U.S. Equity Markets Close Higher Following Appeals Court Ruling on Tariffs
U.S. equity markets ended higher on Thursday after a federal appeals court granted a temporary stay supporting President Donald Trump’s tariffs, boosting investor sentiment.
The Nasdaq Composite rose 0.4% to 19,175.87, the S&P 500 gained 0.4% to 5,912.17, and the Dow Jones Industrial Average added 0.3% to 42,215.73. All sectors except communications finished in positive territory, with real estate leading the gains.
In the bond market, U.S. Treasury yields declined. The 10-year yield fell 5 basis points to 4.43%, while the 2-year yieldslipped 4.7 basis points to 3.95%.
Oil prices also retreated, with July West Texas Intermediate (WTI) crude down 1.6% to $60.91 per barrel.
U.S. equity markets ended higher on Thursday after a federal appeals court granted a temporary stay supporting President Donald Trump’s tariffs, boosting investor sentiment.
The Nasdaq Composite rose 0.4% to 19,175.87, the S&P 500 gained 0.4% to 5,912.17, and the Dow Jones Industrial Average added 0.3% to 42,215.73. All sectors except communications finished in positive territory, with real estate leading the gains.
In the bond market, U.S. Treasury yields declined. The 10-year yield fell 5 basis points to 4.43%, while the 2-year yieldslipped 4.7 basis points to 3.95%.
Oil prices also retreated, with July West Texas Intermediate (WTI) crude down 1.6% to $60.91 per barrel.
Corporate Highlights
- Nordson Corp. surged 6.7%, making it the top performer on the S&P 500. The company announced that Quasar Medical will acquire its design and development contract manufacturing sites in Galway, Ireland and Tecate, Mexico.
- Estée Lauder shares rose 3.6% after Barclays raised its price target on the stock to $63, up from $56.
- HP Inc. dropped 8.3%, the worst performer on the index. The company reported weaker-than-expected fiscal Q2 adjusted earnings and lowered its fiscal 2025 non-GAAP EPS guidance.
- Best Buy declined 7.3% after the electronics retailer reduced its full-year outlook due to the impact of tariffs. The company also posted fiscal Q1 revenue that fell short of analyst expectations.
- Arista Networks (ANET) shares fell 6.9% following news that Nvidia secured Alphabet (GOOGL) and Meta Platforms (META) as new clients for its Ethernet network switches. Analysts noted Meta is traditionally one of Arista’s largest customers, and Nvidia’s ability to offer bundled solutions poses a competitive threat in the AI data center space.
Commodities
- Gold rose 1.4% to $3,342.50 per troy ounce
- Silver gained 0.9% to $33.47 per troy ounce