(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

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Futures gain: Dow 0.28%, S&P 500 0.87%, Nasdaq 1.42%

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Best Buy ( BBY ) drops after cutting annual sales and profit

forecast

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HP down after it lowers full-year profit forecast

(Updates before markets open)

By Shashwat Chauhan and Kanchana Chakravarty

May 29 (Reuters) - Wall Street's main indexes were on

track for a higher open on Thursday after a federal court ruled

against most of U.S. President Donald Trump's tariffs and AI

bellwether Nvidia ( NVDA ) reported a 69% surge in quarterly sales,

lifting sentiment.

Nvidia ( NVDA ) jumped 5.6% in premarket trading after

reporting higher-than-expected quarterly sales growth, driven by

customers stockpiling AI chips ahead of U.S. export restrictions

on China.

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

to cut $8 billion from its current-quarter sales.

"We're in a secular growth trajectory here for AI, AI

investment, and everything seems to be lining up for the next

kind of multi-quarter expansion across AI," said David Russell,

global head of market strategy at TradeStation.

Other chipmakers rose in the wake of Nvidia's ( NVDA ) results, with

Advanced Micro Devices ( AMD ) gaining 2.8%. The VanEck

Semiconductor ETF advanced 2.7%.

Global risk appetite was boosted after a U.S. court

invalidated with immediate effect most of Trump's sweeping

levies imposed since January, but did not address some

industry-specific tariffs on automobiles, steel and aluminum.

"Even if the ruling is upheld, the administration will have

alternative routes to implement tariffs. But these will be

slower and more targeted, as opposed to the current sweeping

approach," said Lizzy Galbraith, senior political economist at

Aberdeen.

The ruling can be appealed in the U.S. Court of Appeals for

the Federal Circuit in Washington, D.C., and potentially the

U.S. Supreme Court.

Kevin Hassett, the White House economic adviser, said three

trade deals were nearly done and he expected more despite the

judgment.

At 08:31 a.m. ET, Dow E-minis were up 116 points, or

0.28%, S&P 500 E-minis were up 51.5 points, or 0.87%,

and Nasdaq 100 E-minis were up 304 points, or 1.42%.

Apple ( AAPL ), which Trump threatened with tariffs last

week, led gains among other megacap and growth stocks with a

2.2% jump. Meta Platforms ( META ) rose 1.3%, while shares of

Alphabet added 1.2%.

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

touched on February 19, rebounding from a nearly 19% decline

earlier in April on easing trade tensions, strong earnings and

subdued inflation data that aided risk appetite.

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.

A second reading from the Commerce Department showed gross

domestic product contracted 0.2% in the first quarter.

Economists polled by Reuters had forecast a 0.3% contraction.

At least five Fed policymakers including Fed Board Governor

Adriana Kugler are scheduled to speak through the day.

In other earnings, Best Buy ( BBY ) dropped 2.5% after the

electronics retailer lowered its annual comparable sales and

profit forecasts amid concerns that U.S. tariffs would weigh on

consumer demand for big-ticket items.

HP Inc ( HPQ ) shed 9.5% after the PC-maker cut its

annual profit forecast.