TL;DR

US court blocks Trump tariffs; Nvidia, Salesforce, Veeva beat; tech export curbs to China escalate.

Highlights

• US Trade Court blocks Trump’s “Liberation Day” tariffs, halting planned broad import levies; S&P 500 futures rally ~2%1.
• Trump administration orders Cadence , Synopsys , Siemens EDA to halt chip design software sales to China; suspends exports of jet engine tech, chip software, chemicals, and some strategic goods24.
• Nvidia Q1 revenue jumps 69% to $44.1B, but warns of $8B hit from China export controls; shares up 4–5% after hours3.
• Salesforce beats Q1 estimates, raises full-year outlook to $41.3B; shares gain 5% post-close5.
• HP misses earnings, cuts full-year outlook due to tariff-driven costs; stock drops 14–15% after hours615.
• E.l.f. Beauty to acquire Rhode for up to $1B; shares fall 13% on tariff exposure and no 2026 guidance10.
• Veeva Systems jumps 15% on Q1 beat and strong AI-driven outlook15.
• Victoria’s Secret shares slide 7% after website shutdown from security incident; CEO warns of lengthy recovery7.
• Trump administration cancels $766M Moderna bird flu vaccine contracts, citing mRNA concerns8.
• US to revoke visas of Chinese students linked to CCP or sensitive fields; tighter scrutiny for future applicants9.
• Tesla to launch robotaxi service in Austin on June 1211.
• 21Shares files for spot Dogecoin ETF; Pakistan to establish government Bitcoin reserve and begin mining1214.

Commentary

The US Trade Court’s decision to block the “Liberation Day” tariffs provided immediate relief to equity markets, with S&P 500 futures jumping as traders recalibrated expectations for import costs and supply chain disruptions1. While the ruling removes near-term tariff pressure, the potential for an appeal keeps trade policy risk in play, especially for sectors with high import exposure1.

Despite this, the US-China tech standoff escalated. The Trump administration’s new export restrictions—halting sales of chip design software, jet engine tech, and other strategic goods to China—directly hit US tech suppliers. Cadence and Synopsys shares fell sharply on the news, and Nvidia warned of an $8B revenue impact from export controls, even as it posted strong AI-driven results23. The tightening of student visa policies for Chinese nationals in sensitive fields further underscores the broadening scope of decoupling9.

Earnings highlighted the divergence between AI/cloud software and hardware/consumer names. Nvidia , Salesforce , and Veeva all posted strong quarters and upbeat guidance, driving after-hours gains3515. In contrast, HP ’s miss and outlook cut—attributed to tariff-driven cost pressures—triggered a steep selloff615. E.l.f. Beauty’s 13% drop, despite a major acquisition, reflects investor concern over tariff exposure and the company’s decision to withhold forward guidance10.

Other notable moves included Victoria’s Secret’s 7% decline after a cyber incident forced its website offline, and the cancellation of Moderna ’s $766M bird flu vaccine contracts, which could impact sentiment in the biotech sector78. Tesla ’s upcoming robotaxi launch and crypto developments (Dogecoin ETF filing, Pakistan’s Bitcoin reserve) may drive speculative interest but are less likely to move broad indices in the near term111214.

Traders should monitor further legal and policy developments on tariffs and US-China tech restrictions, as well as management commentary on export and cost risks. Expect continued rotation toward AI/cloud software leaders and caution around hardware, consumer, and tariff-exposed names.