Morning Dose #43: Tariff Turmoil Sparks Relief Rally – Thursday 5/29/2025
Key takeaways
- While the market is set for a positive start driven by the tariff news, maintain caution and monitor volume for confirmation of the rally’s strength. Stay nimble, manage risk, and keep an eye on technical levels and economic data amid ongoing uncertainties.
Morning Dose: Tariff Turmoil Sparks Relief Rally
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
Welcome traders to The Morning Dose – Everything You Need to Know Before the Market Opens! Today’s market mood is upbeat, driven by positive news, particularly the blockage of President Trump’s tariffs by the Court of International Trade.
Overnight Headlines
- NVIDIA (NVDA) reported better-than-expected earnings, contributing to the market’s optimism.
- The Court’s decision to block the tariffs has sparked a wave of enthusiasm, leading to a relief rally across global equity markets.
Economic Announcements
Key economic reports for today include the second estimate of Q1 GDP and weekly Initial Jobless Claims in the morning. Additionally, watch out for April Pending Home Sales and a $44 billion 7-year note auction later in the day.
Earnings Highlights
- NVIDIA (NVDA) beat Q1 expectations and provided solid Q2 revenue guidance.
- Salesforce (CRM) exceeded Q1 EPS estimates but received a mixed signal from analysts.
- HP (HPQ) missed Q2 EPS expectations and gave a below-consensus guidance for Q3 and fiscal year ’25.
- Veeva Systems (VEEV) outperformed, delivering strong results and upbeat guidance.
Top Movers
Notable gainers include ORIC Pharmaceuticals (ORIC), C3.ai (AI), Taysha Gene Therapies (TSHA), and e.l.f. Beauty (ELF). On the downside, SentinelOne (S) and Li Auto (LI) are facing pressure pre-market.
Quick Trade Ideas
Consider favoring stocks with strong earnings momentum and clear support levels. Watch for potential sector rotation towards defensive sectors like healthcare and utilities.