CNBC Business News Update - Market Open: Stocks Higher, Court Blocks Some Trump Tariffs, Nvidia Reports Strong Quarter 5/29/25

Episode Date: May 29, 2025

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

I'm Jessica Edinger CNBC Wall Street higher out of the gate. Weaker economic data put a little bit of a damper on the markets after a court blocked some of the Trump tariffs which had investors excited earlier today but the Dow is up 93 points being led higher by shares of Nvidia up more than 5% this morning. The S&P 500 index up 38 points that's a half percent. The Nasdaq up 191 points. That's just about a full one percent. A federal court ruling blocked President Trump from imposing sweeping reciprocal tariffs

on goods coming in from other countries. A three-judge panel of the U.S. Court of International Trade said the Trump administration could not rely on emergency powers cited in many of his executive orders to assume, quote, unbounded tariff authority without input from Congress. The White House immediately appealed. Attorneys general from Arizona and Oregon led the legal challenge, calling the tariffs an illegal abuse of power. We should note tariffs that were imposed using a different mechanism remain in place.

The levies on imported cars, steel, and aluminum. We've already seen an appeal. There could be a stay. But for now, this ruling does imperil the president's efforts to use unbounded tariffs as leverage in these trade deal negotiations ongoing with countries around the world. NBC's Alice Barr. U.S. economic growth contracted in the first quarter for the first time in three years. But the slowdown was less than expected.

GDP, gross domestic product, came in two-tenths of a percent lower, gold popping higher today at $3,340 an ounce. The U.S. dollar is weakening. More Americans filed for unemployment benefits last week than expected. And well above the pre-pandemic normal continuing claims. That's the number of people who are still collecting checks week after week. That went up to the most in three years suggesting it is taking people longer to find that next job.

We now have our third 1.9 or higher. Yes, once again, 1,919,000. This is a third reading over 1.9 million since April of this year, and it would be the warmest levels that we've had basically since 21. CNBC's Rick Santelli. Chipmaker Nvidia shares are higher, beating Wall Street's top and bottom line expectations for the last quarter when it reported results after the closing bell last night. Data center revenue soared more than 70% on AI demand. The CEO noted that the $50 billion China market is effectively closed to U.S. industry, including to NVIDIA. The world is going to adopt technology from one country or another, and we prefer it to

be the American technology stack. NVIDIA CEO Jensen Wong on CNBC. Chevron says it's cutting about 800 jobs in the Midland Texas region. The Scripps National Spelling Bee Finals are tonight live on ION. Jessica Ettinger, CNBC.