08:47 AM EDT, 05/29/2025 (MT Newswires) -- US equity futures were up before Thursday's opening bell after the US Court of International Trade in New York late Wednesday ruled that President Donald Trump overstepped his authority in imposing a broad range of tariffs.

Dow Jones Industrial Average futures were up 0.2%, S&P 500 futures were up 0.8%, and Nasdaq futures were 1.3% higher.

Oil prices were little changed, with front-month global benchmark North Sea Brent crude nearly flat $61.82 per barrel and US West Texas Intermediate crude hovering near $62.22 per barrel.

The Q1 GDP report, released at 8:30 am ET, showed a revised contraction of 0.2%, compared with estimates compiled by Bloomberg for a no revision at a 0.3% decline. The weekly jobless claims bulletin showed new unemployment claims rose to 240,000 in the week ended May 24 from 226,000 in the preceding week, compared with estimates for a smaller increase to 230,000.

The pending home sales index, due at 10 am ET, is expected to show a 0.9% decline for April after a 6.1% increase in March.

In other world markets, Japan's Nikkei closed 1.9% higher, Hong Kong's Hang Seng ended 1.4% higher, and China's Shanghai Composite finished 0.7% higher. Meanwhile, UK's FTSE 100 was up 0.2%, and Germany's DAX index was also 0.2% higher in Europe's early afternoon session.

In equities, E.l.f. Beauty (ELF) shares were 14.9% higher pre-bell, a day after the company said it has agreed to acquire lifestyle beauty brand Rhode for up to $1 billion in cash and stock and posted overnight higher fiscal Q4 adjusted earnings and revenue. ORIC Pharmaceuticals ( ORIC ) stock was 20% higher, a day after the company said an ongoing phase 1b trial of its investigational drug for metastatic prostate cancer showed "broad and deep" preliminary responses in patients.

On the losing side, HP (HPQ) stock was down 8.6% after the company reported late Wednesday lower fiscal Q2 adjusted earnings and cut its fiscal 2025 non-GAAP EPS guidance. SentinelOne ( S ) shares were 14% lower, a day after the company lowered its fiscal 2026 revenue guidance.