5 Things to Know Before the Stock Market Opens

U.S. stock futures are pointing sharply higher after a federal court struck down President Donald Trump’s “reciprocal” tariffs; Nvidia (NVDA) shares are jumping in premarket trading after the chipmaker posted record revenue that tops analysts’ estimates; Tesla (TSLA) CEO Elon Musk says he has ended his government work; and Salesforce (CRM) reports better-than-expected results and lifts its full-year outlook. Here’s what investors need to know today.

1. US Stock Futures Rise Following Court Ruling on Tariffs

U.S. stock futures are pointing higher after a U.S. court ruling struck down President Donald Trump’s “reciprocal” tariffs and Nvidia posted record revenue. Nasdaq futures are 1.4% higher after the tech-focused index slipped by 0.5% in the prior session as stocks fell ahead of Nvidia’s earnings report. S&P 500 futures are up about 1% in early trading while Dow Jones Industrial Average futures are 0.4% higher. Bitcoin (BTCUSD) is rising to trade near $109,000. The yield on the 10-year Treasury note is up at around 4.51%. Oil futures are slightly higher. Gold futures are little changed.

2. Federal Court Strikes Down Trump’s ‘Reciprocal’ Tariffs

A federal court late Wednesday struck down the “reciprocal” tariffs that President Donald Trump imposed on the country’s trading partners in early April, saying he had overstepped his authority. A three-judge panel at the U.S. Court of International Trade ruled that Congress is typically responsible for imposing these levies and not the president alone. The ruling stopped Trump from enforcing the tariffs on imports from Canada, Mexico, and China that were aimed at combating fentanyl entering the U.S. The steel and aluminum tariffs Trump imposed in March weren’t mentioned in the ruling. The White House immediately appealed the ruling, per reports.

3. Nvidia Stock Jumps on Soaring Revenue Despite Chip Restrictions

Nvidia (NVDA) shares are jumping 6% in premarket trading after the chipmaker’s first-quarter revenue rose to a record high, even as profit missed analysts’ expectations because of export curbs. Nvidia reported adjusted earnings of 81 cents per share on revenue that jumped 69% year-over-year to $44.06 billion. While its quarterly sales exceeded analysts’ estimates compiled by Visible Alpha, its profit did not, as Nvidia said it absorbed a $4.5 billion charge due to restrictions on the sale of its H20 chips to China. In the current quarter, Nvidia expects to take an $8 billion hit due to lost revenue from H20 sales.

4. Tesla CEO Musk Announces End to Government Role

Tesla (TSLA) CEO Elon Musk said in a post on his social media site X that his time at the helm of the Department of Government Efficiency (DOGE) has ended. The announcement comes after he said earlier this week that he would return to “spending 24/7 at work” after investors had raised questions over whether the government position was distracting his focus from Tesla and his other companies. Musk announced in April that he would spend less time on work related to DOGE. Tesla shares are up more than 2% in premarket trading.

5. Salesforce Tops Q1 Expectations, Raises Full-Year Outlook

Salesforce (CRM) on Wednesday reported first-quarter results that beat analysts’ expectations and lifted its full-year outlook. The cloud software giant raised its forecast for fiscal 2026 revenue and adjusted EPS, citing demand for its AI products. Salesforce reported Q1 adjusted EPS of $2.58 on revenue that rose 8% year-over-year rise to $9.83 billion, both above Visible Alpha consensus. Salesforce shares, which entered Thursday down 17% this year, are little changed in premarket trading.