US stock market surging big today: The US stock market is surging Friday after a 6-3 Supreme Court ruling invalidated President Trump’s sweeping “Liberation Day” tariffs — a decision that immediately reversed an early 200-point Dow slide and ignited a broad rally across Wall Street. By mid-afternoon, the numbers told the story clearly. The Dow Jones Industrial Average climbed 130 points, or 0.26%, to 49,525, recovering from an intraday loss of more than 200 points. The S&P 500 rose 0.66% to 6,907, while the Nasdaq Composite surged 1.11% to 22,935 — ending a five-week losing streak.
The market reversed early losses after the high court struck down most tariffs imposed under the International Emergency Economic Powers Act (IEEPA), ruling that the law does not authorize the president to impose broad import duties. The decision immediately boosted tech stocks, retail shares, and consumer-focused companies that had been facing higher import costs, particularly from China.
Amazon stock jumped more than 2%. Home improvement and discount retail names also advanced. Investors now see lower input costs, improved corporate margins, and potentially softer inflation pressures. At the same time, economic data showed US GDP growth slowed to 1.4% in the fourth quarter, while core PCE inflation remained elevated at 3%, above the Federal Reserve’s 2% target.
Wall Street reacted to both relief on tariffs and caution on growth.
Supreme Court ruling on Trump tariffs fuels US stock market rally
The Dow Jones Industrial Average climbed to 49,515.45, up 120.29 points (0.24%), as the US stock market rallied sharply after the Supreme Court ruled against President Donald Trump’s sweeping tariff policy. The S&P 500 rose 39.06 points to 6,900.95 (+0.57%), while the Nasdaq Composite surged 192.37 points to 22,875.10 (+0.85%), signaling renewed investor confidence across equities.
The Supreme Court’s decision marked a turning point for markets. The majority opinion ruled that the IEEPA statute does not grant authority for sweeping global tariffs. That directly undercut a central trade policy tool used by President Donald Trump.
In response, the president announced plans for a new 10% global tariff under a different legal pathway. Markets, however, focused on immediate relief. For companies heavily dependent on imports from China and other Asian markets, the ruling reduces cost pressure. Investors quickly priced in margin expansion. Retail and e-commerce names led gains.
Amazon, which sources a large portion of goods internationally, rose strongly. Shares of Home Depot and Five Below also advanced. Analysts noted that tariff removal could lower prices for consumers, support demand, and ease inflation concerns.
Markets had partly expected the ruling. But confirmation removed uncertainty. That clarity often drives short-term rallies.
Dow Jones today: Recovery from 200-point loss highlights volatility
Earlier in the session, the Dow had fallen nearly 200 points on disappointing economic data. By mid-afternoon, the index had reversed course and traded firmly positive.
This intraday swing reflects current market volatility. Investors are balancing policy relief against slowing economic growth.
At 2:20 PM EST, the Dow traded near 49,513, holding gains of roughly 0.24%. The S&P 500 gained about 0.6%, while the Nasdaq rose nearly 0.9%. Technology stocks outperformed as lower tariff risk supports global supply chains.
For the week, the Dow remains slightly negative, down about 0.2%. The S&P 500 is up 0.7%. The Nasdaq is set to snap a five-week losing streak with gains above 1%.
Amazon stock, Nvidia stock and Magnificent Seven lead gains
Big-cap tech stocks drove much of the rally.
Amazon stock rose approximately 2.6% to $210.27. Nvidia stock traded near $189.92, up about 1%. Tesla stock climbed modestly to $412.88. These moves reflect renewed risk appetite.
The so-called “Magnificent Seven” stocks remain central to US stock market performance in 2026. Lower trade barriers directly benefit companies with global manufacturing and sourcing networks.
Volume was heavy. Nvidia saw roughly 128 million shares traded. Opendoor Technologies surged more than 5% on strong volume above 100 million shares. Cardio Diagnostics jumped over 14%.
Meanwhile, Intel stock dipped slightly. SoFi Technologies declined about 1.8%. Ondas fell sharply by over 9%, showing that not all high-volume names participated in the rally.
The rally was broad but selective. Investors favored companies exposed to international trade and consumer demand.
US GDP growth slows to 1.4% as economic concerns linger
Economic data released earlier in the day showed US gross domestic product grew at a 1.4% annualized rate in the fourth quarter. Economists had expected 2.5%.
That slowdown from the previous quarter’s 4.4% pace signals cooling momentum. According to Commerce Department estimates, the record government shutdown shaved roughly one percentage point off growth during the quarter.
Slower growth complicates the Federal Reserve’s policy outlook. A softening economy may reduce pressure for rate hikes. But inflation remains sticky.
Core PCE inflation steady at 3% keeps Fed cautious
The personal consumption expenditures (PCE) price index — the Fed’s preferred inflation gauge — showed headline inflation holding steady in December.
Core PCE, which excludes food and energy, came in at 3%. That matched expectations but remains well above the Federal Reserve’s 2% inflation target.
Markets interpreted the data as neutral. Inflation is not accelerating. But it is not falling quickly either.
The tariff ruling adds another layer. Lower import duties could ease goods inflation in coming months. That may reduce pressure on consumer prices. Investors see potential disinflationary impact if tariffs are rolled back permanently.
Could tariff refunds act as economic stimulus?
One major unresolved issue is whether companies that already paid tariffs will receive refunds.
Legal experts suggest lower courts will need to determine if billions in tariff revenue must be returned. If refunds occur, that could function as a form of economic stimulus.
Large repayments to businesses would inject liquidity back into the private sector. That may support investment and hiring.
However, the Supreme Court ruling did not directly address refunds. That uncertainty remains a risk factor.
Commodities market today: Gold and silver surge
Commodity markets also reacted.
Gold prices climbed to approximately $5,092 per contract, up nearly 1.9%. Silver surged almost 7% to around $82.97. Investors often buy precious metals during periods of economic and policy uncertainty.
WTI crude oil traded near $66.33 per barrel, slightly lower on the day. Brent crude hovered around $70.48. Natural gas rose nearly 2%.
The rise in gold suggests hedging behavior even as equities rally. Investors are diversifying amid mixed economic signals.