Core Viewpoint - The U.S. Federal Court has blocked President Trump's tariff policy announced on April 2, ruling that he overstepped his authority by imposing comprehensive tariffs on countries that export more to the U.S. than they import [1][2] Group 1 - Following the court's ruling, the Trump administration has filed an appeal, with White House spokesperson Kush DeSai condemning the decision and asserting that non-elected judges should not dictate responses to national emergencies [2] - The court's decision allows the administration up to 10 days to halt the implementation of the tariff policy, although the specific timing and method for stopping the tariffs remain unclear [2] - On April 2, the White House declared a national emergency aimed at enhancing U.S. competitive advantage and protecting national and economic security [2] Group 2 - In response to the court ruling, gold prices experienced a sharp decline, dropping below $3,250 per ounce, while the U.S. dollar index rose above the 100 mark [1] - U.S. stock index futures saw significant gains, with the Nasdaq futures up by 1.8%, S&P 500 futures up by 1.44%, and Dow futures up by 1.09% [1] - In the A-share market, the Shanghai Composite Index opened slightly higher by 0.01%, with the Shenzhen Component Index and the ChiNext Index also showing minor increases [1]

Market Overview - US stock index futures showed significant gains, with Nasdaq futures up 1.72%, S&P 500 futures up 1.44%, and Dow futures up 1.05% [1][2] - WTI crude oil prices increased by 0.73%, reaching a high of $62.29 per barrel [2][3] - Spot gold prices decreased by 0.79%, currently at $3262.48 per ounce [2][3] - The US dollar index rose by 0.44%, currently at 100.334 [2][3] Economic Policy and Legal Developments - A US federal court blocked President Trump's tariff policy announced on April 2, ruling that he overstepped his authority by imposing tariffs on countries with trade surpluses with the US [5] - The court emphasized that only Congress has the power to regulate trade, and Trump's emergency powers do not override this authority [5] - The lawsuit was initiated by a non-profit organization representing five small US businesses affected by the tariffs, marking a significant legal challenge to Trump's trade policies [5] Federal Reserve Meeting Insights - The Federal Reserve decided to maintain the federal funds rate target range at 4.25% to 4.5% during the FOMC meeting held on May 6-7 [6][7] - Committee members expressed the need to carefully assess future data and evolving economic conditions before making further adjustments to the interest rate [6][7] - There is an acknowledgment of increased uncertainty regarding economic prospects, with rising risks of unemployment and inflation [7]