(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

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Futures gain: Dow 0.49%, S&P 500 1.09%, Nasdaq 1.62%

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Best Buy ( BBY ) drops after it cut its annual sales forecast

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HP down after lowering full-year profit forecast

(Updates with prices)

By Shashwat Chauhan and Kanchana Chakravarty

May 29 (Reuters) - Wall Street futures climbed on

Thursday after a U.S. trade court blocked most of President

Donald Trump's proposed tariffs, while AI bellwether Nvidia's ( NVDA )

stronger-than-expected quarterly revenue added to the upbeat

mood.

Nvidia ( NVDA ) jumped over 6% in premarket trading

after reporting 69%

quarterly sales growth

, driven by customers stockpiling AI chips ahead of U.S.

export restrictions to China.

The company, however, warned that the new curbs are

expected to cut $8 billion from current-quarter sales.

Other chipmakers rose in the wake of Nvidia's ( NVDA ) results,

with Advanced Micro Devices ( AMD ) gaining 3%. The VanEck

Semiconductor ETF advanced 3.2%.

Global risk appetite was also buoyed after a U.S.

court

invalidated with immediate effect most of Trump's sweeping

levies imposed since January, but did not address some

industry-specific tariffs on automobiles, steel and aluminum.

"This ruling is a key development, and it will weaken

Trump's bargaining power in his ongoing negotiations with the

U.S.' key trading partners," National Bank of Kuwait analysts

said in a note.

"If the ruling is sustained, it will be a major positive

development for the U.S. and the global economy."

However, the decision can be appealed to the U.S. Court of

Appeals for the Federal Circuit in Washington, D.C., and

potentially to the U.S. Supreme Court.

At 7:06 a.m. ET, Dow E-minis were up 205 points, or

0.49%, S&P 500 E-minis were up 64.25 points, or 1.09%.

Nasdaq 100 E-minis were up 345.5 points, or 1.62%.

Futures linked to the economically-sensitive Russell 2000

small-cap index also ticked up 1.07%.

Apple ( AAPL ), which was hit with a threat of tariffs from

Trump last week, led gains among megacap and growth stocks with

a 2.4% jump. Meta Platforms ( META ) rose 1.5%, while shares of

Alphabet added 1.3%.

The S&P 500 is currently about 4% below an all-time high

touched on February 19, having rebounded from a nearly 19%

decline earlier in April, supported by easing trade tensions,

strong earnings, and subdued inflation data that boosted risk

appetite.

May has been a solid month for equities, with both the

S&P 500 and the Nasdaq on pace for their best

monthly performances since November 2023.

Minutes from the U.S. Federal Reserve's latest policy

meeting, released on Wednesday, indicated that policymakers

acknowledged they could face "difficult tradeoffs" in coming

months in the form of rising inflation alongside rising

unemployment.

Later in the day, the second estimate for first-quarter GDP

will be released at 8:30 a.m. ET and Personal Consumption

Expenditure data is slated for Friday.

At least five Fed policymakers including Fed Board Governor

Adriana Kugler are scheduled to make public remarks through the

day.

In other earnings, HP Inc ( HPQ ) shed nearly 9% after the

PC maker cut its annual profit forecast.

Best Buy ( BBY ) dropped nearly 3% after the electronics

retailer lowered its annual sales forecast.