The U.S. stock market experienced a positive turn, with major indices snapping a two-week losing streak following the Supreme Court's decision to strike down President Trump's tariffs.
The ruling, which found that the president lacked the authority to impose these tariffs under the International Emergency Economic Powers Act, has created uncertainty regarding the refund of billions of dollars in previously collected tariffs. While some companies like Lululemon and Nike may benefit, the broader market reaction is mixed due to potential Treasury liabilities.
The market also reacted to mixed economic data, with higher-than-expected inflation figures and a slower-than-anticipated GDP growth rate for the fourth quarter. Separately, concerns are rising in private credit markets due to Blue Owl Capital's asset sales and redemption freeze, alongside worries about lender exposure to software stocks.
Geopolitical tensions in the Middle East also contributed to market sentiment, with oil prices seeing a surge.
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