The S&P 500 (SPX) opened the Thursday trading session with a 0.87% gain after it was announced that the U.S. International Court of Trade had ruled to block the Trump administration’s tariffs, arguing that the President did not have the power to impose sweeping tariffs with the International Emergency Economic Powers Act (IEEPA). However, the benchmark index has since given up most of those gains as the administration prepares itself for what will likely be a lengthy and controversial legal battle.
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This morning, White House economic advisor Kevin Hassett made it clear that the administration will appeal the ruling on Fox Business. White House press secretary Karoline Leavitt added that Trump will pursue other legal measures to enforce the tariffs, such as Section 232 of the Trade Expansion Act.
Meanwhile, Trump invited Fed Chair Jerome Powell to the White House for a publicly unscheduled meeting. While the exact details of the meeting weren’t disclosed, the Fed said that the discussion included growth, unemployment, and inflation. Powell stressed that he and Federal Open Market Committee (FOMC) would continue to set monetary policies objectively and without political bias.
The S&P 500 is up by 0.25% at the time of writing.
Which Stocks are Moving the S&P 500?
Let’s take a look at TipRank’s S&P 500 Heatmap, which illustrates the stocks that have contributed to the index’s price action.
Nvidia (NVDA) is in the spotlight, as the semiconductor leader reported a double beat on adjusted EPS and revenue. Still, its revenue guidance of $45 billion for the second quarter fell short of the analyst estimate for $45.66 million, although the market isn’t too concerned about that based on NVDA’s price action today.
Many sectors within the S&P 500 are muted or showing minimal gains on Thursday. Tesla (TSLA), which opened higher by over 2%, is now up by only 0.87% after CEO Elon Musk announced his departure from the Department of Government Efficiency (DOGE). The majority of companies within the heatmap have fallen from their morning highs as the tariff controversy appears to be far from over.
SPY Stock Moves Higher with the S&P 500
The SPDR S&P 500 ETF (SPY) is an exchange-traded fund designed to track the movement of the S&P 500. In addition, an investor isn’t able to purchase SPX, although they can buy SPY.
Wall Street expects further upside for SPY. During the past three months, analysts have issued an average SPY price target of $660.38 for the stocks within the index, implying upside of 12.04% from current prices. The 505 stocks in SPY carry 421 buy ratings, 77 hold ratings, and 7 sell ratings.