Hello and welcome to the DealBook podcast. Stocks jumped on Thursday after a federal appeals court blocked President Trump’s steepest proposed tariffs, initially sending S&P 500 futures up nearly two percent overnight. By midday, however, gains had faded as investors grappled with what comes next. The White House rushed to ask for a stay, leaving businesses and consumers in limbo. “Nothing’s really changed,” trade adviser Peter Navarro told Bloomberg, insisting the administration still has other paths to pursue tariffs.

Markets in Hong Kong, Japan and South Korea all rose more than one percent, while Europe saw mixed results. Gregory Daco of EY cautioned that the decision “introduces greater ambiguity around the future direction of U.S. trade policy, particularly as the ruling faces appeal.” Back home, Best Buy shares slumped after the retailer cut its profit forecast, and Macy’s dipped despite beating earnings estimates.

Bucking the trend, Nvidia soared five percent on strong AI-driven revenue growth, keeping investors hopeful that the tech rally still has room to run.
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