THE RUNDOWN
The Supreme Court ruled 6-3 that President Trump exceeded his authority by imposing tariffs under emergency powers. The decision potentially triggers $175 billion in refunds to businesses. Amazon (NASDAQ:AMZN) jumped 2%. Alphabet (NASDAQ:GOOGL) rose nearly 4%. Within hours, Trump signed an executive order imposing a new 10% global tariff. So the tariff saga isn’t over, but the legal landscape just shifted significantly.
MACRO › Q4 GDP came in at 1.4%, well below the 2.8% estimate. The government shutdown gets most of the blame. Full-year 2025 GDP grew 2.2%, down from 2.4% the year before. Core PCE inflation held at 3%, which keeps the Fed stuck. Kashkari said Thursday that rates are “pretty close to neutral,” but also called crypto “utterly useless,” which was a fun bonus.