Stock index futures jumped on Thursday after a court struck down the “reciprocal” tariffs that President Donald Trump had imposed in April, while Nvidia's (NVDA) results and guidance also lifted the mood.

U.S. stocks were headed for slight losses early on Wednesday after strong gains the previous day over easing trade tensions with the European Union. Earnings from chip maker Nvidia after the market close are set to take the spotlight.

Futures tied to the S&P 500 rose 1.2%, while Nasdaq 100 futures gained 1.7%. Dow futures climbed around 300 points, or 0.7%. On Wednesday night, the U.S. Court of International Trade ruled that Trump overstepped his authority when he imposed his "reciprocal" tariffs. The court ordered that the challenged tariff orders be vacated.

Fiscal first-quarter revenue and adjusted earnings per share (EPS) increased 69% and 33%, respectively, year over year, surpassing Wall Street's expectations. These results were very strong, given they include the impacts from a $4.

After losing some steam earlier in the morning, stock futures were trending back up after the latest update on first-quarter GDP came in a tick higher than the initial estimate. The Bureau of Economic Analysis revised its estimate for gross domestic product to a decline of 0.