{"id":59061,"date":"2026-02-24T17:38:32","date_gmt":"2026-02-24T21:38:32","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/markets-rally-as-hp-beats-estimates-white-house-dismisses-ai-job-fears-amid-tariff-ruling-setback\/59061\/"},"modified":"2026-02-24T17:38:32","modified_gmt":"2026-02-24T21:38:32","slug":"markets-rally-as-hp-beats-estimates-white-house-dismisses-ai-job-fears-amid-tariff-ruling-setback","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/markets-rally-as-hp-beats-estimates-white-house-dismisses-ai-job-fears-amid-tariff-ruling-setback\/59061\/","title":{"rendered":"Markets Rally as HP Beats Estimates; White House Dismisses AI Job Fears Amid Tariff Ruling Setback"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>US markets closed higher across the board<\/strong>, with the <strong>Nasdaq<\/strong> leading gains at <strong>1.08%<\/strong> as investors reacted to a string of corporate earnings beats and policy clarifications.<\/li>\n<li><strong>HP Inc. (<a href=\"\/stock\/HPQ\">HPQ<\/a>)<\/strong> exceeded Q1 expectations with <strong>$14.44 billion<\/strong> in revenue and an adjusted EPS of <strong>$0.81<\/strong>, signaling resilience in the PC market despite rising memory costs.<\/li>\n<li>The <strong><a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a> administration<\/strong> dismissed a high-profile report predicting massive AI-driven job losses as <strong>&quot;science fiction,&quot;<\/strong> asserting that productivity gains will drive long-term market growth.<\/li>\n<li>A <strong>Supreme Court<\/strong> ruling has curtailed the executive branch&#39;s power to impose sweeping tariffs under the <strong>International Emergency Economic Powers Act (IEEPA)<\/strong>, creating a new legislative hurdle for the administration&#39;s trade agenda.<\/li>\n<li><strong>China<\/strong> is accelerating its semiconductor self-sufficiency, targeting an additional <strong>500,000 wafers<\/strong> of capacity by 2030 as domestic firms like <strong>SMIC<\/strong> and <strong>Hua Hong<\/strong> expand advanced production.<\/li>\n<\/ul>\n<h2>Market Performance and Corporate Earnings<\/h2>\n<p>Wall Street finished the session with solid gains on Tuesday, as the <strong>Nasdaq Composite<\/strong> unofficially closed up <strong>243.68 points<\/strong>, or <strong>1.08%<\/strong>, at <strong>22,870.95<\/strong>. The <strong><a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a><\/strong> rose <strong>0.79%<\/strong> to finish at <strong>6,891.60<\/strong>, while the <strong><a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average<\/strong> also climbed <strong>0.79%<\/strong>, ending the day at <strong>49,191.56<\/strong>. <em>Market sentiment was bolstered by strong technology performance and a generally optimistic outlook on domestic productivity.<\/em><\/p>\n<p><strong>HP Inc. (<a href=\"\/stock\/HPQ\">HPQ<\/a>)<\/strong> provided a significant boost to the tech sector after reporting Q1 net revenue of <strong>$14.44 billion<\/strong>, well above the estimated <strong>$13.9 billion<\/strong>. The company posted an adjusted EPS of <strong>$0.81<\/strong>, beating the <strong>$0.77<\/strong> consensus. <em>Despite navigating industry-wide headwinds like memory cost inflation, the firm maintained its full-year adjusted EPS guidance of <strong>$2.90 to $3.20<\/strong>, citing strong momentum in AI-enabled PCs.<\/em><\/p>\n<h2>White House Dismisses AI Job Loss Concerns<\/h2>\n<p>The <strong>White House<\/strong> moved to calm fears regarding the impact of artificial intelligence on the labor market, with economist <strong>Pierre Yared<\/strong> dismissing a dire job-loss report as <strong>&quot;science fiction.&quot;<\/strong> The report, which suggested AI could trigger a market downturn and mass unemployment, was criticized for violating basic economic principles. <em>Yared argued that productivity gains from AI typically boost economic growth rather than sinking major indexes like the <strong>S&amp;P 500<\/strong>.<\/em><\/p>\n<p>The administration of <strong>Donald <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a><\/strong> continues to back the expansion of AI technology, viewing it as a critical driver of American competitiveness. <em>Officials emphasized that while innovation causes disruption, the historical precedent for technological advancement points toward job creation and enhanced market value.<\/em><\/p>\n<h2>Supreme Court Limits Tariff Flexibility<\/h2>\n<p>In a major legal development, the <strong>Supreme Court<\/strong> issued a ruling that reduces the <strong>Trump administration&#39;s<\/strong> flexibility to impose sweeping tariffs. <strong>US House Speaker Johnson<\/strong> expressed disappointment with the ruling, calling it a <strong>&quot;blow&quot;<\/strong> to the President\u2019s trade strategy. <em>The court found that the executive branch exceeded its authority under the IEEPA, returning more control over revenue-raising measures to Congress.<\/em><\/p>\n<p>Despite the ruling, <strong>Speaker Johnson<\/strong> noted that the decision brings some economic certainty to the markets while highlighting that a <strong>&quot;range of tariff tools&quot;<\/strong> remain available. The administration has already begun pivoting to alternative legal authorities, such as <strong>Section 122 of the Trade Act of 1974<\/strong>, to maintain its trade pressure on international partners.<\/p>\n<h2>Geopolitical Shifts: Ukraine and China&#39;s Tech Push<\/h2>\n<p>As the war in <strong>Ukraine<\/strong> enters its fifth year, the human cost of the conflict has reached a staggering milestone. Total battlefield deaths are reportedly approaching <strong>500,000<\/strong>, with heavy losses sustained by both the forces of <strong>Vladimir Putin<\/strong> and <strong>Volodymyr Zelenskyy<\/strong>. <em>The conflict remains in a state of grinding attrition, with no immediate signs of a diplomatic breakthrough as both sides prepare for another year of intense fighting.<\/em><\/p>\n<p>Simultaneously, <strong>China<\/strong> is making aggressive strides in the global tech race. According to sources cited by <strong>Nikkei<\/strong>, major Chinese chipmakers including <strong>SMIC<\/strong>, <strong>Hua Hong Semiconductor<\/strong>, and several <strong>Huawei-linked<\/strong> firms are expanding to produce chips using the most advanced technology available domestically. <strong>China<\/strong> aims to add <strong>500,000 wafers<\/strong> of capacity by 2030, with plans to boost the output of relatively advanced chips to <strong>100,000 wafers<\/strong> within the next two years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways US markets closed higher across the board, with the Nasdaq leading gains at 1.08% as investors reacted to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50383,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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