U.S. stocks ended higher on Thursday as shares of Nvidia gained after its quarterly results, while investors digested a late-afternoon court ruling that reinstated the most sweeping of President Donald Trump's tariffs.

The appeals court ruling came a day after a trade court had ordered an immediate block on the tariffs.

Market Snapshot

The Dow Jones Industrial Average rose 117.03 points, or 0.28%, to 42,215.73, the S&P 500 gained 23.62 points, or 0.40%, to 5,912.17 and the Nasdaq Composite gained 74.93 points, or 0.39%, to 19,175.87. Tesla Motors rose 0.4%; JD.com, XPeng Inc. up 4%; CoreWeave, Inc. fell 9%.

Market Movers

Chip maker NVIDIA was up 3.3% after posting first-quarter adjusted earnings that topped Wall Street forecasts. Revenue soared 69% to $44.1 billion. The company said it expects revenue in the current second quarter of $45 billion versus estimates of $45.9 billion. The guidance includes a hit of $8 billion from chip export restrictions to China.

Apple fell 0.2% after rising earlier in the session after the trade court ruling. The president had threatened a 25% tariff on iPhones made outside the U.S.

Salesforce.com was down 3.3% at $266.92 after the cloud software company reported first-quarter adjusted earnings and revenue that topped analysts' expectations. The company also issued strong second-quarter guidance and raised its fiscal 2026 outlook. Analysts at RBC Capital downgraded Salesforce to Sector Perform from Outperform and reduced their price target on the stock to $275 from $420.

HP Inc fell 8.3% after the personal computer company reduced its fiscal-year outlook as the broader economic environment puts pressure on costs and demand. HP said it expects adjusted earnings of between $3 and $3.30 a share, below its previous guidance of $3.45 to $3.75 a share. The new outlook also was below analysts' estimates of $3.56 a share.

Tesla Motors gained 0.4% after CEO Elon Musk announced he is ending his cost-cutting work for the Trump administration to spend more time on his companies.

Li Auto was up 2.1% in U.S. trading. The Chinese EV maker reported first-quarter earnings that beat analysts' estimates but issued a tepid revenue forecast.

Veeva jumped 19% on the company's latest financial results. First-quarter adjusted profit beat analysts' forecasts. The cloud-solutions company also issued second-quarter and fiscal-year earnings guidance that was better than consensus.

Cybersecurity company SentinelOne, Inc was down 12% after first-quarter earnings and revenue met Wall Street estimates but revenue guidance for the second quarter missed expectations.

e.l.f. Beauty Inc. surged 24% after the cosmetics company said it would buy Rhode, a skin care brand founded by model Hailey Bieber, for $1 billion. The company's fiscal fourth-quarter earnings and revenue beat analysts' forecasts, but management declined to provide a fiscal 2026 outlook "due to the wide range of potential outcomes related to tariffs."

Artificial-intelligence software company C3.ai, Inc. posted a fiscal fourth-quarter loss that was narrower than expected on sales of $108.7 million, beating calls for $107.8 million. The stock surged 21%.

Best Buy fell 7.3% after the consumer electronics retailer trimmed its fiscal-year guidance to account for the effect of tariffs. The company reported fiscal first-quarter adjusted earnings that beat analysts' estimates, while revenue of $8.77 billion narrowly missed expectations.

Market News

US Appeals Court Reinstates Trump Tariffs, Sowing Market Confusion

A U.S. appeals court reinstated President Donald Trump's sweeping tariffs on Thursday, leaving Wall Street with no clear direction a day after most of the tariffs were blocked by a trade court, a move that had given markets a brief boost.

Chaotic U.S. trade policy has sent global markets on a roller coaster in recent months. Equity markets were rattled by Trump's April 2 "Liberation Day" tariff announcements, which have since been repeatedly delayed and adjusted.

Dell Raises Annual Profit Forecast on Strong AI Server Demand

Dell raised its annual profit forecast on Thursday, signaling growing demand for its AI-powered servers that are equipped with Nvidia's powerful chips.

Shares of the company, whose servers are used by customers such as Elon Musk's AI startup xAI and CoreWeave, rose 2% in extended trading.

Dell now expects annual adjusted profit to be $9.40 per share, compared with its prior forecast of $9.30 per share. The company also reiterated its annual revenue outlook.

IDC Cuts Global Smartphone Shipments Forecast on Tariff Volatility

International Data Corp slashed its 2025 global smartphone shipment growth forecast to 0.6% from 2.3% on Thursday, citing tariff-driven economic uncertainty and a pullback in consumer spending.

The downgrade signals challenges for manufacturers like Apple, who already face weakening sales amid escalating geopolitical tensions and tariff disputes.