LIVE MARKETS-Nasdaq composite poised to pop as court blocks Trump's proposed tariffs

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NASDAQ COMPOSITE POISED TO POP AS COURT BLOCKS TRUMP'S PROPOSED TARIFFS

U.S. equity index futures are rallying in premarket trade on Thursday after a U.S. trade court blocked most of President Donald Trump's proposed tariffs, while shares of AI chipmaker Nvidia NVDA.O gained following stronger-than-expected quarterly revenue.

The Court of International Trade ruled that the U.S. Constitution grants Congress exclusive authority to regulate commerce with foreign nations — a power not superseded by the president's emergency powers to protect the U.S. economy.

Meanwhile, a major upside reversal in the Nasdaq composite .IXIC continues to develop. Indeed, the tech-laden index has built on April's bullish hammer candle, and with May's more than 9% gain so far, the biggest monthly rise since a 10.7% thrust in November 2023, a three-month morning star candle pattern, which also carries bullish implications, continues to form on the charts:

The IXIC ended Wednesday at 19,100.94 putting it down 5.32% from its December 16 record close and 5.46% from its December 16 record intraday high.

And now on Thursday, e-mini Nasdaq 100 futures NQcv1 are leading the charge, rallying more than 1.5%, suggesting the Nasdaq composite .IXIC is poised for further gains at the open:

Given the rise in Nasdaq 100 futures, the composite may jump to its highest level since late February in the initial throes of Thursday's trading.

This move would put the resistance line down from the composite's record high, which now resides around 19,835, and presents a significant hurdle in itself, squarely in focus.

The early 2025 highs were at 20,110.12 and 20,118.61. The December 16 record intraday high was at 20,204.58.

On weakness back below Wednesday's 19,084.38 intraday low, the May 27 gap down to 18,841.52 will likely be quickly filled.

Such a turn would also likely see the May 12 gap once again beckon to be filled.

This zone also includes the 200-day moving average (DMA), and the Fibonacci-based 233-DMA, which now reside in the 18,440-18,330 area, as well as the March 25 high, which was at 18,281.13.

(Terence Gabriel)

EARLIER ON LIVE MARKETS:

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UPBEAT START ON TARIFF RULING, PARIS OUTPERFORMS CLICK HERE

EUROPE BEFORE THE BELL: STOCKS SET TO JUMP AS TARIFFS HIT THE BUFFERS CLICK HERE

MARKETS HOPE TRUMP TARIFFS STAY 'UNLAWFUL' CLICK HERE