Tariff Ruling Leaves Levies in Place While Trump Administration Appeals
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Tech leaders and boards are teaming up to transform businesses. On the latest episode of Tech Fluential, nationwide board members Sarah Tucker and Jim Fowler, nationwide EVP and CTO, take us behind the scenes to show how it can be done. Tech Fluential, a podcast from Deloitte and custom content from WSJ. Here's your closing bell brief for Thursday, May 29th. I'm Pierre Bien-Aimé for The Wall Street Journal.

President Trump's tariffs will stay in place for now until it can hear further legal arguments. A federal appeals court today temporarily put on hold a prior trade court ruling that had struck down the most sweeping levies. The court asked a group of companies that challenged the tariffs to file a brief before June 5th, laying out their arguments, and it directed the Justice Department to reply by June 9th.

The news came late in the day's trading session. Major U.S. stock indexes edged higher for the day. The Dow gained 117 points, or 0.3%, to close at 42,216. The S&P 500 and the Nasdaq both advanced 0.4%.

And tariffs loomed large for individual companies today. Electronics retailer Best Buy cut its forecasts to account for the tariff war and said it has raised prices to offset some related costs. Shares fell 7.3%. Cosmetics company Elf Beauty said it was unable to provide annual guidance due to tariff uncertainty, but it posted stronger-than-forecast results and also said it would buy Hailey Bieber's skincare line. Shares rocketed by 24%.

Computer and printer maker HP sliced its annual guidance, citing higher-than-expected tariff costs and moderating demand for hardware. The company said it would raise prices and shift more production out of China. Shares dropped 8.3 percent. And NVIDIA shares jumped 3.25 percent after yesterday's earnings report showed quarterly revenue surged to a record high. Meanwhile, U.S. lawmakers criticized the company's plan for a facility in Shanghai.

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