A historic Supreme Court ruling invalidating President Donald Trump's sweeping global tariffs triggered a sharp rally across U.S. equities Friday, as investors cheered the removal of duties that had reshaped trade flows and markets for nearly a year.The decision, issued Friday, held that the International Emergency Economic Powers Act does not authorize the president to impose tariffs. Chief Justice John Roberts wrote that Article I of the Constitution grants Congress alone the power to levy duties and taxe ...

President Trump is the first to invoke the International Emergency Economic Powers Act of 1977 to set tariffs on imported goods from more than 100 countries. ...

John, does this ruling does it change anything in your outlook. Not at all. If if anything, when you get get an announcement like this, you've gotta consider that you you've got players on both sides of the trading floors essentially making decisions related to changing positions, repositioning, adding the positions.This this this will this has to be baked in and then considered what will actually happen. And as as you all mentioned, it will take a while for this to take effect, and then the response is lik ...

The Supreme Court dealt a blow to President Donald Trump’s trade agenda on Friday, siding against him in a case challenging the legality of tariffs that have shaped global markets and U.S. supply chains. By a 6–3 vote, the majority concluded that the law cited to justify the import duties "does not authorize the President to impose tariffs." Chief Justice John Roberts delivered the opinion of the court. Justices Clarence Thomas, Samuel Alito and Brett Kavanaugh dissented.The White House did not immediately ...

But now here to help us set up the trading day, I'd like to welcome in Kevin Hanks for our pre-bell playbook. And so Kevin, we've gotten some important economic data this morning. I mean GDP rose just 1.4% pretty wide miss.Well, we also saw at the same time inflation actually holding pretty firm. So I mean right now how do you make of what do you make of this conflicting data and what does this mean for overall just the Fed. >> Good morning Jen.You know I think two things. We got two very big numbers today. ...

NEW YORK (AP) — Wall Street kept calm Friday after the Supreme Court struck down President Donald Trump’s sweeping tariffs, which had triggered panic in financial markets when announced last year, and stocks ticked higher. The S&P 500 rose 0.7%. It had been flipping between small gains and losses before the court’s ruling, following discouraging reports showing slowing growth for the U.S. economy and faster inflation. The Dow Jones Industrial Average added 230 points, or 0.5%, and the Nasdaq composite r ...

Tariffs weren’t enough to end America’s import addiction. Last year, in spite of (or because of) the White House’s aggressive tariff campaign, the US trade deficit of goods reached a record high, according to data Thursday from the US Commerce Department. In other words, tariffs haven’t really altered the behavior of US consumers and companies. But according to a JPMorgan report published Thursday, the tariffs are definitely making life tougher for mid-sized companies. SUBSCRIBE:  Receive more of our fre ...

Regionally, Berman said total U.S. fourth-quarter business declined 7.8% to $86.2 million, which the company attributed to the higher tariff burden. He said higher retail prices led to slower sell-through in the second half and “lower fourth quarter replenishment,” though fourth-quarter FOB sales to the U.S. were positive year-over-year and helped offset some weakness. Outside the U.S., fourth-quarter sales rose 9.9% to $41 million, with Europe roughly flat and Latin America up significantly after a softer ...

Core Insights - Payments made by U.S.-based midsize businesses to firms in China dropped by approximately 20% from 2024 to 2025 due to increased tariffs on Chinese imports under the Trump administration [1][2] - The effective tariff rate on Chinese imports reached 37.4% in October 2025, making China the most affected among major U.S. trade partners [2] - Monthly tariff payments by midsize U.S. businesses tripled from nearly $100 billion in early 2025 to about $300 billion by the end of 2025, indicating a significant increase in costs due to tariffs [14][15] Payment Trends - Midsize firms that previously made payments to China redirected their outflows to other parts of Asia, including Southeast Asia, Japan, and India [3] - The increase in outflows to these regions may be attributed to import substitution, although other factors could also be influencing this trend [3] Tariff Impact - The sharp increase in tariff payments began in April 2025, coinciding with the implementation of the first tariff rate increases of that year [15] - The total payments continued to rise throughout 2025, reaching levels three times higher than those recorded in early 2025 [15] Transshipment Concerns - There are indications that Chinese products may be shipped to neighboring countries, modified, and then sent to the U.S. to circumvent tariffs [5][7] - Rising imports from Vietnam and Taiwan are seen as potential sources of transshipped goods, with Taiwanese producers possibly rerouting goods to avoid high tariffs on Chinese products [10][11]

Market Overview - The S&P 500 experienced a decline of approximately 0.6%, primarily driven by a drop in big tech stocks, which fell about 0.7% [1][2] - The VIX index is trading with a 20 handle, indicating increased market volatility [1] - The 10-year Treasury yield is currently at 4.07% [2] Geopolitical and Economic Factors - U.S. military buildup in the Middle East has raised speculation about a potential attack on Iran, dampening market sentiment [2][3] - The trade deficit in the U.S. has reached its widest level in modern history, with tariffs failing to narrow it or boost domestic manufacturing [4][36] Company-Specific Insights - Blue Owl, an asset manager, has faced investor withdrawals from one of its private credit funds, negatively impacting its stock and those of peers like Apollo, Blackstone, and KKR [3] - CRH, a building materials giant, reported adjusted revenue in line with estimates and is actively involved in over 100 data center projects across the U.S., indicating strong demand in this sector [19][21] Investment Strategies and Trends - There is a focus on diversifying within the AI theme, with an emphasis on AI infrastructure as a key area for growth [10][11] - Emerging markets (E.M.) are being considered as a source of diversification and earnings growth, with significant inflows noted [11][12] - Companies are advised to invest in defensive AI sectors, such as semiconductors and hardware, to mitigate risks in the current market environment [15][16] Economic Outlook - The upcoming GDP report is expected to show strong growth, with significant investment in the economy contributing to this outlook [36][40] - Wage growth has been broad-based, particularly in manufacturing, indicating a positive economic trajectory [44][50] Corporate Actions and Market Reactions - Bank of America plans to commit $25 billion to private credit deals, reflecting a strategic shift in its investment approach [34] - Walmart's shares have seen a decline despite strong performance, attributed to cautious earnings forecasts amid a challenging economic backdrop [67][70]