Overview
- By a 6–3 vote, the U.S. Supreme Court struck down President Trump’s sweeping import duties imposed under emergency powers, invalidating the broad tariff program.
- The S&P 500 rose 0.69%, the Nasdaq gained 0.90% and the Dow added 0.47% on Feb. 20 after an intraday reversal, while Treasury yields were little changed and the dollar eased.
- President Trump said he will pursue a separate 10% global tariff for 150 days under Section 122 of the Trade Act of 1974 following the court’s ruling.
- Fresh data showed Q4 GDP slowing to a 1.4% annualized rate and PCE inflation at 2.9% year over year with core at 3.0%, reinforcing expectations for rate cuts later this year but with timing pushed toward summer.
- Analysts flagged potential refunds exceeding $175 billion in collected tariffs as companies seek repayments, tariff‑exposed retailers and some autos advanced, AI‑linked tech faced renewed scrutiny with Akamai sliding, and oil eased from six‑month highs as U.S.–Iran risks persisted.