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Futures gain: Dow 1.31%, S&P 500 1.73%, Nasdaq 2.15%

May 29 (Reuters) - Wall Street futures climbed on

Thursday after a U.S. trade court blocked most of President

Donald Trump's proposed tariffs, while shares of AI chipmaker

Nvidia ( NVDA ) gained following stronger-than-expected quarterly

revenue.

The Court of International Trade ruled that the U.S.

Constitution grants Congress exclusive authority to regulate

commerce with foreign nations - a power not superseded by the

president's emergency powers to protect the U.S. economy.

"This ruling is a key development, and it will weaken

Trump's bargaining power in his ongoing negotiations with the

U.S.' key trading partners," National Bank of Kuwait analysts

said in a note.

"If the ruling is sustained, it will be a major positive

development for the U.S. and the global economy."

The court invalidated with immediate effect all of Trump's

orders on tariffs since January that were rooted in the

International Emergency Economic Powers Act (IEEPA).

However, the decision can be appealed to the U.S. Court of

Appeals for the Federal Circuit in Washington, D.C., and

potentially to the U.S. Supreme Court.

At 04:07 a.m. ET, Dow E-minis were up 554 points, or

1.31%, S&P 500 E-minis were up 102.25 points, or 1.73%

and Nasdaq 100 E-minis were up 460 points, or 2.15%.

Shares of Nvidia ( NVDA ) were up 5.4% in premarket trading

after the world's most valuable semiconductor firm beat

estimates for first-quarter sales, driven by customers

stockpiling AI chips ahead of U.S. export restrictions to China.

The company, however, warned that the new curbs are expected

to cut $8 billion from current-quarter sales, causing its

second-quarter forecast to miss expectations.

Other chipmakers rose in the wake of Nvidia's ( NVDA ) positive

earnings, with Advanced Micro Devices ( AMD ) gaining 3.3%. The

VanEck Semiconductor ETF advanced 3.4%.

Apple ( AAPL ) led gains among megacap and growth stocks

with a 3.6% jump. Meta Platforms ( META ) and Alphabet

each climbed more than 2%.

Dow component Salesforce ( CRM ) gained 2.3% after

the enterprise software provider raised its annual revenue and

adjusted profit forecasts.

Futures linked to the economically sensitive Russell 2000

small-cap index also surged 2.3%.

May has been a solid month for equities, with both the S&P

500 and the Nasdaq on pace for their best monthly

performances since November 2023.

The S&P 500 is currently about 4% below an all-time high

touched on February 19, having rebounded from a nearly 19%

decline earlier in April, supported by easing trade tensions,

strong earnings, and subdued inflation data that boosted risk

appetite.

Minutes from the U.S. Federal Reserve's latest policy

meeting, released on Wednesday, indicated that policymakers

acknowledged they could face "difficult tradeoffs" in coming

months in the form of rising inflation alongside rising

unemployment.

Later in the day, the second estimate for first-quarter GDP

will be released at 8:30 a.m. ET and Personal Consumption

Expenditure data is slated for Friday.

At least five Fed policymakers including Fed Board Governor

Adriana Kugler are scheduled to make public remarks through the

day.

Among the early movers, HP Inc ( HPQ ) shed 8.5% after the

PC maker cut its annual profit forecast.