4:11pm: Tariff relief
US stocks finished Friday’s session higher as investors welcomed the news that the Supreme Court ruled Trump’s tariffs on its trade partners are unlawful.
The Nasdaq led the gains, up 0.9% at 22,886 points. The S&P 500 was up 0.7% at 6,909 points and the Dow Jones added 0.5% at 49,625 points.
2:30pm: Trump threatens more tariffs
President Trump responded forcefully to the Supreme Court ruling that struck down key tariffs imposed under emergency powers, outlining plans to pursue new trade measures and sharply criticizing the court.
During a press conference, the president said he intends to implement a 10% global tariff “straight across the board” immediately, invoking Section 122 of the Trade Act of 1974.
Trump argued the move would ultimately boost federal revenue, telling reporters, “In the end, I think we’ll take in more money than before.”
Alongside the proposed blanket tariff, the administration plans to launch “various investigations” under Section 301 of the same law. The provision allows the US Trade Representative to probe foreign trade practices deemed “unjustifiable” and to impose tariffs if they are found to burden or restrict US commerce.
Trump devoted much of his press conference to criticizing the Supreme Court’s decision. He said he was “absolutely ashamed” of “certain members of the court” and claimed, without providing evidence, that the justices were “swayed by foreign interests.”
The president also asserted broad executive authority over trade policy, stating, “I can do anything I want,” and indicated he does not plan to work with Congress on new tariffs or upcoming investigations. “I have the right to do tariffs, and I’ve always had the right to do tariffs,” he said.
1:15pm: Bitcoin slide expected
Prediction markets now price a 28% chance Bitcoin falls to $60,000 before the month ends, with recovery above $80,000 given just a 5% probability.
The numbers are stark. Polymarket betting activity suggests the recovery case has essentially collapsed.
What makes the picture particularly telling are the red arrows on the page: the $80,000 probability has fallen 44% and $75,000 by 38%, suggesting bettors have been aggressively revising down their expectations as Bitcoin has slid.
Investors have rotated into traditional havens, lifting the US dollar and oil prices. That shift has tightened financial conditions and pressured speculative assets, leaving bitcoin vulnerable to further downside.
Bitcoin is now on track for a fifth straight weekly loss, its longest run of declines in years, taking it below $67,000. The token remains nearly 50% below its October 2025 peak above $126,000, with momentum subdued as traders await clearer signals on geopolitics and the broader macro backdrop.
12:05pm: Tariff ruling fallout
US stocks moved higher on the news after struggling earlier in the session on weaker-than-expected Q4 growth and a higher PCE inflation print. Just before noon, the Nasdaq was up 0.8%, the S&P 500 added 0.4%, and the Dow Jones was up 0.1%.
“A decision by the US Supreme Court to strike down presidential administration "reciprocal" tariffs, potentially leading to a $175 billion refund, helped indices back into the green,” IG chief technical analyst Axel Rudolph said.
“Meanwhile, oil climbed to a six-month high amid escalating US–Iran tensions, while the greenback reached a one-month peak on safe-haven demand, alongside gains in precious metals."
10:45am: Trump’s tariffs ruled unlawful
US stocks rallied late morning after the US Supreme Court ruled that President Donald Trump exceeded his authority by imposing broad tariffs on Canada, Mexico, and other countries under emergency powers, striking down a key element of his trade and economic strategy.
In a 6-3 decision in Learning Resources, Inc. v. Trump, the Court sided with lower courts that found Trump had improperly used the International Emergency Economic Powers Act (IEEPA) to justify tariffs tied to national emergencies, including fentanyl trafficking and international trade deficits.
Chief Justice John Roberts wrote that while the law allows the president to take action in economic emergencies, it does not authorize tariffs.
9:55am: Mixed start
Wall Street started Friday’s session mixed as investors reacted to new data that showed the American economy expanded at an annualized rate of just 1.4% in the final three months of 2025, well short of the 2.9% economists had forecast.
The Dow Jones was down 0.3%, the S&P 500 fell 0.1%, while the Nasdaq edged 0.2% higher at the open.
The data, published Friday by the Bureau of Economic Analysis after a delay caused by the 43-day government shutdown last autumn, showed a sharp deceleration driven by falling government spending and exports, alongside softer consumer activity. For the full year, the US economy grew 2.2%, down from 2.8% in 2024.
Meanwhile, the Commerce Department reported that inflation picked up in December, surpassing expectations and highlighting ongoing price pressures in the economy.
Consumer prices rose 0.4% in December from the previous month, the largest monthly gain since February 2025. This followed a 0.2% increase in November. On a yearly basis, overall prices were up 2.9% compared with December 2024, marking the biggest annual rise since March 2024 and exceeding the Federal Reserve’s 2% target.
Excluding the often-volatile food and energy sectors, core prices also climbed 0.4% in December, up from 0.2% in November. Year-over-year, core inflation rose 3%, its fastest pace since February 2025, signaling persistent underlying price pressures in the economy.
8:00am: US futures point to negative start
US stock futures edged lower again on Friday on ongoing concern over brewing tension between the US and Iran and as investors awaited economic data for further direction.
Contracts on the Nasdaq dropped 0.2%, with those for the Dow Jones and S&P 500 close behind.
US stocks closed in negative territory on Thursday, as oil prices rallied on US-Iran tensions. The Dow Jones was down 0.5%, while the S&P 500 and Nasdaq were both down 0.3%
"There is some debate as to whether the rhetoric from the White House is another example of the President’s tendency to shoot from the hip, or whether some kind of military intervention is actually possible given that the US is beginning to amass forces in the region," commented interactive investors' Richard Hunter. "In any event, given Iran’s access to the transportation of oil, a further surge in crude resulted in the price having risen by 18.5% in the year to date, while gold rose once more, given its defensive asset status."
Hunter added that investors may get more clarity later today from the latest GDP figures, while the upcoming Personal Consumption Expenditures (PCE) index, the Federal Reserve’s preferred inflation gauge, could reinforce expectations that policymakers will keep interest rates on hold for now.
Deutsche Bank predicts that the core PCE for December will accelerate to 0.4%, from 0.2% in November, slightly above consensus. Its economists expect Q4 real GDP growth to slow to 2.5% annualized (+2.8% consensus), a step down after Q3’s 4.4% pace.
Both sets of data are scheduled for release at 8.30am, ahead of the opening bell.