Topline
All three major stock indexes were up Friday morning after the Supreme Court struck down President Donald Trump’s sweeping tariff agenda, and despite the economy notching its slowest economic growth of the past three quarters.
Key Facts
The S&P 500 saw an increase of about 0.2%, while the Dow and Nasdaq rose 0.3% and 0.7%, respectively.
In a 6-3 decision, the Supreme Court’s majority said the power to impose taxes, which includes tariffs on foreign countries, belongs “very clearly” to Congress.
U.S.economic growth slowed down to 1.4% in the last quarter of 2025, according to a report released Friday.
Technology stocks led gains, with giants like Amazon (1.7%) and Salesforce (1.1%) rising in early trading.
Retailers and other consumer discretionary stocks, companies particularly exposed to import tariffs, also climbed, with Wayfair Inc.(+4.7%), e.l.f.Beauty (+2%) and Vita Coco (+5.5%) posting strong gains.
Big Number
$353 billion.That’s the approximate new market value created on Nasdaq alone on Friday morning based on a market capitalization of about $35.3 trillion.
Chief Critics
Senate Democratic Leader Chuck Schumer called the decision “A victory for the wallets of every American consumer” on X.Senator Elizabeth Warren added that the tariffs have done “massive damage to small businesses, to American supply chains, and especially to American families forced to pay higher prices on everything from groceries to housing.”
Crucial Quote
“The tariffs at issue here may or may not be wise policy.But as a matter of text, history, and precedent, they are clearly lawful,” wrote Justice Kavanaugh in his dissenting opinion, “The Court says nothing today about whether, and if so how, the Government should go about returning the billions of dollars that it has collected from importers.
But that process is likely to be a ‘mess,’” he continued.
Key Background
In early April 2025, the U.S.
announced sweeping new tariffs that imposed a baseline 10% levy on nearly all imports and much higher rates on some countries, marking the highest average U.S.tariff level in decades.Within days, the stock market crashed.On April 3, the S&P 500 plunged about 4.8%, the Dow fell about 4%, and the Nasdaq declined about 6% in a single session.
Companies relying on imported materials for their core products, such as shoe manufacturer Nike and tropical drink brand Vita Coco, were hit particularly hard, as were small business owners with more limited financial resources.Despite the initial turmoil, on February 6th, the Dow crossed the 50,000 mark for the first time in its history.
It then kept growing to reach an all-time high of 50,188 before dropping below the 50,000 new benchmark again..