Court blocks Trump tariffs, Musk steps away from DOGE: Morning Buzz

The major averages were broadly higher in the early going on the back of Nvidia’s post-earnings rally and after a federal court blocked several of President Donald Trump’s import tariffs, ruling that he does not have the authority to impose such sweeping levies. Meanwhile, Tesla shares were on the rise after CEO Elon Musk said he would step down from his government role at the Department of Government Efficiency to refocus on his companies.

Looking to commodities, gold prices have surged in early trading, rebounding from prior losses to exceed $3,300. Meanwhile, oil prices are down sharply even amid expectations of increased demand and reduced trade barriers.

Near noon, the major averages have pulled back and turned mixed, with the Nasdaq continuing to be carried by Nvidia and the Dow down by about 0.5%.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• The U.S. Court of International Trade ruled that President Trump does not have the authority to impose sweeping global tariffs
• Tesla (TSLA) CEO Elon Musk said his time as a “Special Government Employee” has come to an end
• Nvidia (NVDA) reported better-than-expected Q1 results, with Data Center revenue rising 73% year-over-year
• Salesforce (CRM) provided a “beat and raise” report for Q1
• Elf Beauty (ELF) reported upbeat Q4 results and agreed to acquire rhode, a beauty brand founded by Hailey Bieber, in a $1B deal

2. WALL STREET CALLS:

• Nvidia (NVDA) upgraded at Summit Insights after Q1 results and guidance
• Starbucks (SBUX) downgraded at TD Cowen, here’s why
• Southwest (LUV) upgraded to Buy at Deutsche Bank
• Wells upgraded Tenet Healthcare (THC) after House passage of budget reconciliation legislation
• SentinelOne (S) downgraded at Wells Fargo, JPMorgan and BofA after third annual recurring revenue miss in five quarters

3. AROUND THE WEB:

• Paramount (PARA) offered $15M to settle President Donald Trump’s lawsuit alleging CBS News deceitfully edited a Kamala Harris interview, WSJ reports
• Getty Images (GETY) CEO Craig Peters told CNBC that the company is spending “millions and millions” on its Stability AI lawsuit in the U.K. and the U.S., accusing it of copying 12M images
• In 2023, Novo Nordisk (NVO) was the most valuable company in Europe due to the soaring demand for Ozempic and Wegovy, but, since then, the company has lost its grip on the anti-obesity market, WSJ reports
• HP (HPE) is preparing to raise its prices on certain products and accelerate efforts to move more production out of China as the company faces tariff pressure, WSJ reports
• General Motors (GM) CEO Mary Barra voiced support for President Trump’s tariffs, arguing U.S. automakers face unfair disadvantages in the global marketplace, WSJ says

4. MOVERS:

• Oric Pharmaceuticals (ORIC) gains after announcing preliminary efficacy and safety data from the ongoing Phase 1b trial of ORIC-944
• C3 AI (AI) and Veeva (VEEV) increases after reporting quarterly results
• Plug Power (PLUG) higher after announcing its hydrogen plant in Georgia set a U.S. production record
• Intellia (NTLA) falls after disclosing a grade 4 liver transaminase elevation in its MAGNITUDE trial
• Eos Energy (EOSE) lower after announcing a $175M senior notes offering

5. EARNINGS/GUIDANCE:

• HP Inc. (HPQ) reported Q2 results and cut its guidance for FY25
• Kohl’s (KSS) reported Q1 results and reaffirmed its guidance for FY25
• Hormel Foods (HRL) reported Q2 results, with CEO Jim Snee commenting, “We achieved solid organic top-line growth and delivered second quarter results in line with our expectations”
• SentinelOne (S) reported Q1 results and cut its revenue view for FY26
• Best Buy (BBY) reported Q1 results and cut its guidance for FY26

INDEXES:

Near midday, the Dow was down 0.45%, or 191.21, to 41,907.49, the Nasdaq was up 0.15%, or 28.26, to 19,129.19, and the S&P 500 was down 0.06%, or 3.21, to 5,885.34.