While Dow Jones futures were up 0.52% at the time of writing, the S&P 500 futures rose 1.11%.

U.S. stocks appear set for a strong opening on Thursday after a federal trade court blocked President Donald Trump’s tariffs, and Nvidia Corp.’s (NVDA) highly anticipated first-quarter earnings beat Wall Street expectations.

A federal trade court on Wednesday blocked the “Liberation Day” tariffs and asked the Trump administration to stop collecting them. The court said the administration exceeded the authority granted by the International Emergency Economic Powers Act in imposing the levies.

While Dow Jones futures were up 0.52% at the time of writing, the S&P 500 futures rose 1.11%, and the tech-heavy Nasdaq 100’s futures climbed 1.64%. Futures of the Russell 2000 index were up 1.10%.

Meanwhile, the SPDR S&P 500 ETF Trust (SPY) was up 1.14%, while Invesco QQQ Trust (QQQ) gained 1.71% on Thursday morning.

Bitcoin (BTC) declined 0.20% in the past 24 hours.

Asian markets ended Thursday on a largely positive note, with the Nikkei 225 index closing the day with gains of 1.85%, while KOSPI rose 1.86%.

The Hang Seng index rose 1.34%, while the Shanghai Composite gained 0.70%. The TWSE Capitalization Weighted Stock index ended the day with a 0.05% decline.

Nvidia’s Robust Quarter

Nvidia’s first-quarter (Q1) performance surpassed Street expectations–the company reported adjusted earnings per share (EPS) of $0.81, ahead of an estimated $0.73. The company said its EPS would have been $0.96 for the quarter if not for a $4.5 billion charge due to the ban on selling H20 chips to China.

The AI giant’s revenue stood at $44.06 billion, ahead of an estimated $43.34 billion.

Tech bull Dan Ives of Wedbush expressed optimism about Nvidia’s prospects following the results. He thinks Nvidia is set for a market capitalization of $4 trillion and then $5 trillion, with second- and third-order derivative AI plays being major beneficiaries of the AI revolution.

“The Godfather of AI, Jensen [Huang], and Nvidia delivered another robust quarter after the bell, handily beating the Street yet again,” he added.

Analysts at Morgan Stanley said Nvidia has demonstrated that its business is showing acceleration, except for the China trade headwinds, according to TheFly.

This week will see the release of the Personal Consumption Expenditure (PCE) index, initial jobless claims, the first revision of the first-quarter Gross Domestic Product (GDP), consumer sentiment, and pending home sales data.

For updates and corrections, email newsroom[at]stocktwits[dot]com.<