A judge blocked New York City’s mayor from letting federal immigration authorities reopen an office at the city’s main jail, in part because of concerns the mayor invited them back in as part of a deal with the Trump administration to end his corruption case.

New York Judge Mary Rosado’s decision Friday is a setback for Democratic Mayor Eric Adams, who issued an executive order permitting U.S. Immigration and Customs Enforcement and other federal agencies to maintain office space at the Rikers Island jail complex. City lawmakers filed a lawsuit in April accusing Adams of entering into a “corrupt quid pro quo bargain” with the Trump administration in exchange for the U.S. Justice Department dropping criminal charges against him.

Rosado temporarily blocked the executive order in April. In granting a preliminary injunction, she said city council members have “shown a likelihood of success in demonstrating, at minimum, the appearance of a quid pro quo whereby Mayor Adams publicly agreed to bring Immigration and Customs Enforcement (”ICE”) back to Rikers Island in exchange for dismissal of his criminal charges.”

Rosado cited a number of factors, including U.S. border czar Tom Homan’s televised comments in February that if Adams did not come through, “I’ll be in his office, up his butt saying, ‘Where the hell is the agreement we came to?’ ”

Adams has repeatedly denied making a deal with the administration over the criminal case. He has said he deputized his first deputy mayor, Randy Mastro, to handle decision-making on the return of ICE to Rikers Island to make sure there was no appearance of any conflict of interest.

Rosado said that Mastro reports to Adams and “cannot be considered impartial and free from Mayor Adams’ conflicts.”

Mastro said in a prepared statement Friday the administration was confident they will prevail in the case. “Let’s be crystal clear: This executive order is about the criminal prosecution of violent transnational gangs committing crimes in our city. Our administration has never, and will never, do anything to jeopardize the safety of law-abiding immigrants, and this executive order ensures their safety as well,” Mastro said.

City Council Speaker Adrienne Adams, who is running in the Democratic primary for mayor, called the decision a victory for public safety.

“New Yorkers are counting on our city to protect their civil rights, and yet, Mayor Adams has attempted to betray this obligation by handing power over our city to Trump’s ICE because he is compromised,” she said in a prepared statement.

Financial markets welcomed a U.S. court ruling that blocks President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law.

U.S. futures jumped early Thursday and oil prices rose more than $1. The U.S. dollar rose against the yen and euro.

The court found the 1977 International Emergency Economic Powers Act, which Trump has cited as his basis for ordering massive increases in import duties, does not authorize the use of tariffs.

The White House immediately appealed and it was unclear if Trump would abide by the ruling in the interim. The long term outcome of legal disputes over tariffs remains uncertain. But investors appeared to take heart after the months of turmoil brought on by Trump's trade war.

The future for the S&P 500 was up 1.5% while that for the Dow Jones Industrial Average gained 1.2%.

In early European trading, Germany's DAX gained 0.5% to 24,160.75. The CAC 40 in Paris jumped 0.9% to 7,860.67. Britain's FTSE was nearly unchanged at 8,722.63.

Japan's Nikkei 225 index jumped 1.9% to 38,432.98. American's largest ally in Asia has been appealing to Trump to cancel the tariffs he has ordered on imports from Japan and to also stop 25% tariffs on steel, aluminum and autos.
A U.S. Customs and Border Protection technician examines overseas parcels after they were scanned at the agency's overseas mail inspection facility at Chicago's O'Hare International Airport on Feb. 23, 2024.

The ruling also pushed the dollar sharply higher against the Japanese yen. It was trading at 145.40 yen early Thursday, up from 144.87 yen late Wednesday.

A three-judge panel ruled on several lawsuits arguing Trump exceeded his authority, casting doubt on trade policies that have jolted global financial markets, frustrated trade partners and raised uncertainty over the outlook for inflation and the global economy.

Many of Trump's double-digit tariff hikes are paused for up to 90 days to allow time for trade negotiations, but the uncertainty they cast over global commerce has stymied businesses and left consumers wary about what lies ahead.

"Just when traders thought they'd seen every twist in the tariff saga, the gavel dropped like a lightning bolt over the Pacific," Stephen Innes of SPI Asset Management said in a commentary.

The ruling was, at the least, "a brief respite before the next thunderclap," he said.

Elsewhere in Asia, Hong Kong's Hang Seng added 1.3% to 23,561.86, while the Shanghai Composite index gained 0.7% to 3,363.45.

Australia's S&P/ASX 200 gained 0.2% to 8,409.80.

In South Korea, which like Japan relies heavily on exports to the U.S., the Kospi surged 1.9% to 2,720.64. Shares also were helped by the Bank of Korea's decision to cut its key interest rate to 2.5% from 2.75%, to ease pressure on the economy.
Taiwan's Taiex edged 0.1% lower, and India's Sensex lost 0.2%.

On Wednesday, U.S. stocks cooled, with the S&P 500 down 0.6% but still within 4.2% of its record after charging higher amid hopes that the worst of the turmoil caused by Trump's trade war may have passed. It had been roughly 20% below the mark last month.

The Dow industrials lost 0.6% and the Nasdaq composite fell 0.5%.

Trading was relatively quiet ahead of a quarterly earnings release for Nvidia, which came after markets closed.

The bellwether for artificial intelligence overcame a wave of tariff-driven turbulence to deliver another quarter of robust growth thanks to feverish demand for its high-powered chips that are making computers seem more human. Nvidia's shares jumped 6.6% in afterhours trading.

Like Nvidia, Macy's stock also swung up and down through much of the day, even though it reported milder drops in revenue and profit for the latest quarter than analysts expected. Its stock ended the day down 0.3%.

The bond market showed relatively little reaction after the Federal Reserve released the minutes from its latest meeting earlier this month, when it left its benchmark lending rate alone for the third straight time. The central bank has been holding off on cuts to interest rates, which would give the economy a boost, amid worries about inflation staying higher than hoped because of Trump's sweeping tariffs.

Arizona prosecutors pressing the case against Republicans who are accused of trying to overturn the 2020 election results in President Donald Trump’s favor were dealt a setback when a judge ordered the case be sent back to a grand jury.

Arizona’s fake elector case remains alive after Friday’s ruling by Maricopa County Superior Court Judge Sam Myers, but it’s being sent back to the grand jurors to determine whether there’s probable cause that the defendants committed the crimes.

The decision, first reported by the Washington Post, centered on the Electoral Count Act, a law that governs the certification of a presidential contest and was part of the defendants’ claims they were acting lawfully.

While the law was discussed when the case was presented to the grand jury and the panel asked a witness about the law’s requirements, prosecutors didn’t show the statute’s language to the grand jury, Myers wrote. The judge said a prosecutor has a duty to tell grand jurors all the applicable law and concluded the defendants were denied “a substantial procedural right as guaranteed by Arizona law.”

Richie Taylor, a spokesperson for Arizona Attorney General Kris Mayes, a Democrat whose office is pressing the case in court, said in a statement that prosecutors will appeal the decision. “We vehemently disagree with the court,” Taylor said.

Mel McDonald, a former county judge in metro Phoenix and former U.S. Attorney for Arizona, said courts send cases back to grand juries when prosecutors present misleading or incomplete evidence or didn’t properly instruct panel members on the law.

“They get granted at times. It’s not often,” said McDonald, who isn’t involved in the case.

In all, 18 Republicans were charged with forgery, fraud and conspiracy. The defendants consist of 11 Republicans who submitted a document falsely claiming Trump won Arizona, two former Trump aides and five lawyers connected to the former president, including Rudy Giuliani.

Two defendants have already resolved their cases, while the others have pleaded not guilty to the charges. Trump wasn’t charged in Arizona, but the indictment refers to him as an unindicted coconspirator.

Most of the defendants in the case also are trying to get a court to dismiss their charges under an Arizona law that bars using baseless legal actions in a bid to silence critics.

They argued Mayes tried to use the charges to silence them for their constitutionally protected speech about the 2020 election and actions taken in response to the race’s outcome. Prosecutors said the defendants didn’t have evidence to back up their retaliation claim and that they crossed the line from protected speech to fraud.

Eleven people who had been nominated to be Arizona’s Republican electors met in Phoenix on Dec. 14, 2020, to sign a certificate saying they were “duly elected and qualified” electors and claimed Trump had carried the state in the 2020 election.

President Joe Biden won Arizona by 10,457 votes. A one-minute video of the signing ceremony was posted on social media by the Arizona Republican Party at the time. The document later was sent to Congress and the National Archives, where it was ignored.

Prosecutors in Michigan, Nevada, Georgia and Wisconsin have also filed criminal charges related to the fake electors scheme.