Day Traders Diary

5/29/25

The major averages were higher today following better than expected earnings from Nvidia and news from the judicial branch concerning the legality of President Trump's tariffs. The Dow Jones Industrial Average rose over 100 points or 0.25%. The S&P 500 rose 20 points or 0.35% while the Nasdaq rose 70 points or 0.34%.

The U.S. Court of International Trade ruled on Wednesday night that Trump overstepped his authority when he imposed his "reciprocal" tariffs. The court ordered that the challenged tariff orders be vacated. The Trump administration filed a notice of appeal quickly following the judgment. The administration said it may ask the Supreme Court as early as Friday to pause the federal court's ruling.

On the earnings front, Nvidia is up 3% to new recent highs on strong earnings as sales rose nearly 70% to $44 billion. The chips in general are higher. Two tech stocks lower following earnings include Salesforce HP Inc, both down 5% or more. Salesforce had strong earnings so their pullback may be more profit-taking while HP lowered guidance due to tariff costs and weaker demand.

In the retail space Kohls and Best Buy reported earnings. Both stocks are lower. Best Buy is down 7%.

Other than that a quiet day for news on light volume. In the commodity space, oil is lower nearly cracking the $60 barrel level. Gold is modestly higher while bitcoin is lower.

The month of May have been a great one for the major averages with the S&P 500 up 6%, the Nasdaq is up 10% while the Dow is up over 3%.