Overview
- The Supreme Court ruled 6–3 to strike down emergency-era tariffs, lifting the S&P 500 by 0.7% and the Nasdaq by 0.9% as European benchmarks also advanced.
- President Trump said he will pursue a separate 10% global tariff for 150 days under the Trade Act of 1974, and markets showed a restrained response.
- U.S. data showed fourth-quarter GDP growing at a 1.4% annualized pace and December PCE inflation at 2.9% year over year, with traders still expecting multiple Fed rate cuts later in 2026.
- Shares exposed to import costs, including select retailers and automakers, rose, while AI-sensitive tech stayed volatile as Akamai sank on guidance and Alphabet and Amazon climbed.
- Oil prices eased after reaching roughly six-month highs on U.S.–Iran tension, gold pulled back from session peaks, Treasury yields inched higher, and Indian stocks stabilized after a sharp 1.8% drop the prior day.