05:09 PM EDT, 05/29/2025 (MT Newswires) -- US benchmark equity indexes rose Thursday in choppy trade, buoyed by Nvidia's ( NVDA ) post-earnings rally, as investors assessed legal developments surrounding certain of President Donald Trump's tariffs.

The S&P 500 and the technology-heavy Nasdaq Composite closed 0.4% higher each at 5,912.2 and 19,175.9, respectively. The Dow Jones Industrial Average advanced 0.3% to 42,215.7. Barring communication services, all sectors ended in the green led by real estate.

The US Court of International Trade on Wednesday ruled that Trump overstepped his authority by imposing duties under the International Emergency Economic Powers Act. A federal appeals court on Thursday temporarily paused that ruling.

Previously, analysts said that the Court of International Trade ruling would weaken Washington's position in trade talks, though Trump has other tools at hand to push through his tariffs agenda.

Federal Reserve Chair Jerome Powell met with Trump at the White House Thursday.

Powell said that the central bank's Federal Open Market Committee will set monetary policy "as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis," according to a statement released by the Fed.

US Treasury yields were lower, with the two-year rate falling 4.9 basis points to 3.95% and the 10-year rate losing 4.7 basis points to 4.44%.

In company news, Nvidia ( NVDA ) shares gained nearly 3.3%, the second biggest gainer on the Dow. The chipmaking giant late Wednesday logged better-than-expected fiscal first-quarter results. The company provided a revenue outlook below market estimates at the midpoint for the ongoing three-month period amid the US government's new export licensing requirements.

Best Buy ( BBY ) lowered its full-year outlook Thursday due to the impact of tariffs, while the electronics retailer's fiscal first-quarter revenue fell more than market expectations. The company's shares slumped 7.3%, the second-worst performer on the S&P 500.

In economic news, the US economy contracted at a slightly slower pace in the first quarter than initially estimated, while consumer spending growth was downgraded, according to a second estimate released Thursday by the Bureau of Economic Analysis.

Pending home sales in the US dropped more than projected in April as elevated mortgage rates dampened buyer enthusiasm, the National Association of Realtors said.

"Despite an increase in housing inventory, we are not seeing higher home sales," NAR Chief Economist Lawrence Yun said. "Lower mortgage rates are essential to bring home buyers back into the housing market."

Weekly applications for unemployment insurance jumped more than projected, while continuing claims climbed to the highest reading since November 2021, US government data showed.

West Texas Intermediate crude oil fell 1.5% to $60.94 a barrel. Earlier in the day, oil prices advanced following the Court of International Trade ruling against Trump's tariffs.

Sanction risks against Russia have increased, while markets appear to be losing hope about a nuclear deal between the US and Iran, ING Bank said in a note.

Investors also await a meeting on Saturday among the Organization of the Petroleum Exporting Countries and its allies, or the OPEC+, where it would decide on output levels for July, ING Head of Commodities Strategy Warren Patterson said.

Commercial crude stockpiles in the US fell more than expected last week as motor gasoline and distillate fuel posted draws, government data showed Thursday.

Gold was up 0.6% at $3,341.80 per troy ounce, while silver rose 0.9% to $33.46 per ounce.