Yesterday, ahead of a big evening of tech earnings US markets drifted lower throughout the session giving back some of Tuesday’s gains. Nvidia’s results after the close had futures moving modestly higher before they exploded to the upside shortly after 6:00 pm when the New York Court of International Trade ruled that the tariffs instituted under the International Emergency Economic Powers Act (IEEPA) were illegal. However, over the last couple of hours futures have given back about half of those gains as investors try to handicap what this ultimately means for the White House’s agenda. Commodities are mixed. Oil initially jumped but is now trading down ~0.5%. Base metals are holding some gains with copper up just under 1%. Precious metals initially traded lower but have turned positive with gold up ~0.5% trading just over 3,300. Bitcoin is up ~1% to ~$108.5k reversing some of yesterday’s selloff.

Expand article