Stock market today: Dow, S&P 500, Nasdaq rise after Supreme Court strikes down Trump tariffs

^GSPC ^DJI ^IXIC

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  IEEPA tariff refunds could full $175 billion

  Refunds connected President Trump's wide tariff strategy could outgo the US arsenic overmuch arsenic $175 billion, according to caller estimates from Penn-Wharton Budget Model economists.

  Reuters archetypal reported the caller estimate.

  On Friday morning, the Supreme Court connected Friday ruled successful a 6-3 ballot that the International Emergency Economic Powers Act (IEEPA) does not springiness the president the authorization to levy tariffs, dealing a stroke to the Trump Administration's signature economical argumentation and mounting up a bevy of questions implicit what a reversal of the overseas argumentation volition look like.

  Now that the president's tariff strategy has been struck down, importers are apt to statesman scrambling to assertion refunds from US Customs and Border Protection connected import duties paid passim the year.

  The White House has antecedently said that if the Supreme Court were to onslaught down Trump's IEEPA tariffs, the Administration would replicate them done different policies that could reflector their effects.

  However, the replacement measures the White House volition person astatine its disposal could beryllium much constricted successful scope and slower to enact, according to Bloomberg.

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  Supreme Court ruling apt doesn't people the extremity of Trump's tariff push

  The Supreme Court connected Friday ruled successful a 6-3 determination that President Trump does not person the authorization to levy a wide swath of tariffs nether the International Emergency Economic Powers Act (IEEPA).

  But the archetypal absorption from immoderate connected Wall Street is that this ineligible decision is improbable to people the extremity of the administration's propulsion to usage tariffs to execute its economical goals, chiefly that of lowering our commercialized shortage and onshoring US manufacturing.

  "I don't deliberation we person heard the past from Trump and tariffs," wrote Neil Dutta, caput of economics astatine Renaissance Macro. There is simply a immense ineligible architecture that Trump tin gully from to prosecute this... The contented is if helium does not dial the tariff menace backmost on, helium fundamentally looks similar a lame duck. The contented is much governmental than economic, astatine slightest close now. If Trump turns the commercialized knob backmost on, we get much uncertainty. If helium decides to springiness in, past helium is fundamentally cooked politically."

  In a abstracted note, Chris Rupkey, main economist astatine FWDBONDS, wrote that, "The header daze for markets, adjacent if mostly expected since the November 2025 Supreme Court arguments, is apt to slice successful the trading days to follow."

  "It is important to recognize that the import tariffs are lone bringing successful astir $250 cardinal a twelvemonth much than they did successful the Biden administration," Rupkey added. "A $250 cardinal nonaccomplishment of gross is not marque oregon interruption for getting the country’s $7 trillion successful Federal authorities spending nether control, nor is it successful immoderate mode fixing the fiscal twelvemonth 2025 $1.7 trillion Federal fund deficit."

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  Supreme Court rules President does not person authorization to levy tariffs nether exigency powers

  The Supreme Court connected Friday ruled successful a 6-3 ballot that the International Emergency Economic Powers Act (IEEPA) does not springiness the president the authorization to levy tariffs, dealing a stroke to the Trump Administration's signature economical policy.

  Chief Justice John Roberts and Justices Sonia Sotomayor, Elena Kagan, Neil Gorsuch, Amy Coney Barrett, and Ketanji Brown Jackson voted successful the majority.

  Justices Clarence Thomas, Samuel Alito, and Brett Kavanaugh formed the dissent.

  Throughout his 2nd term, Trump has leaned connected the IEEPA to assistance him wide authorization to acceptable tariff argumentation arsenic helium saw fit, opening with the April 2025 "Liberation Day" announcement of tariffs connected a slew of allies and different countries. That announcement sent the markets careening downward earlier a betterment aboriginal successful the year.

  It remains to beryllium seen precisely however the Supreme Court's determination volition interaction the tariffs the president has already imposed. The market's archetypal absorption to Friday's ruling was muted.

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  UBS: US equity marketplace 'underpinned by supportive monetary argumentation and resilient economical growth'

  The US dollar (DX-Y.NYB) is astatine its highest level successful astir a period pursuing a rally implicit the past 2 weeks, a typically bearish awesome for stocks. Even so, readings connected the US economy's absorption springiness investors a wide scope of opportunities successful US equities, UBS strategists wrote successful a lawsuit enactment Friday morning.

  Given the divided successful perspectives implicit wherever to instrumentality rates successful the Fed's January gathering — the minutes were released connected Wednesday — the Fed is apt to support its presumption and clasp rates steady, said the UBS strategists, led by planetary wealthiness absorption CIO Mark Haefele.

  "While the minutes did not suggest officials were contemplating the anticipation of complaint increases, they made wide policymakers were successful nary unreserved to chopped rates arsenic 'the immense bulk of participants judged that downside risks to employment had moderated successful caller months portion the hazard of much persistent ostentation remained,'" the UBS strategists wrote.

  Yet, contempt the short-term clasp connected the horizon, the US cardinal slope apt has "further to spell its easing cycle, and this remains a cardinal pillar successful our affirmative outlook connected US equities overall," the strategists wrote.

  "With the easing rhythm inactive intact, and the US system showing resilience amid an betterment successful manufacturing enactment and concern output, we expect steadfast and broadening nett maturation crossed sectors," the strategists wrote, noting "attractive opportunities" successful financials, wellness care, utilities, user discretionary, and industrials.

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  US stocks descent astatine the open

  The US banal marketplace fell into the reddish connected Friday arsenic investors digested economical information that showed the US economy's maturation slowed down successful the 4th quarter, portion alleged "core" PCE, the Fed's favored ostentation gauge, heated up successful December. The marketplace is besides watching tensions successful the Middle East, nerves successful the backstage recognition market, and a imaginable tariff determination from the US Supreme Court.

  The S&P 500 (^GSPC) fell by 0.2%, portion the Dow Jones Industrial Average (^DJI) slid into the reddish by 0.4% aft a the extremity of a three-day winning streak connected Thursday. The Nasdaq Composite (^IXIC) turned down by 0.5% earlier paring losses to a descent of 0.2%.

  SNP - Free Realtime Quote • USD

  6,899.64 +37.75 (+0.55%)

  As of 10:50:03 AM EST. Market Open.

  ^GSPC ^DJI ^IXIC

  Prices roseate by 0.4% successful December implicit the erstwhile month, according to Personal Consumption Expenditures scale data, portion the alleged "core" PCE, which excludes the much volatile nutrient and vigor categories, besides roseate 0.4% connected the month, a measurement up from the erstwhile month's 0.2% growth.

  New information from the Bureau of Economic Analysis connected Friday showed the system grew astatine an annualized complaint of 1.4% successful the last 3 months of 2025. Economists had expected GDP to turn astatine an annualized complaint of 2.9% successful the 4th quarter.

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  For what it is worthy connected this GDP report....

  I inactive deliberation the beardown net study retired of Walmart (WMT) yesterday is simply a amended proxy connected the system close present than a authorities GDP report.

  I got nary denotation (nor saw immoderate successful the net report) successful my chat beneath with Walmart CFO John David Rainey the concern has slowed astatine all:

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  Fed's favored ostentation gauge ticks up 0.4% successful December, successful motion ostentation remains sticky

  Prices roseate by 0.4% successful December implicit the erstwhile month, marking an summation from the erstwhile month, according to Personal Consumption Expenditures scale information released Friday by the Bureau of Economic Analysis.

  The maturation exceeded economists' expectations of 0.3%, according to Bloomberg's statement estimates.

  So-called "core" PCE, which excludes the much volatile nutrient and vigor categories, besides roseate 0.4% connected the month, a measurement up from the erstwhile month's 0.2% growth. Economists had predicted that the Federal Reserve's preferred ostentation measurement would emergence by 0.3%.

  On an yearly basis, the header and halfway PCE terms indexes roseate 2.9% and 3.0%, respectively, successful December from the erstwhile year, besides somewhat supra economist estimates for the 2 gauges.

  Meanwhile, idiosyncratic income remained consistent, rising 0.3% successful December connected a monthly basis, successful enactment with the erstwhile month's maturation and matching economist expectations.

  Personal spending accrued 0.4% from past month, coming successful supra expectations of 0.3% but falling beneath the erstwhile month's maturation of 0.5%.

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  US GDP maturation disappoints, Trump blames authorities shutdown

  The US system grew astatine a slower gait than expected successful the 4th fourth of 2025.

  New information from the Bureau of Economic Analysis connected Friday showed the system grew astatine an annualized complaint of 1.4% successful the last 3 months of 2025. Economists had expected GDP to turn astatine an annualized complaint of 2.9% successful the 4th quarter.

  In a station connected Truth Social up of the report, President Trump said the authorities shutdown that lasted 43 days backmost successful the autumn outgo the US system "at slightest 2 points successful GDP." The president besides again called for little involvement rates.

  In its release, the BEA said, "Compared to the 3rd quarter, the deceleration successful existent GDP successful the 4th fourth reflected downturns successful authorities spending and exports and a deceleration successful user spending that were partially offset by an acceleration successful investment."

  Underlying spending trends, however, remained solid, with existent last income to backstage home purchasers — the sum of user spending and gross backstage fixed concern — expanding 2.4 percent successful the 4th quarter, compared with an summation of 2.9 percent successful the 3rd quarter.

  Friday's study had been acceptable for merchandise connected Jan. 29, but information postulation was delayed by the shutdown that covered each of October and parts of November.

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  Chemours banal falls aft reporting $47M nonaccomplishment successful Q4 earnings

  Chemours Co. (CC) banal slumped 9% earlier the doorbell connected Friday aft reporting a nonaccomplishment of $47 cardinal successful its 4th fourth earnings.

  The AP reports:

  Read much here.

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  Grail banal sinks aft crab proceedings results neglect to impressment investors

  Grail (GRAL) banal sank implicit 40% earlier the doorbell connected Friday aft the healthcare company's crab proceedings results failed to impressment investors.

  Barron's reports:

  Read much here.

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  Premarket trending tickers: Chemours, Live Nation, and AppLovin

  Chemours (CC) fell 9% during premarket trading connected Friday aft reporting a nonaccomplishment successful its 4th fourth net and a dip successful revenue. This was driven by a driblet successful its titanium technologies and precocious show materials businesses.

  Live Nation (LYV) stock roseate much than 3% earlier the doorbell connected Friday aft the summons supplier posted an 11% summation successful fourth-quarter gross to $6.31 billion, driven by a 12% summation successful performance sales.

  AppLovin's (APP) banal jumped 5% during premarket hours connected Friday aft the merchandise of its 4th fourth net and the company's program to motorboat a societal networking platform.

• Nvidia is moving successful connected Intel and AMD’s location turf

  Beyond the splashy AI spot news, there's thing other worthy a deeper look successful the stepped-up information halfway concern agreed by Nvidia (NVDA) and Meta (META) this week.

  The statement volition besides spot Meta rotation retired Nvidia Grace CPU-only servers successful its information centers, the archetypal large-scale deployment of the chips. It's portion of Nvidia's CPU play — and that could ringing alarm bells for Intel (INTC) and AMD (AMD).

  Yahoo Finance's Daniel Howley writes:

  Read much here.

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  Opendoor banal rallies connected 46% leap successful location acquisition volume

  Opendoor's (OPEN) banal jumped 14% successful premarket trading connected Friday aft the institution reported that location purchases roseate 46% 4th implicit quarter. Revenue reached $736 million, surpassing Wall Street estimates of $576.94 million.

  The integer existent property institution posted a 4th fourth nonaccomplishment of $1.26 per share, missing analysts' estimates.

  Investing.com reports:

  Read much here. 

• OpenAI and Nvidia successful last negotiations for $30B investment

  Reuters reports:

  Read much here.