07:45 AM EDT, 05/29/2025 (MT Newswires) -- US equity markets were pointing higher in Thursday's premarket activity after a federal trade court blocked most of President Donald Trump's reciprocal tariffs announced last month, while investors digest tech bellwether Nvidia's ( NVDA ) stronger-than-expected quarterly results.

The S&P 500 gained 1.2%, the Dow Jones Industrial Average rose 0.6% and the Nasdaq added 1.7% before the opening bell. The indexes closed the previous trading session in the red.

The US Court of International Trade on Wednesday ruled that the International Emergency Economic Powers Act, or IEEPA, which Trump invoked to implement tariffs in April, does not authorize him to impose universal duties on imports.

"The worldwide and retaliatory tariff orders exceed any authority granted to the president by IEEPA to regulate importation by means of tariffs," according to the court's decision. "The challenged tariff orders will be vacated and their operation permanently enjoined."

A spokesman for the White House reportedly said that it wasn't for "unelected judges to decide how to properly address a national emergency." The Trump administration filed a notice with the court that it plans to appeal the decision, according to media publications.

Trump announced his reciprocal tariffs in early April, but later declared a 90-day pause on certain duties for non-retaliating countries. Trump recently agreed to extend his 50% tariff deadline for the European Union to July 9, while the US and China agreed earlier in May to suspend most levies on each other's goods for 90 days. Washington recently reached a trade agreement with the UK.

Shares of Nvidia ( NVDA ) advanced 6.2% as the chipmaker reported fiscal first-quarter results above market expectations, but flagged an $8 billion revenue loss for the ongoing three-month period due to new export licensing requirements for its H20 products. Salesforce ( CRM ) edged up 0.2% as the customer relationship management platform recorded better-than-expected quarterly results.

Tesla (TSLA) increased 2.3%, Apple ( AAPL ) rose 2.8%, and Amazon.com ( AMZN ) moved up 2.6%.

Investors also await the second estimate for the first-quarter gross domestic product at 8:30 am ET. At the end of April, an advance estimate released by the government showed that the world's largest economy contracted in the March quarter, representing the first drop since the first quarter of 2022.

Thursday's economic calendar also has the weekly jobless claims bulletin, the pending home sales index for April and the weekly EIA domestic petroleum inventories report.

Several key Federal Reserve officials are scheduled to speak Thursday, including Fed Governor Adriana Kugler, Richmond Fed President Thomas Barkin and Chicago Fed President Austan Goolsbee.

Li Auto ( LI ) , Hormel Foods ( HRL ) , Best Buy ( BBY ) , Burlington Stores ( BURL ) , Bath & Body Works ( BBWI ) , Foot Locker ( FL ) and Kohl's (KSS) report their latest financial results before the bell, among others. Costco Wholesale ( COST ) , Dell Technologies ( DELL ) , Marvell Technology ( MRVL ) , Zscaler ( ZS ) and Ulta Beauty ( ULTA ) release earnings after the markets close.

US Treasury yields were up in premarket action, with the two-year rate rising 3.5 basis points to 4.03% and the 10-year rate advancing 5.4 basis points to 4.53%.

West Texas Intermediate crude oil increased 1.2% to $62.57 a barrel before the open. Gold was slightly in the green at $3,295 per troy ounce, while bitcoin traded up 1.1% at $108,489.