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WEEKLY SUMMARY: U.S. Supreme Court rules against Trump’s global tariffs
U.S. stock indexes closed the week higher, generating modest gains through Thursday before rallying on Friday following news that the U.S. Supreme Court had ruled to overturn the Trump administration’s sweeping global tariffs. Escalating tensions between the U.S. and Iran—which helped send oil prices higher—were also a focus for investors during the week. The Nasdaq performed best, gaining 1.51% and posting its first weekly gain since early January, while the S&P 500 Indexes also advanced over 1%. Among the other highlights of the week: Fed minutes showed that policymakers remain divided regarding the path forward for monetary policy. The core (excluding food and energy) personal consumption expenditures (PCE) US price index rose 0.4% MoM and 3.0% YoY in December, up from 0.2% and 2.8% in November, respectively. U.S. economic growth slowed sharply in Q4, up +1.4% annualized compared with 4.4% in Q3. Meanwhile, US Homebuilder confidence and pending home sales slip; housing starts rise. US Treasuries yields rose while oil and precious metals gained. The dollar dipped on Friday after the tariff ruling and weak GDP but was higher on the week. The STOXX Europe 600 Index once again hit a new high and registered a 2.08% gain. Japan’s stock markets saw small declines over the week. The yield on the 10-year JGBs fell to around 2.10% from 2.23% at the end of the previous week. Financial markets in mainland China were closed for the Lunar New Year holidays.
Have a great weekend
Charles & Syz Research Lab
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