LIVE MARKETS-US stocks rise on ruling against tariffs, Nvidia boost

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US STOCKS RISE ON RULING AGAINST TARIFFS, NVIDIA BOOST

The main U.S. indexes are slightly positive early on Thursday after a U.S. trade court on Wednesday blocked most of President Donald Trump's tariffs in a ruling that found the president overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners.

Another boost came from Nvidia Corp NVDA.O, whose shares are rising more than 3% after quarterly sales beat expectations as customers stockpiled its artificial intelligence chips in anticipation of U.S. curbs on China exports. However the company forecast weaker than expected current quarter results due to trade restrictions.

Shares of other chipmakers and AI-linked stocks climbed in premarket trade on the back of Nvidia's news, but the Philadelphia semiconductor index .SOX is up just 0.5% early in the session.

S&P 500 sectors are mixed with real estate .SPLRCR up around 1% the leading gainer, while the weakest is communication services .SPLRCL off just 0.4%.

Regarding the tariff ruling this was the reaction from Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls, Wisconsin.

"The court striking down Trump’s tariffs is more than just a speedbump. While President Trump can appeal the ruling or try to side-step it, those options are limited and may end up giving the same result." he said.

"Stock markets like the ruling. Bond markets might not like it quite as much. Although the tariffs couldn’t technically count in the scoring of the budget bill, bond investors were still counting the revenue. The net effect is to make extending and expanding the Tax Cuts and Jobs Act more costly."

On the data front, the number of Americans filing new applications for unemployment benefits increased more than expected last week, while the jobless rate appeared to have picked up in May as labor market conditions continue to ease.

Here is your snapshot from around 1020 a.m ET/1420 GMT

(Sinéad Carew, Chuck Mikolajczak)

EARLIER ON LIVE MARKETS:

TARIFFS IN PLAY: ARE U.S. BUSINESSES THRIVING OR JUST SURVIVING? CLICK HERE

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

THE 'STRATEGIC' CASE FOR GOLD AND OIL CLICK HERE

EUROPEAN INSURERS: IN GREAT SHAPE BUT UNPRECEDENTED VALUATION CLICK HERE

US INVESTORS LEAST BEARISH ON CHINA IN AT LEAST FIVE YEARS CLICK HERE

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