<p><span style="font-weight: 400;">The United States Stock Market ended the day in the green after a volatile session driven by tariff news. The Supreme Court released its ruling at 10am, prompting the NASDAQ,the Dow Jones Industrial Average, and the S&amp;P 500 to rally after earlier declines based on weaker-than-expected fourth-quarter GDP data. After the initial rally, all three major indices retreated by midday before climbing again around 12:30pm, ultimately closing in the green for the day and the week. </span></p>
<p><span style="font-weight: 400;">President Donald Trump hosted a midday press conference, where he noted that the Supreme Court’s ruling removes uncertainty surrounding tariffs. “The bottom line is that the word certainty is now in the equation,” Trump said. </span></p>
<p><span style="font-weight: 400;">Under the sweeping tariffs Trump issued using the International Emergency Economist Powers Act (IEEPA), the administration asserted that it had broad authority to impose duties with little notice, Trump could essentially issue a new tariff via Truth Social post. With his powers revoked, he will have to implement tariffs through Section 232s. Imposing tariffs through Section 232s is a much more bureaucratic process than under IEEPA. </span></p>
<p><span style="font-weight: 400;">To start the process, the Commerce Department will open a 90-270 day investigation on a product or class of imports. Once the investigation concludes, the Commerce Department will deliver the findings to the President and the President can then impose tariffs. The extended timeline provides companies with advance notice before duties are placed on imports, adding predictability for impacted companies. </span></p>
<p><span style="font-weight: 400;">&#8220;The Supreme Court&#8217;s announcement regarding tariffs provides much-needed certainty for U.S. businesses and manufactures, enabling global supply chains to operate without ambiguity,&#8221; the National Retail Federation <a href="https://nrf.com/media-center/press-releases/nrf-responds-to-supreme-court-ruling-on-tariffs">said</a> after the ruling. &#8220;Clear and consistent trade policy is essential for economic growth, creating jobs and opportunities for American families. </span></p>
<p><span style="font-weight: 400;">The retail sector was one of the strongest-performing sectors with certainty priced in around tariffs.  Amazon, Home Depot, Walmart, Target, and Five Below popped on the news. </span></p>
<p>The next question for these retailers will be if refunds are issued levies they may have already paid. The Supreme Court did not issue a ruling on refunds so the decision will be litigated in lower courts.</p>

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U.S. Stocks Close Up After SCOTUS Tariff Ruling Causes Wild Day For Markets