U.S. stocks briefly rose Friday in the minutes after the Supreme Court said that President Donald Trump could not impose sweeping tariffs under the International Economic Emergency Powers Act.
In the moments after the decision, the broad-based S&P 500 went from trading in the red to jumping 0.5%. The Nasdaq, which more closely tracks tech companies, soared 0.6%.
After the ruling, which did not outline a refund process, stocks wavered and briefly turned lower before returning to positive territory. As of 10:20 a.m. ET, stocks were back near the highs of the day.
The yield on U.S. Treasury bonds jumped across maturities. Yields on the 10-year bond, which mortgage rates often track closely, rose to 4.09%. The 30-year Treasury yield rose to 4.74%.
The U.S. dollar jumped against other currencies, such as the British pound, Euro and Japan’s yen, a signal that investors are taking the Supreme Court decision favorably. The dollar’s strength can often correlate to trust in U.S. assets and stability.
Companies whose businesses are heavily exposed to tariffs, such as retailers and appliance makers, immediately became some of the best performing stocks of the day.
Apple, Ford, Coca-Cola and Target were some of the companies that saw an immediate spike after the ruling.
The S&P 500 sectors that track consumer discretionary, industrial, real estate and technology stocks rose to the highs of the day, outpacing other less tariff-exposed sectors.
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