Morning Report 30 May 25: US share market rally fades on tariff angst

Wall Street rallied overnight, buoyed by renewed trade optimism and upbeat corporate earnings. Nvidia impressed investors with stronger-than-expected quarterly sales, though its outlook flagged a potential $8 billion impact from US export restrictions. Meanwhile, beauty retailer E.L.F. surged over 23% following news it will acquire Hailey Bieber’s skincare brand, Rhode. However, not all signals were positive. A rise in US jobless claims pointed to potential weakness in the labour market, and oil prices dipped on ongoing demand concerns. Adding to market jitters, a US appeals court temporarily reinstated Trump-era tariffs, reigniting trade tensions. Closer to home, Aussie shares are expected to ease, with retail spending data in focus. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice