04:03 PM EDT, 05/29/2025 (MT Newswires) -- US benchmark equity indexes ended higher Thursday after a federal court blocked most of President Donald Trump's reciprocal tariffs, while Nvidia ( NVDA ) had a post-earnings rally.

* 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 trade agenda, analysts said Thursday.

* 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 Fed statement.

* July West Texas Intermediate crude oil closed down $0.88 to settle at $60.96 per barrel, while July Brent crude, the global benchmark, was last seen down $0.72 to $64.18.

* Nvidia ( NVDA ) shares gained 3.3%, a day after the company logged better-than-expected fiscal Q1 results. The revenue outlook for Q2 trailed market estimates at the midpoint amid the US government's new export licensing requirements.

* Best Buy ( BBY ) lowered full-year guidance due to the impact of tariffs after fiscal Q1 revenue fell more than market expectations. The shares slumped 7.3%.