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Wall Street shrugs at widely expected Supreme Court tariff ruling
Fortune· 2026-02-20 19:21
Market Reactions - Wall Street showed mixed trading after the Supreme Court struck down President Trump's tariffs, with the S&P 500 up by 0.1% in midday trading [1] - The Dow Jones Industrial Average decreased by 125 points, or 0.3%, while the Nasdaq composite increased by 0.3% [2] - Investors exhibited cautious trading, anticipating that tariffs may not be entirely eliminated, as the White House might shift to targeting specific countries or industries [6] Economic Indicators - Reports indicated slowing U.S. economic growth and rising inflation, but investors had a muted response to these developments [7] - Traders are still betting on at least two interest rate cuts by the Federal Reserve by the end of the year, with some adjusting the timing of these cuts to later in the summer [8] Company Performance - Ralph Lauren's stock initially rose by 3.3% following the Supreme Court's ruling but later fell back to a 0.1% decrease, reflecting past concerns over tariffs impacting profits [4] - Akamai Technologies experienced an 11% drop in stock price despite reporting stronger-than-expected results for the end of 2025, as its profit forecast for the upcoming year fell short of estimates [10] - Comfort Systems' stock rose by 2.4% after reporting stronger profits than analysts expected, with the CEO noting "unprecedented demand" [11] Global Market Trends - In international markets, European stock indexes gained, while the Hang Seng index in Hong Kong fell by 1.1% after reopening, and South Korea's Kospi rose by 2.3% [12]