11:38 AM EDT, 05/29/2025 (MT Newswires) -- All three major US stock indexes were up in late-morning trading Thursday following the late-Wednesday release of Nvidia's ( NVDA ) earnings results and a ruling by the US Court of International Trade granting a motion to permanently enjoin the US from collecting any of President Donald Trump's "retaliatory" tariffs.

A three-judge panel at the US Court of International Trade ruled on Wednesday that the "Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by [the International Emergency Economic Powers Act] to regulate importation by means of tariffs," adding that the "challenged Tariff Orders will be vacated and their operation permanently enjoined."

Nvidia ( NVDA ) reported fiscal Q1 non-GAAP earnings late Wednesday of $0.81 per diluted share, up from $0.61 a year earlier and above the FactSet consensus analyst estimate of $0.74. Fiscal Q1 revenue was $44.06 billion, up from $26.04 billion a year earlier and above the FactSet consensus of $43.33 billion. The company said it expects fiscal Q2 revenue of $45 billion, plus or minus 2%. Analysts expect $45.84 billion. Separately, Chief Executive Jensen Huang will sell 6 million of his shares in the company, Nvidia ( NVDA ) said Wednesday in a regulatory filing. The total value of Huang's shares based on the stock's Wednesday closing price was $808.9 million. Nvidia ( NVDA ) shares were up 4.9% around midday.

Tesla (TSLA) CEO Elon Musk said Thursday on X that he is leaving the Department of Government Efficiency. Tesla shares were up 1.9%.

Boeing ( BA ) is looking to boost its production of 737 jets to 47 per month by late 2025, Chief Executive Kelly Ortberg said Thursday at a conference, according to media reports. Ortberg also said that jet deliveries to China are expected to restart in June, according to the reports. Boeing ( BA ) shares were up 3.7%.

United Airlines (UAL) and JetBlue ( JBLU ) said Thursday they are collaborating to give customers of both airlines more options to find flights as well as new ways to earn MileagePlus and TrueBlue points. Under the new project, called Blue Sky, MileagePlus customers can earn and use miles on most JetBlue ( JBLU ) flights, while each airline will offer flights on the other's website and app, the companies said. United shares were up 1.1%, while those of JetBlue ( JBLU ) were down 1.2%.

ExxonMobil ( XOM ) is sanguine about the outcome of the arbitration case relating to its contractual dispute in Chevron's ( CVX ) planned acquisition of Hess (HES), according to media reports. Separately, Chevron ( CVX ) is planning to lay off about 800 workers in Texas, effective July 15, as part of a broader global workforce reduction effort, Reuters reported Thursday, citing a notice to the Texas Workforce Commission. Exxon shares were up 0.2%, while those of Hess and Chevron ( CVX ) were up 0.8% and 0.6%, respectively.

Salesforce ( CRM ) reported fiscal Q1 non-GAAP net income late Wednesday of $2.58 per diluted share, up from $2.44 a year earlier and above the FactSet consensus of $2.55. Fiscal Q1 revenue was $9.83 billion, up from $9.13 billion a year ago and above the FactSet consensus of $9.75 billion. The company expects fiscal Q2 non-GAAP EPS of $2.76 to $2.78 on revenue of $10.11 billion to $10.16 billion. Analysts expect EPS of $2.74 on revenue of $10.02 billion. Salesforce ( CRM ) also raised its fiscal 2026 non-GAAP EPS guidance to a range of $11.27 to $11.33 on revenue of $41 billion to $41.3 billion from $11.09 to $11.17 on $40.5 billion to $40.9 billion in revenue. Analysts at RBC downgraded Salesforce ( CRM ) to Sector Perform from Outperform. Salesforce ( CRM ) shares were down 6.2%.

Best Buy ( BBY ) reported fiscal Q1 adjusted earnings Thursday of $1.15 per diluted share, down from $1.20 a year earlier but above the FactSet consensus of $1.09. Fiscal Q1 revenue was $8.77 billion, down from $8.85 billion a year ago and below the FactSet consensus of $8.81 billion. The company cut its fiscal 2026 adjusted EPS and revenue guidance to ranges of $6.15 to $6.30 and $41.1 billion to 41.9 billion from $6.20 to $6.60 and $41.4 billion to $42.2 billion, respectively. Best Buy ( BBY ) shares were down 9.2%.

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