Supreme Court Rules Against Trump's Tariffs
The major averages initially had a muted reaction after the Supreme Court ruled against certain of President Donald Trump's tariffs, resulting in stock spikes for retailers and other names that have had to deal with major impacts from rising import and manufacturing costs. The court determined that the International Emergency Economic Powers Act "does not authorize the President to impose tariffs."In response, Trump called the ruling "deeply disappointing," adding that 10% Section 122 tariffs will be imposed on top of the other tariffs. Trade Representative Jamieson Greer said the Section 122 tariffs will be implemented and signed today.When the dust settled, the averages closed with gains for the day, though uncertainty remains about how any tariff refunds will be paid, to whom and if refunds will be issued at all.Looking to commodities, gold was sharply higher, while oil was marginally higher amid continued tensions with Iran.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Nvidiais close to finalizing a $30B investment into Microsoft-backedOpenAI,Akamaireportedand provided its outlook for Q1 and FY26Grailreported upbeat Q4 earnings and revenue and reported its NHS-Galleri trialDomosaid it will, including a potential sale of the companyLive Nationreported2. WALL STREET CALLS:Etsyto Overweight at BarclaysHSBCWalmartto Hold on lack of momentumGE Aerospacewith an Overweight at Morgan StanleyCoStar Groupto Buy at JefferiesWells FargoMolina Healthcareafter "quite poor" Q43. AROUND THE WEB:ConocoPhillipsis exploring the sale of $2B in Permian Basin assets, Bloomberg saysThe SEC told Bloomberg that its probe of AppLovinis "still active and ongoing"A federal judge has denied Tesla'sattempt to overturn a $243M jury verdict related to a fatal 2019 Autopilot crash in Florida, upholding the ruling and ending the company's last avenue to avoid paying the award at the trial court level, Electrek saysAmazonhas surpassed Walmartas the U.S.'s largest company by annual revenue, with Walmart making $713.2B in sales in the year through January 31 compared to Amazon's $716.9M during the same period, WSJ reportsAccenturehas begun monitoring staff use of AI to determine how it decides top-level promotions as the company pushes its employees to use the technology, FT reports4. MOVERS:RingCentralincreases afterand providing guidance for Q1 and FY26Satellogicgains after Cantor Fitzgeraldcoverage of the stock with an Overweight ratingTandem Diabetesand AXT Inc.higher after reporting quarterly resultsChemoursfalls afterand providing guidance for Q1 and FY26Ardelyxand Dnowlower after5. EARNINGS/GUIDANCE:PPL Corpand provided guidance for FY26Oil States, with EPS beating consensusWestern Union, with CEO Devin McGranahan commenting, "Despite a challenging operating environment in 2025, we delivered meaningful progress across the business"Danone, with revenue missing consensusHudbay Minerals, with EPS and revenue missing consensusINDEXES:The Dow rose 230.81 or 0.47%, to 49,625.97, the Nasdaq gained 203.34, or 0.90%, to 22,886.07, and the S&P 500 advanced 47.62, or 0.69%, to 6,909.51.
