U.S. Markets Rise After Court Blocks Many of Trump’s Tariffs
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Brought to you by the Remax Collection. Visit Remax.com slash luxury. Each office independently owned and operated. Here's your midday brief for Thursday, May 29th. I'm Alex Osola for The Wall Street Journal.

The Trump administration has asked the U.S. Court of International Trade to pause its ruling that invalidated nearly all of the president's sweeping tariffs as it pursues an appeal. The ruling yesterday marked a significant setback for the White House, halting many of the president's trade moves, including the baseline 10 percent tariffs on most trading partners and fentanyl-related tariffs on Canada, Mexico and China. U.S. stocks rose early today after the trade court's ruling, with the Nasdaq leading gains.

Canadian Prime Minister Mark Carney said he welcomed the court's decision, as did China, using the moment to call for Washington to permanently shelve the levies.

New data from the Labor Department showed that more people newly filed for unemployment claims last week. In the week through May 24, 240,000 people newly filed for unemployment benefits, compared with 226,000 the week prior. That's a larger uptick than economists expected, but one that still kept the claims tally within its recent range.

Revised data from the Commerce Department indicated that underlying demand in the U.S. economy grew 2.5% in the first quarter, less than previously thought. Inflationary pressures were also firm. The PCE, or Personal Consumption Expenditures Price Index, rose at an unrevised 3.6% annual rate, up from 2.4% in the previous quarter.

And the Trump administration will begin to aggressively revoke the visas of Chinese students studying in the U.S. That's according to a statement by Secretary of State Marco Rubio. The State Department said it would also revise its criteria for future visa applications from China and Hong Kong.

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