We had a flurry of big news yesterday, folks. And since the market is moving on this news, we need to talk about it.

First, a U.S. court blocked former President Donald Trump’s latest tariffs – the so-called “Liberation Day” tariffs – ruling that he misused emergency powers. That’s thrown a wrench into the trade picture, even as Trump’s administration prepares to appeal.

At the same time, NVIDIA Corporation (NVDA) blew past earnings expectations and delivered another bullish outlook, with CEO Jensen Huang saying, “Global demand for NVIDIA’s AI infrastructure is incredibly strong.”

Now, a lot of investors are wondering what’s next for the Trump agenda, the AI boom, the broader market – and how they should respond.

To break it all down, I sat down for a special video interview with Luis Hernandez, Editor-in-Chief of InvestorPlace. We discussed what this court decision really means, where the Trump trade agenda goes next, and how the latest earnings reports – especially from NVIDIA – should shape the outlook for investors going forward.

You can watch the full conversation by clicking here or on the screenshot below. You can also read the full transcript below.

The Bottom Line

As I said in the interview with Luis, we are in an environment of overreaction.

I don’t want you to get caught up in this, folks.

What matters is that America is still the economic oasis of the world. Inflation is falling. Earnings are rising. And the rest of the world is either shrinking or stuck.

That’s why I’m bullish right now. The dollar is coming back. Retailers are discounting. And fundamentally superior stocks are still powering ahead.

According to FactSet, 96% of S&P 500 companies have now reported their first-quarter results. So far, 78% of them have posted positive earnings surprises – and 63% have topped revenue estimates. That’s helped push the S&P 500’s earnings growth rate to 12.9% for the quarter.

If that number holds, it’ll mark the second-straight quarter of double-digit earnings growth. That’s very bullish, folks – and it shows just how resilient fundamentally superior companies continue to be in this environment.

That means there are plenty of opportunities for gains out there – you just have to know where to look.

For example, thanks to my proprietary system, my Accelerated Profits stocks have given my subscribers the chance for gains like…

• 604% from Vista Oil & Gas (VIST)
• 106.4% from Alamos Gold Inc. (AGI)
• 135.1% from CECO Environmental Corp. (CECO)
• 90.3% from Celestica, Inc. (CLS)
• 95.1% from Builders FirstSource, Inc. (BLDR)

How to Position Yourself Now

Accelerated Profits is my fastest-moving stock trading service, designed to deliver quick gains regardless of what’s happening in the market.

That’s important because while the courts may have blocked one set of tariffs, others are still in place. And the reality is you can bet the administration will find more ways to push President Trump’s trade agenda forward.

What’s more, as I’ve said from the start, the tariffs are just one piece of a much bigger puzzle.

That’s why I just released a brand-new video briefing on what’s coming next – what I’m calling Liberation Day 2.0.

In it, I discuss:

• The three stocks best positioned to soar in Trump’s “new economy”
• The 10 stocks you need to avoid right now
• The full playbook for navigating the next phase of the Trump Agenda
• And our plan to use my system in Accelerated Profits to deliver quick profits

If you want to stay ahead of the market and protect your portfolio – while targeting major upside – I urge you to watch this special presentation now.

Click here to watch my special video presentation.

Sincerely,

Louis Navellier

Editor, Market 360

The Editor hereby discloses that as of the date of this email, the Editor, directly or indirectly, owns the following securities that are the subject of the commentary, analysis, opinions, advice, or recommendations in, or which are otherwise mentioned in, the essay set forth below:

Alamos Gold, Inc. (AGI), CECO Environmental Corp. (CECO), Celestica, Inc. (CLS), and NVIDIA Corporation (NVDA)

****************************

Luis Hernandez

Hi, I’m Luis Hernandez, Editor-in-Chief at InvestorPlace. Well, the market continues to be a rollercoaster as the news continues to come at us fast. On Wednesday, a U.S. court issued a ruling blocking President Donald Trump’s tariffs. The U.S. Court of International Trade ruled that Trump had misused the emergency powers granted in the International Emergency Economic Powers Act in imposing his Liberation Day tariffs on dozens of countries. The Trump administration immediately said it would appeal the ruling, but the appeals process could take months.

This was in the aftermath of the House passage of Trump’s “Big Beautiful Bill” that extends tax cuts, adds requirements for federal benefits eligibility, and increases the national debt ceiling. The bill also increases the deduction limit for state and local taxes from $10,000 to $40,000, changes requirements for receiving food stamps, and ends taxes on tips and overtime pay.

Some, including Elon Musk, are worried the bill increases spending too much and plunges our nation into further debt. The Big Beautiful Bill, which is more than a thousand pages, now heads to the Senate, where they will have their own chances to change or add to the bill’s requirements before it reaches Trump’s desk. We’ve also wound down this earnings season, where NVIDIA, the poster child for the artificial intelligence boom, reported an upbeat sales forecast with CEO Jensen Huang saying that the AI computing market is still poised for exponential growth.

Today I’m here with stock market legend Louis Navellier to talk about all that news and how he thinks investors should be reacting or not reacting to the wild news headlines. Louis, thanks for taking the time.

Louis Navellier

It’s an honor to be here.

Luis

This court ruling, it was such a surprise. It seemed to come out of the blue, really. And markets worldwide seem to respond positively at first, and now things have kind of evened out. What is your take on the ruling, and what’s going to happen?

Louis

Well, the media is reporting that there’s other ways the Trump administration can impose reciprocal tariffs without using that Emergency Powers Act. So they don’t think this is that important of a ruling, although it will suspend the 50% tariffs on the EU that were set to expire on July 9.

The other thing is the 10% baseline tariffs are still in place and they are generating quite a bit of income. Those tariffs were imposed largely to start taxing the underground economies in America, you know, the cash economy. And of course, they’re going to take that money to provide middle class tax cuts, no taxes on Social Security, no taxes on tips, no taxes on overtime.

The only thing that’s awkward with the baseline tariffs is that when Congress does their reconciliation, they’re not considering the tariff revenue. So Howard Lutnick, our Commerce Secretary, finds that to be a little odd, but it is what it is.

The other thing I do want to stress is that the reciprocal tariff should not be that high when everybody makes a deal with the Trump administration. You know, he’s trying to open up our agricultural markets to the entire world, you know.

The British media is very critical of Keir Starmer, the Prime Minister, for doing that because he didn’t get anything in return. They’re obviously trying to do that now in Switzerland and open up their agricultural markets. And then, of course, the big one will be the EU, which is trying to protect farmers in 27 nations.

So, you know, if this all goes as planned, we’re going to have freer trade as a result. But it just depends on how the negotiations proceed. Obviously, we’re gonna have lots over 10 trillion has already been documented. So, we will have a boom in America.

I’m most interested in when German Chancellor [Friedrich] Merz meets with President Trump here in the upcoming weeks because Trump is trying to get the entire German auto industry to move their operations to America because our electricity is only 25% of their cost. We have five southern states that throw incentives at them. Trump’s already offered to give work visas to their workers to move them.

And the other reason they might want to do that is they have to be all electric by 2035, according to the EU. And Volkswagen actually passed Tesla in Europe, and their sales are up. But even though they’re doing great with EV sales, with ID buzz and things like that, the problem is they don’t make much money. So if they want to be profitable, they’re going to have to make real engines. And so that’s another reason to move to America.

Right now, the German economic minister is in Brussels begging for subsidies to lower the electric costs so they don’t lose their main industries. You know, chemical, steel, glass. Germany has outsourced to Slovakia, to Hungary, to Poland, to the Czech Republic. But when Ukraine cut off that natural gas supply to Slovakia and Hungary, they hurt them a lot.

So, the question is, you know, they tried to pass the higher electric costs from the Paris Climate Accord on to the consumers. And not only is there a pushback from them, there’s a huge pushback from industry. So there’s a lot of moving parts here. But if I was the German auto industry, I would just pick up and move everything to America.

Luis

Okay, hey, I’d like you to comment on this TACO trade thing that we’ve been seeing. TACO, of course, standing for “Trump always chickens out” on tariffs. He was asked about it and had quite an animated response. What do you make of that trend or that trade?

Louis

Well, yeah, obviously the media likes to make fun of Trump and that’s a nice way to insult him. The British media have been the worst there.

All the negative news on The Economist magazine, the Financial Times was all from the British media. And in fact, Ed Yardeni had four Economist covers about how dire it was in America. And then all that criticism abruptly stopped after they did the trade deal with Britain, which has no reciprocal tariffs, just the 10% baseline. And Britain opened up their agricultural markets.

The other interesting thing is the European media is much nastier than our media. I mean, there’s a Financial Times article now that calls him a moron. And so they like to hit below the belt. But you know the bottom line is, politics 101 is you don’t blame yourself, you blame somebody else, and Trump is gonna be blamed for all the world’s problems.

So sometimes you have to look within to fix things. But you know, he’s obviously made of Teflon. And if you back him into a corner, he comes out fighting. And I mean, look what he’s done. He’s got all the union vote now. He’s got the Teamsters. He’s got the Longshoremen. He’s got the UAW (United Auto Workers). And they might have pushed it too far, because UPS had to lay off 20,000 Teamsters. Because you pay all your workers $180 grand a year, apparently you’re not making as much money. So now that they lay off 20,000 people, they closed 73 distribution centers and no longer delivering for Amazon.

Luis

Wow. Let’s get back to the Big Beautiful Bill. Of course, folks are happy about extending the tax cuts and the other cuts that we mentioned. You know, people are really worried about the debt. Even Elon Musk had a quote about that just the other day. And folks are worried about higher interest rates. Folks are worried that there’s going to be continual dollar debasement.

What is your response to this? Because I think some people are now getting really worried about that and really worried about how it’s gonna affect their portfolios.

Louis

Okay, well, this is a compound-complex question and I’m gonna give you a very good answer. It’s gonna take a bit of time. So let’s start with the special meeting on April 9 with Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. And the reason Howard was there is Cantor Fitzgerald dominates treasury trading, and so Howard’s an expert.

And Bessent and Lutnick told President Trump in the nicest way possible that he’s not in charge anymore. Somebody called the bond vigilantes are in charge. These are the big international investors that buy our Treasury securities. And apparently, they were selling the dollar because they didn’t like what he was doing. And Treasury yields were rising higher.

And so when he put the 90-day suspension on reciprocal tariffs, which are probably going to be suspended further by these court rulings. We had the biggest one-day rally I will ever see in my lifetime. And I want to assure everybody, a week later, Devin Nunes, who runs Truth Social, where Trump posts everything. Then, they got into the money management business. They have actually four Trump-themed portfolios that are available through Schwab now. So Trump’s in the money management business. He has a vested interest to make the market go higher.

The other thing that’s going on is the bond vigilantes have also been attacking Japan, which deficit is much higher as a percent of GDP (gross domestic product). And unlike America, which has household formation and organic growth, Japan doesn’t have that because they got too old.

So the bond vigilante seem to be more biased towards Japan right now. I’ve noticed that Treasury yields have calmed down a bit. A lot of that is the skill of Scott Bessent. So we got to reiterate who Scott Bessent is.

He made a bet when he worked for George Soros that the Bank of England would have to unpeg their currency and he won that bet and he made Soros over a billion dollars on one trade. So the whole world is scared of Scott Bessent. This guy knows what he’s doing. If he could break the Bank of England, I think he needs to be respected no matter how nice he appears.

I call him the “do not worry, be happy” Treasury Secretary. He’s clearly doing a much better job than Janet Yellen. Just so everybody knows, Janet Yellen lost control of the long end of the Treasury yield curve. She had some bad Treasury bond auctions. She responded by just selling mostly short intermediate debt at even higher rates. And that’s why we had an inverted yield curve.

At least under Scott, we have a normal yield curve. And we had a 20-year auction that wasn’t perfect. The bid to cover ratio is 2.46 to 1. It doesn’t sound bad because 2.7 is normal, but it had a long tail and yields did meander higher. So Scott will be on top of all these things and basically make sure we don’t sell more Treasuries than the market can demand.

But the reason I’m still expecting four Fed rate cuts, there is a global interest rate collapse underway. And so now I have to explain to you why the dollar will get its mojo back and dominate the world.

So let’s look at where you can put your money, if you’re a big international investor. You can try China. What’s going on in China? Well, let’s see. They keep losing over 100 million people a year. They have a household problem. Households are shrinking. Their rates are below Japan, and the rates are probably gonna be low for 20-plus years and they might have to do a currency devaluation

By the way, you put your money in Chinese banks, you just can’t get them out. That’s why China dispatched tanks on the street and told the depositors that was an investment. So no one wants to put their money in China.

Obviously, Japan is starting to let their rates meander higher to appease the bond vigilantes, but they can’t raise rates either. And they still have ultra-low rates. Europe is going to have its eighth rate cut in June and they got more coming, because Europe is dying. They’re losing households left and right. They’re shrinking. The only countries that are really growing are Portugal and Spain and that’s

immigration and Spain is very pro-immigration. Even the legal kind.

The only problem is Spain might want to put some turbines on their electric grid. You know, they want all green energy, nothing wrong green energy, especially when it’s nice and sunny. The only problem is they can’t do it all on batteries and storage. So their grid collapsed and they’re going to have to add some turbines. The turbines can be controlled by hydroelectric or natural gas or just anything that makes the turbine spin. But they need to put some base load electricity on because obviously you can’t run your economy without electricity.

The other thing that’s interesting about Spain and other areas of Europe, they control your thermostat. So when there’s an electric problem, they actually raise the temperature in your home. I find that interesting in the summer months.

But Europe is dying and the EU is a mess. It was a monetary union, it was a trade union. But now it’s become extremely political. They took out Marine Le Pen, who was gonna be the next president of France. They disqualified her, they disqualified the guy that run the first runoff in Romania. They took off one of Giorgia Meloni’s associates. They closed down two media outlets in Poland. They’re trying to influence their election. They’re the first one, they’ll have a runoff shortly.

So if you’re anti-EU, they attack. So it’s no longer just a monetary trade union. It’s a big political machine and Trump despises the EU. That’s why he gave Britain a good deal. He’s going to give Switzerland a good deal. He’s going to tell them, just drop your trade barriers and you’ll get a good deal from America. So that would mean lowering the tax on American cars from 10% to 2.5%, lowering the tariff on SUVs from 25% down to 2.5%. We did have a 2.5% tax on imported vehicles and obviously it’s going up under Trump now.

So it’s let’s make a deal time. But the bottom line is America’s food and energy independent. We are growing. The only other country that’s really growing is India. We are pro-family in America. Just go to the South, go to the mountain West. It’s a very pro-family with great households. The reason Utah is the fastest growing state in America is because they have more kids than the rest of America.

We also assimilate our immigrants. If you go to Europe, they’re not assimilating them the way they used to. First of all, France never assimilated. That’s a French problem. Germany used to assimilate Turks and Syrians, but they got overrun and they don’t have to deal with the new wave, and so that’s causing problems. And of course, Britain used to assimilate, but they got overrun too. So that’s why they have 84 Sharia courts in Britain now. So it’s really interesting.

And one last thing. The EU, just so everybody knows how bad they are, they all want open-source software. They all want to spy on us. Part of the negotiations in Britain is Britain wanted to get access to the iCloud because they wanted to see who’s posting nasty things about the Labour Party. And if they found that, that person could go to prison for up to seven years. And you don’t have free speech in a lot of these countries. And Germany does a little of this too.

So, in America, we are an open platform. We assimilate our immigrants. We’re pro-family, and the entire world is shrinking. So if we just count the recessions now, you can’t trust the economic data in China, but clearly they’re sputtering. Japan’s in a recession. Mexico and Canada should be contracting here shortly if it’s not official yet. Britain’s definitely in a recession. Half the Brits can’t even pay their electric bill, they have to be subsidized. Keir Starmer has a big mess on his hands. France is in a recession. Germany’s in its third year of a recession.

And Germany did it to themselves. They shut down their nuclear plants, cost of electricity went nuts. Initially, they outsourced to Eastern Europe, Hungary, Slovakia, Czech Republic and Poland. And now their electricity costs are going up. So now they got to outsource to America or somewhere else. They do outsource to Mexico, so like the Audi Q5 is made in Mexico, but it’s not part of USMCA (United States-Mexico-Canada Agreement). So, its price is going to go up. But it’s just fascinating to watch what’s going on in the world. But when you step back, you’re just better off in America.

One last thing about food, because Trump’s pushing food big time. As big as we are, as productive as we are agriculturally, believe it not, we ran a deficit for three years in a row. And most of it was Mexico. They were making our tomatoes and berries and chilis and of course, the avocados. I’m sure everybody knows Mexico makes the most popular beer in America. So they’ve been very, very efficient at that. They put some reciprocal tariffs on that. But in the end, Trump just wants America to win and he’s happy to expand America.

The final reason I don’t worry about the tariffs is we have a lot of collateral and you know, we’re doing a promo on this, talking about all the collateral in various states but I do want to assure everybody that they can take Vandenberg Space Force Base which is where they launch missiles and they told Elon to go someplace so he doesn’t launch missiles there anymore.

We can take all that beautiful land and turn it to oceanfront lots overlooking the Pacific Ocean. El Toro Marine Base and turn that into oceanfront lots so they’ll have to get the ordinance out of the ground. Let’s see, what else do we own? We own the Presidio, we own Moffett Field.

Luis

You said the tariffs, but you mean the debt.

Louis

I mean the debt, yeah, I apologize. So we have a lot of collateral and we actually have a real estate president and I realize he is trying to acquire Canada and Greenland. He told Canada the cost of the new missile shield is $51 billion unless they become part of America.

I don’t know if you’re aware, the premiers of Alberta and Saskatchewan are preparing to leave. They may have referendums there. I think it’s a little early, but they’re ticked because Mark Carney, the new Prime Minister of Canada, is a net-zero guy. So that means no fossil fuels by 2050. So that hurts Alberta, and no chemical fertilizers. So that kills a Saskatchewan, which is potash. So those two provinces are preparing to move.

The other thing that’s so odd, even though Mark Carney is a net-zero guy, the Prime Minister, Canada’s 25% of global carbon emissions because of all the fires every summer.

So the lightning hits the ground and the peat burns. You know, it’s called a boreal fire. They have them in Siberia too. I don’t think anybody counts those fires very good in Siberia. But anyway, so Alberta’s on fire now and now Manitoba’s just evacuated town, 17,000 people. So, and of course, we get a lot of that smoke in America, you Chicago, New York gets it. So we’ll see what happens.

But, you know, if he’s so worried about, you know, carbon emissions, he might want to just do some forestry management. I know that peat fires are very hard to put out, but we do make a stock called Perimeter Solutions, Inc. (PRM) that makes the foam that’ll put it out.

Luis

Yeah, yeah. So, thanks. I mean, essentially, the United States is still the oasis. I mean, everybody else is…

Louis

Yeah, yeah, and the dollar is going to get its mojo back and when it does, it’s going to offset those 10% tariffs, because I bet the dollar goes up at least 10%.

And then our retailers are now burdened with all these excess goods because the imports went up 41.3% in the first quarter. So now they’ve got to discount them to sell them. And last I looked, we have deflation. CPI (Consumer Price Index) has been down for two of the last three months. The PPI (Producer Price Index) has been down sharply in the last two months. Wholesale inflation, a lot of it’s the lower energy prices from lower prices at the pump.

What else do we have? We got the PCE (Personal Consumption Expenditures) coming out and it should be flat as a pancake or down. So consumer inflation is the lowest rate in four years, wholesale inflation, lowest rate in five years, and the Fed’s not looking at the data. Instead, they’re looking at an inflation boogeyman that doesn’t exist.

And now with the suspension of these reciprocal tariffs, I don’t know what they’re going to say at the next Fed meeting. Because they, again, they’re looking for something that hasn’t happened.

So I think everybody’s grossly overreacted and America’s the oasis. Again, I can’t say the immigration thing enough. We do assimilate our immigrants. I know Trump is deporting some people. If you’re a legal immigrant, he loves you. They’re happy to hand out work visas. They always have. He just wants everybody to pay in the system.

And there is a problem. I was at my daughter’s graduation ceremony at Columbia and it was unbelievably tense. They kept calling the president, I was in the president’s box, the acting president, because no one wants to be president of Columbia.

But they mentioned Tel Aviv University and all these boos came out and then there was other antisemitic things going on and it’s just like, where in the hell am I? You know what I mean? You know, some of these students shouldn’t be there. Some of the faculty shouldn’t be there, because we just don’t promote that in America.

Luis

So one last thing to cover here real quick. We’re just winding down earnings season. According to FactSet, both the percentage of S&P 500 companies reporting positive earnings surprises and the magnitude of earnings surprises are above their 10-year averages. When you look back, how did we do this earnings season and what do you expect going forward?

Louis

Yeah, we have Costco Wholesale Corporation (COST) coming out. That’s the last one after NVIDIA Corporation (NVDA). That should be good. At least 6% same-store sales growth with falling gas prices. That’s pretty good.

But no, it’s stunning. It was absolutely stunning. And we’re going to have double-digit earnings growth the rest of the year. You know, it’s funny. You can do an average. You can do a weighted average. So if you do a weighted average, well, the NVIDIAs count more than, you know, the tail-end of the S&P. We’re well in double digits.

So basically, P/E ratios are falling because earnings are strong and I’m seeing positive analyst revisions. It’s just time to not worry and be happy. So I’m very happy with this announcement season. It’s never perfect. But by and large, the stocks came out and dropkicked and drove stocks higher.

It’s interesting, we have a stock called Brinker International, Inc. (EAT), a restaurant company that had beat big time and went down because everybody was worried about the consumer. Well, we just got in the retail sales report that spending at bars and restaurants was up 1.2% in April. And then we just had the new Conference Board Consumer Confidence Index that soared.

It’s the narrative that the consumer isn’t gonna be spending is false, okay? And in summertime, they have more money in their pockets, they’re gonna get a tax bill, it’s gonna put more money in their pockets. The velocity of money is gonna pick up. That’s how fast money changes hands. economic prosperity is gonna continue to drive many stocks higher. So I think things are gonna be fine.

Retail is tough. Retail is all about influencers and stuff. You know there’s a stock that we sold for a nice profit called e.l.f. Beauty, Inc. (ELF) because their margins came under compression. They just bought an influencer because that’s how things are being sold now, and so long as you’re just having the internet.

Luis

Yeah, a billion dollars. I saw that.

Louis

So, Luis, I don’t know what product you want to endorse, but we need to see you on the internet promoting it. And then maybe they’ll give you a billion bucks for whatever you’re promoting.

Luis

I’ll keep that in mind. Thanks for your insights, Louis. I always appreciate it.

Louis

Thank you.

Luis

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Right now, Accelerated Profits subscribers can get his Liberation Day 2.0 Playbook: Three Stocks Set to Soar in Trump’s New Economy, as well as Liberation Day Losers: 10 Stocks to Avoid in the Coming Trade Wars.

Thanks again for your attention.