The stock market reacted modestly in London, while the Nasdaq experienced a significant surge following a landmark ruling by the US Court of International Trade. The court declared that former President Donald Trump’s trade tariffs were illegal, stating that he acted beyond his powers by imposing these tariffs without Congressional approval.

This legal resolution imposed a permanent injunction on the contentious 10% tariffs established by Trump, which included tariffs on imports from China and Canada. The news sent shockwaves through the markets, with US stocks responding favorably.

Notably, the Nasdaq saw the most substantial increase, reflecting investor confidence in tech stocks and their resilience amid changing trade dynamics. Analysts view this reaction as an indication of potential market stability going forward, despite ongoing uncertainties in global trade policies.