawn out into later in the year than previously anticipated.

Stocks are coming off of a lackluster session Wednesday. The S&P 500 ended the day almost 0.6% lower, while the tech-heavy Nasdaq Composite lost 0.5%. The Dow fell nearly 245 points, or 0.6%.

Portfolio:

NVDA delivered and right now it all looks to be building here.  We enter this great session holding setups in METU, APLD, and AMC..  The tech revolution being lead by AI is early and real!  As noted yesterday the SPY formation was extremely bullish and would love to see 595 clear and then proceed to 600 plus.  QQQ is delivering and exceeding this weeks target and now we would love to see a run over the next week above 533. 

Yesterday we also saw Huge SMCI calls into NVDA earnings and chips are absolutely ripping this morning.  This sector can once again lead and we want to watch for that.  Be ready today.