"Futures are trading lower as we start the trading week, with the fourth-quarter earnings season all but over and a slew of issues still clouding the horizon for stocks. In a not-so-surprising move on Friday, the Supreme Court voted 6-3 against President Trump's tariffs. Now the administration will scramble to use various avenues to impose tariffs on countries that impose tariffs on us, while immediately imposing a 15% tariff on all goods entering the U.S. under Section 122 of the Trade Act of 1974."
"Yields were higher across the Treasury curve on Friday as bond traders digested the tariff announcement and the surprisingly much lower fourth-quarter gross domestic product print, which came in at 1.4% versus the expected 3%. The 30-year long bond closed the day at 4.73%, while the benchmark 10-year note ended Friday's session at 4.09%. Some Wall Street fixed-income traders feel the shift in tariffs by the Supreme Court could lift yields on the long end of the curve."
Futures opened lower amid lingering market issues and a largely finished fourth-quarter earnings season. The Supreme Court voted 6-3 against President Trump's tariffs, prompting an immediate 15% tariff under Section 122 of the Trade Act of 1974 and plans to pursue other tariff avenues. Major indices finished Friday higher: Nasdaq 22,886 (+0.90%), Dow 49,625 (+0.47%), S&P 500 6,909 (+0.69%), while the Russell 2000 closed lower at 2,662 (-0.11%). Q4 GDP unexpectedly slowed to 1.4% versus an expected 3%, spurring higher Treasury yields (30-year 4.73%, 10-year 4.09%). Oil was essentially flat (Brent $71.66, WTI $466.49), natural gas rose to $3.05, and gold climbed above $5,000 to $5,103.
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