Stock markets, led by Big Tech and key chip manufacturers like Nvidia, are seeing significant gains in premarket trading. The surge is largely attributed to a ruling from the U.S. Court of International Trade that deemed President Trump's tariffs illegal, stating the president lacked authority to impose these tariffs without Congressional approval. This ruling not only halted the tariffs but mandated modifications, boosting market confidence as futures for the S&P, Dow, and Nasdaq all experienced notable increases.
The U.S. Court of International Trade ruled that President Trump’s tariffs were illegal, allowing stock markets to surge, particularly affecting Big Tech and chipmaker stocks.
Market futures jumped significantly due to the ruling against Trump's tariffs. S&P Futures rose 1.1%, Dow Futures 0.56%, and Nasdaq Futures climbed 1.6%.
The judges declared that President Trump's use of the International Emergency Economic Powers Act to impose tariffs exceeded his given authority.
The ruling emphasized that the tariffs implemented on Canada, Mexico, and China regarding fentanyl importation were invalid, further boosting market confidence.
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