- US stock indices rose after the Supreme Court ruled against Trump's global tariffs
- S&P 500 gained 0.3%, Nasdaq rose 0.4%, and Dow Jones increased by 0.2% post-ruling
- Supreme Court ruled 6-3 that Trump exceeded authority under the IEEPA for tariffs
Main US stock market indices S&P 500, Nasdaq Composite, and Dow Jones Industrial Average jumped to session's high after the US Supreme Court ruled against President Donald Trumps's tariffs on Friday.
S&P 500 pared gains to trade 0.3% higher at 6,881.40, Nasdaq jumped 0.4% to trade at 22,772.13, and Dow Jones traded 0.2% higher at 49,504.38. The indices had opened in the red.
In a big setback to US President Donald Trump, the Supreme Court on struck down sweeping global tariffs.The Supreme Court ruled 6-3 against Trump on tariffs.
The Supreme Court ruled that Trump overstepped his authority by using the International Emergency Economic Powers Act (IEEPA) to impose his “reciprocal” tariffs across the globe.
The Court said tariff power belongs to Congress, and the IEEPA can't be stretched to justify sweeping trade duties.
According to NBC, the ruling was authored by Chief Justice John Roberts.
"The president asserts the extraordinary power to unilaterally impose tariffs of unlimited amount, duration and scope," Roberts wrote. But the Trump administration "points to no statute" in which Congress has previously said that the language in IEEPA could apply to tariffs, he added.
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Minutes before the hearing, Nasdaq traded 0.06% higher at 22,683, S&P 500 traded 0.09% lower at 6858.06, and Dow Jones was trading nearly 0.3% lower at 49,278.98.
In the early minutes of trade, the magnificent 7 stocks traded mixed. Microsoft Corp. traded 0.16% lower at $397.81, Nvidia traded little changed at $188.02, Google-parent Alphabet Inc. traded 2.28% higher at $309.80, Apple Inc. fell 0.4% to trade at $260, Amazon Inc.'s stock jumped 1.3% to trade at $207.5, Meta Platforms Inc. traded 0.9% higher at $650.63, and Tesla Inc. stocks slid 0.34% to trade at $409.60.
Most of the major global currencies were little changed, including the The Bloomberg Dollar Spot Index. The euro was little changed at $1.1763, British pound was little changed at $1.3474, while only the Japanese yen fell 0.3% to 155.44 per dollar.
Among commodities, crude oil prices fell with the West Texas Intermediate trading 0.15% lower at 66.30 a barrel and Brent Crude trading 0.29% lower at $71.45 a barrel
Bitcoin, the largest traded cryptocurrency, was little changed at $66,902.13.
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