Stocks Rallied as Tariffs Overturned

STATE OF THE MARKETS

Stocks rallied as tariffs overturned. US stocks pushed higher on Friday as Wall Street stayed composed following the Supreme Court’s decision to strike down President Trump’s sweeping tariff program, with investors cautiously welcoming reduced trade uncertainty despite soft macro data. The S&P 500 rose 0.7% to close at 6,909.51, while the Dow Jones Industrial Average gained 0.5% to finish at 49,625.97 and the tech‑heavy Nasdaq Composite outperformed with a 0.9% advance to 22,886.07, snapping a five‑week losing streak. Small caps lagged, with the Russell 2000 little changed on the day and only marginally higher on the week, underscoring continued caution toward higher‑beta domestic cyclicals. The U.S. Dollar Index ended near 97.8, with DXY trading in a 97.6–98.1 range and closing just under 98, reinforcing its short‑term consolidation between key support in the 96.0–96.5 zone and resistance closer to 100.

In the commodity markets, crude oil continued its strong run, with WTI trading around the upper‑$66s to near $67 per barrel and testing key resistance at the 67.20 level after a powerful bullish close the prior session.  Gold stayed firm above the 5,000 mark and continued to exhibit strong bullish pressure, with price action clustering not far from that level as traders eyed a potential move toward the 5,200 resistance area. The metal’s constructive tone is supported by persistent macro uncertainty and hedging demand, even as higher prints invite intermittent profit‑taking. Silver also held a bullish bias after breaking a key trend line, though the absence of a clear higher high left room for a possible pullback if prices were to close sharply back below the $70 area. Overall, industrial metals remained more mixed, with the strong energy complex offering support on the margin while concerns about global growth and financing costs kept a lid on aggressive trend‑following flows.

In the FX space, the dollar’s underlying structure remained range‑bound but slightly constructive, as DXY continued to hold above the 96.0–96.5 demand zone and attempted a short‑term bullish rotation while still capped below the 99.5–100.0 intermediate resistance band. Commodity‑linked currencies such as the Canadian dollar and Australian dollar drew some support from the ongoing crude rally and firmer metals complex, but the dollar’s resilience and the still‑uncertain global growth backdrop limited how far pro‑cyclical FX could extend. Safe‑haven demand for the dollar moderated somewhat after the Supreme Court’s tariff ruling removed an immediate overhang, with flows into gold and selective risk assets acting as an offset. Sterling and the Euro traded mostly range‑bound against the greenback, reflecting a balance between the dollar’s defended support levels and ongoing questions around European and U.K. growth that kept their rallies in check into the weekend.

G8 CURRENCIES SENTIMENTS

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WALL ST. TOP FIVE INFLOWS

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WALL ST. TOP FIVE OUTFLOW

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