FX.co ★ US Stocks Little Changed

In afternoon trading, the three major stock indexes surrendered most of their earlier gains as investors balanced Nvidia's strong earnings against the growing legal and economic uncertainties surrounding former President Donald Trump's tariff policies. Nvidia shares surged nearly 3% following an impressive 73% year-over-year increase in data center revenue. However, broader market optimism was dampened by a U.S. trade court decision that invalidated Trump's "reciprocal" tariffs—a decision the administration plans to contest, potentially as early as Friday in the Supreme Court. Simultaneously, Federal Reserve Chair Jerome Powell met with President Trump to discuss economic matters, emphasizing that policy decisions would rely on forthcoming data, though he withheld any specific interest rate projections. Further adding to investor concerns were rising jobless claims and a downward revision of GDP data, which now shows a 0.2% annualized contraction in the first quarter. On the corporate landscape, retailers such as Best Buy and HP revised their forecasts downwards, attributing the changes to tariff-related uncertainties and a decline in consumer demand.