Market Snapshot for Thursday 5/29/2025
– S&P 500 – 5,912.17 (+0.40%)
– Dow Jones Industrial Average – 42,215.73 (+0.28%)
– NASDAQ – 19,175.87 (+0.39%)
Market Performance
All three major indexes closed slightly in the green on Thursday as traders accessed news that a federal appeals court allowed President Trump’s sweeping tariffs to temporarily stay in effect. The S&P 500 and Nasdaq Composite closed up about 0.4% each, while the Dow Jones Industrial Average climbed nearly 0.3%.
Economic Takeaways –
• The government’s second estimate of first quarter gross domestic product (GDP) inched up to –0.2%. The quarterly GDP deflator was unchanged at 3.7%.
• Initial jobless claims jumped to 240,000, about 10,000 above expectations.
• The Pending Home Sales Index fell 6.3% in April from a month earlier to 71.3, according to the National Association of Realtors. Economists had been expecting a more modest 1% decline. A reading of 100 is equal to the level of housing contract activity in 2001.
• The 10-year yield hovered near 4.43% while the 30-year yield traded around 4.94%.
Gold –
• Gold prices rose in volatile trading on Thursday. Spot gold reversed course to rise 0.9% to $3,318.69 an ounce, as of 02:35 p.m. ET (1835 GMT), after hitting its lowest since May 20 earlier in the session.
Oil –
• Crude oil prices pulled back over the possibility of increased production from OPEC+ in July.
• West Texas Intermediate fell 1.5% to settle near $61 a barrel after Interfax cited Kazakhstan as saying that OPEC+ is set to hike output at a meeting on Saturday.
Bitcoin –
• Bitcoin slid below $106,000.
• Despite the pullback, LMAX Group market strategist says BTC holding above $100,000 level for 20 straight days is a bullish sign.
Trump’s Tariffs Will Remain in Effect for Now…
In late afternoon trading, a federal appeals court granted a temporary stay on a lower court’s decision, allowing President Trump’s tariffs to remain in effect—for now. Just a day earlier, the U.S. Court of International Trade had blocked the tariffs, ruling that the administration’s method for implementing them was “unlawful.”
On Wednesday, the Court of International Trade determined that President Trump did not have the authority to impose certain tariffs rolled out in early April. The ruling nullified both the 10% global baseline tariff and China-specific duties related to fentanyl, which had been enacted under the International Emergency Economic Powers Act, based on the argument that trade deficits posed a national emergency.
Goldman Sachs noted in a client report Wednesday evening that the invalidated tariffs were expected to generate nearly $200 billion annually—about the same amount the administration’s fiscal package would add to next year’s deficit.
The Trump administration signaled it was prepared to appeal and could seek an emergency stay while a higher court reviews the case.
“This doesn’t clearly mark a shift to sustained risk-on sentiment around trade,” wrote Ajay Rajadhyaksha, Global Chairman of Research at Barclays, in a note to clients. “Investors had been hoping tariff disputes would be mostly resolved in the coming months, allowing the administration to pivot toward more growth-friendly policies like deregulation. At least on the surface, that timeline now appears delayed.”
Fed Chairman Visits the White House
Federal Reserve Chair Jerome Powell met with President Trump at the White House today, according to a release from the central bank.
“At the President’s invitation, Chair Powell met with the President today at the White House to discuss economic developments including for growth, employment, and inflation,” the release said. “Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook.”
As of early Thursday, futures trading indicated just a 2% chance of a Fed rate cut in June, and 22% in July, according to the CME FedWatch Tool.
Top Gainers
Several stocks experienced significant gains. Some of the top gainers included:
• Regencell Biosciences (RGC) soared 41.41%
• E.l.f. Beauty, Inc. (ELF) by 23.58%
• C3.ai, Inc. (AI) exploded 20.76%
• Veeva Systems, Inc. (VEEV) surged 19%
• BRP Inc. (DOOO) rose 12.89%
• Tonix Pharmaceuticals (TNXP) moved up 11.49%
• Merus N.V. (MRUS) jumped 10.72%
• Nova Ltd. (NVMI) spiked 8.44%
• Blueprint Medicines (BPMC) moved up 8.14%
• Arrowhead Pharmaceuticals (ARWR) surged 8.10%
Top Losers
The top US stock losers today, based on percentage change included:
• SentinelOne, Inc. (S) moved lower 11.59%
• Hamilton Lane Incorporated (HLNE) moved lower 11.06%
• IonQ Inc. (IONQ) sank 9.17%
• HP Inc. (HP) fell 8.27%
• Advance Auto Parts, Inc. (AAP) moved down 8.25%
• D-Wave Quantum Inc. (QBTS) moved lower 7.29%
• Best Buy Co., Inc. (BBY) sank 7.27%
• Rigetti Computing, Inc. (RGTI) dragged 7.13%
• Pony AI Inc. (PONY) moved down 7.10%
• Arista Networks, Inc. (ANET) slumped 6.92%
Notables
• Best Buy (BBY) lowered its full-year outlook, citing economic uncertainty tied to tariffs.
• GameStop (GME) fell for a second straight day following news of a $500,000 investment in Bitcoin.
• Nvidia (NVDA) jumped 5.5% in pre-market trading after reporting strong earnings and issuing positive guidance.
• Chip stocks rallied alongside Nvidia, with Broadcom (AVGO), Advanced Micro Devices (AMD), and Arm Holdings (ARM) all posting pre-market gains.
• Apple (AAPL) climbed 1.8% in early trading after a favorable court ruling on tariffs, easing concerns over a potential 25% import tax.
• Salesforce (CRM) slipped 0.25% pre-market despite beating revenue and earnings expectations. The company posted record revenue of $9.8 billion (up 8% year-over-year) and raised its full-year guidance, including a Q2 outlook above analyst estimates.
• HP (HPQ) tumbled 10% pre-market after missing earnings expectations, despite meeting revenue forecasts. EPS came in $0.09 below the FactSet consensus.
• E.l.f. Beauty (ELF) surged over 20% after beating quarterly expectations and announcing a $1 billion acquisition of Hailey Bieber’s Rhode skincare brand.
• Tesla (TSLA) rose 2% in pre-market trading after CEO Elon Musk teased the launch of robotaxis and confirmed he is stepping down from a government advisory role.
• Costco (COST) on Thursday posted quarterly earnings and revenue that topped estimates as the warehouse club’s sales climbed 8%.
What to Watch on Friday
The inflation report most closely followed by the Federal Reserve: The Personal Consumption Expenditures (PCE) price index. It’s due at 8:30 a.m. ET Friday. Analysts are anticipating readings of 0.1% month over month for both headline and core PCE (core excludes volatile food and energy).
Also tomorrow will be the University of Michigan final consumer sentiment reading for May. The average analyst estimate of 50.8 is unchanged from the preliminary May reading. This was one of the lowest in history.
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