US equity futures are well bid ahead of the North American open, with S&P 500 minis up over 1.1% and the Nasdaq up 1.7%, partially driven by Nvidia’s strong results and a US court ruling declaring some of President Trump’s tariffs illegal. This has boosted risk sentiment by potentially supporting consumer spending and economic growth, although uncertainty remains as the ruling may face further scrutiny.
The FOMC minutes, largely overshadowed by this development, noted concerns about persistent tariff-related inflation. Economic data expected today includes jobless claims, projected to rise slightly, and a second reading of Q1 GDP, likely unchanged. April pending home sales are anticipated to drop by 1% month-over-month.
Fed speakers Barkin and Goolsbee may touch on tariff implications, though no major policy updates are expected. The $44 billion 7-year Treasury auction, the final one this month, is notable for its role in linking short- and long-end yields, with no signs so far of reduced foreign demand.
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