02:17 PM EDT, 05/29/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday after a federal court blocked most of President Donald Trump's reciprocal tariffs, while Nvidia ( NVDA ) shares enjoyed a post-earnings rally.

The technology-heavy Nasdaq Composite was up 0.5% at 19,192.5 after midday Thursday, while the S&P 500 rose 0.3% to 5,907.2. The Dow Jones Industrial Average advanced 0.1% to 42,115.7. Among sectors, utilities and real estate paced the gainers, while communication services saw the biggest drop.

On Wednesday, the US Court of International Trade ruled that Trump overstepped his authority by imposing duties under the International Emergency Economic Powers Act.

The ruling likely weakens Washington's position in trade talks, but Trump has other tools at hand to push through his tariffs agenda, analysts said Thursday.

The Trump administration may ask the US Supreme Court as soon as Friday to immediately pause the federal trade court ruling, according to a Thursday court filing. "Absent at least interim relief from this court, the (US) plans to seek emergency relief from the Supreme Court tomorrow to avoid the irreparable national security and economic harms at stake," the filing showed.

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 intraday, with the 10-year rate falling 5.3 basis points to 4.43% and the two-year rate losing 4.7 basis points to 3.95%.

In company news, Nvidia ( NVDA ) shares were up 3.7%, the top gainer on the Dow and among the best on the S&P 500 and the Nasdaq. 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 were down 8.5%, the steepest decline on the S&P 500.

West Texas Intermediate crude oil fell 1.5% to $60.92 a barrel intraday.

In economic news, 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.

Gold was up 0.8% at $3,320 per troy ounce, while silver rose 0.9% to $33.45 per ounce.