2026년 2월 20일 · Unknown · financial · 출처 Yahoo Finance
US stocks rose on Friday after the Supreme Court ruled that President Trump's most sweeping "Liberation Day" tariffs are unlawful, saying he lacked the authority to impose them using emergency powers.
The S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI) both moved up 0.4%, coming off the end of a three-day winning streak on Thursday. The tech-exposed Nasdaq Composite (^IXIC) led the way higher, rising 0.6%.
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Stocks reversed course on the heels of the decision, having slid at the open as investors digested key economic readings and kept an eye out for US-Iran tensions and private credit jitters.
In its decision on Friday morning, the Supreme Court ruled that Trump overstepped his powers in invoking the International Emergency Powers Act to impose tariffs on several trading partners in April.
Get the latest reaction and fallout to the SCOTUS ruling in our tariff blog here
Wall Street learned earlier Friday that US GDP grew more slowly than expected in the fourth quarter, coming in at 1.4%, far behind forecasts. Meanwhile, the "core" personal expenditures index — Fed rate-setters' preferred gauge of inflation — rose more than expected in December, on a monthly and annual basis.
The watch is on for signs of stress in the private credit sector, after Blue Owl's (OBDC, OWL) halt to withdrawals. Fears are the move is a "canary in the coal mine" financial crisis-style moment amid concerns about the sector's holdings of software stocks threatened by AI. Blue Owl shares continued to fall in premarket after it sold $1.4 billion in private loans, including to the lender's own insurer.LIVE14 updates
5 mins ago
Jake Conley
IEEPA tariff refunds could total $175 billion
Refunds on President Trump's widespread tariff scheme could cost the US as much as $175 billion, according to new estimates from Penn-Wharton Budget Model economists.
Reuters first reported the new estimate.
On Friday morning, the Supreme Court on Friday ruled in a 6-3 vote that the International Emergency Economic Powers Act (IEEPA) does not give the president the authority to levy tariffs, dealing a blow to the Trump Administration's signature economic policy and setting up a bevy of questions over what a reversal of the foreign policy will look like.
Now that the president's tariff scheme has been struck down, importers are likely to begin scrambling to claim refunds from US Customs and Border Protection on import duties paid throughout the year.
The White House has previously said that if the Supreme Court were to strike down Trump's IEEPA tariffs, the Administration would replicate them through other policies that could mirror their effects.
However, the replacement measures the White House will have at its disposal could be more limited in scope and slower to enact, according to Bloomberg. 11 mins ago
Myles Udland
Supreme Court ruling likely doesn't mark the end of Trump's tariff push
The Supreme Court on Friday ruled in a 6-3 decision that President Trump does not have the authority to levy a broad swath of tariffs under the International Emergency Economic Powers Act (IEEPA).
But the initial reaction from some on Wall Street is that this legal defeat is unlikely to mark the end of the administration's push to use tariffs to achieve its economic goals, primarily that of lowering our trade deficit and onshoring US manufacturing.
"I don't think we have heard the last from Trump and tariffs," wrote Neil Dutta, head of economics at Renaissance Macro. There is a vast legal architecture that Trump can draw from to prosecute this... The issue is if he does not dial the tariff threat back on, he basically looks like a lame duck. The issue is more political than economic, at least right now. If Trump turns the trade knob back on, we get more uncertainty. If he decides to give in, then he is basically cooked politically."
In a separate note, Chris Rupkey, chief economist at FWDBONDS, wrote that, "The headline shock for markets, even if largely expected since the November 2025 Supreme Court arguments, is likely to fade in the trading days to follow."
"It is important to realize that the import tariffs are only bringing in about $250 billion a year more than they did in the Biden administration," Rupkey added. "A $250 billion loss of revenue is not make or break for getting the country’s $7 trillion in Federal government spending under control, nor is it in any way fixing the fiscal year 2025 $1.7 trillion Federal budget deficit." 19 mins ago
Jake Conley
Supreme Court rules President does not have authority to levy tariffs under emergency powers
The Supreme Court on Friday ruled in a 6-3 vote that the International Emergency Economic Powers Act (IEEPA) does not give the president the authority to levy tariffs, dealing a blow to the Trump Administration's signature economic policy.
Chief Justice John Roberts and Justices Sonia Sotomayor, Elena Kagan, Neil Gorsuch, Amy Coney Barrett, and Ketanji Brown Jackson voted in the majority.
Justices Clarence Thomas, Samuel Alito, and Brett Kavanaugh formed the dissent.
Throughout his second term, Trump has leaned on the IEEPA to grant him broad authority to set tariff policy as he saw fit, beginning with the April 2025 "Liberation Day" announcement of tariffs on a slew of allies and other countries. That announcement sent the markets careening downward before a recovery later in the year.
It remains to be seen exactly how the Supreme Court's decision will impact the tariffs the president has already imposed. The market's initial reaction to Friday's ruling was muted. 22 mins ago
Jake Conley
UBS: US equity market 'underpinned by supportive monetary policy and resilient economic growth'
The US dollar (DX-Y.NYB) is at its highest level in nearly a month following a rally over the past two weeks, a typica…