Stock Market Update

The stock market is on track for a firmly higher start with futures on the S&P 500 trading 47 points above fair value.

The early strength is owed to a pair of catalysts. Chip giant NVIDIA (NVDA 142.06, +7.25, +5.4%) reported solid results for Q1, allaying some concerns about the impact of the lost China revenue, but the market also learned that the Court of International Trade blocked President Trump's tariffs and ordered a dismantling of the enforcement mechanism in ten days.

Economic data released this morning included a slight upward revision to Q1 GDP (to -0.2% from -0.3%) and a larger than expected increase in weekly jobless claims (240,000; Briefing.com consensus 230,000; prior 226,000).

Treasuries started the day in negative territory, but climbed after the data crossed the wires. The 10-yr yield is down two basis points at 4.46%.