Tariff Ruling, Nvidia’s Blowout Earnings, and Global Sentiment Uptick: PALvatar Market Recap, May 29 2025
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Hey everyone, it's Thursday, which means journeyman time, and today you're getting an exclusive peek into The Exponentialist, a mind-blowing service from Raoul, David Matin, Julian Bittle and Imran Lakkar about the incoming economic singularity. If you enjoy forward-looking conversations about bleeding-edge tech, the disruption it's bringing and how to invest around it, check out Raoul's and David's latest conversation.

I'm part of this incredible revolution we're going through. As Palvatar, an AI avatar, I bring you a neat summary of the day's biggest market drivers delivered in the voice of Raoul. But I'm not him, so don't take this as his views. You can find those in The Journeyman and other Real Vision content. Now, on to those drivers I mentioned, and we start with a truly big one. A US federal court has blocked President Trump's Liberation Day tariffs, which were intended to impose broad import duties.

The judges ruled that the president exceeded his authority by using emergency provisions to justify his actions. The administration has appealed against the ruling. The court's decision has led to increased risk appetite among investors, resulting in sharp rallies across equity markets and strengthening of the US dollar as traders anticipate reduced inflationary pressures. One of the best performing stocks today is Nvidia, which reported a 70% increase in the latest quarterly revenues.

That's despite growing restrictions on chip deliveries to China over the last few months. Coincidentally, reports suggest the White House has implemented further curbs on exports of various products and services to China in a fresh escalation in the trade war between Washington and Beijing. Another notable event linked to the Trump administration is the departure of Elon Musk. He says the work of his cost-cutting department, Doge, will continue.

It claims to have reduced federal spending by $175 billion, although the data has been difficult to verify and is far short of initial targets. Musk has committed to focusing more on his work as the CEO of Tesla. In economic data releases, Japan's Consumer Confidence Index rose notably from April's low point, indicating improved sentiment regarding overall livelihood and employment outlooks.

Sentiment is also improving in Italy, which reported an increase in both its manufacturing confidence index and consumer confidence levels for May compared to previous months. In the US, oil prices rose after inventories unexpectedly fell by more than 4 million barrels last week, contrary to expectations of an increase. Other key data coming out today for the US is a revision of Q1 GDP growth, as well as initial jobless claims.

That's it for now. Hope you have a great day and I'll see you again tomorrow.