经济数据拖累美股低开 特朗普关税被推翻后三大股指转涨

Core Viewpoint - The U.S. Supreme Court's decision to overturn President Trump's global tariff measures has led to a rise in the stock market, while bonds and the dollar have declined, prompting investors to assess the implications for U.S. trade policy [1][6]. Economic Impact - Over 300 stocks in the S&P 500 index rose, contributing to an expanded weekly gain for the index following the Supreme Court ruling [1][6]. - The ruling stated that Trump's use of federal emergency powers to implement "reciprocal" tariffs and targeted import taxes to combat fentanyl trafficking exceeded his authority [1][6]. Future Trade Policy - Brian Jacobsen from Annex Wealth Management indicated that the Trump administration will likely shift to tariffs targeting specific countries and industries, which will take longer to implement [3][8]. - Jacobsen also noted that while Trump could issue temporary comprehensive tariffs, their amounts and duration would be more limited, allowing time to complete necessary procedural steps [3][8]. - Steve Chiavarone from Federated Hermes mentioned that the ruling does not clarify the future path, which will be a key focus for the market, raising questions about potential tax refunds and the President's next steps [3][8]. Economic Data - Adjusted for inflation, the annualized GDP growth for the fourth quarter was 1.4%, down from 4.4% in the previous quarter, with a projected growth of 2.2% for the entire year of 2025 [3][8]. - The core PCE price index, favored by the Federal Reserve, increased by 0.4% month-over-month in December, marking the largest rise in nearly a year, with a year-over-year increase of 3% [3][8]. Monetary Policy Outlook - Art Hogan from B. Riley Wealth stated that the recent economic data sends "mixed signals," with inflation higher than expected and growth lower than anticipated [3][8]. - These confusing signals reinforce the Federal Reserve's current inclination to maintain a patient stance on monetary policy [4][9].