US stocks climbed in choppy Friday afternoon trading after the Supreme Court struck down President Trump’s emergency tariffs, triggering a relief rally across trade-sensitive sectors. The S&P 500 rose 0.6%, the Nasdaq gained 0.8%, and the Dow added 0.2% after the court ruled that the administration had exceeded its authority.
Mega-cap tech names led the advance: Amazon gained 2% as investors priced out import cost headwinds, while Alphabet jumped nearly 4% as the decision tempered fears of a major new inflationary shock.
The rally came in spite of a weak macro backdrop. A downbeat GDP report showed the economy expanded just 1.4% in the fourth quarter, well below expectations. Markets also had to digest stubborn inflation figures, with core PCE holding at 3%, reinforcing the Federal Reserve’s data-dependent stance on future policy moves.
Industrials drew support from the prospect of tariff refunds, but not all cyclical names participated: gold miner Newmont slid 4% after issuing lower production guidance. Even with the intraday swings, the Nasdaq is on track to break a five-week losing streak, as the court’s rebuke offers a temporary green light for equity bulls.
