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Markets rally as SCOTUS looks likely to weigh against tariffs and hope rises for end to US government shutdown

Markets bounced back from a rough Tuesday to finish higher on Wednesday.

Luke Kawa, Toby Bochan

US stocks regained momentum on Wednesday as the Supreme Court weighed Trump’s tariffs, sending a bevy of tariff-sensitive stocks higher. The president also signaled heightened urgency to end the US government shutdown, buoying the S&P 500 and Nasdaq 100 to solid gains, while the Russell 2000 outperformed.

Stocks that moved higher:

  • Google rose on the news that Apple will pay it $1 billion a year to use the search giant’s AI model for Siri.

  • Rivian had its best day since January following the EV maker hyping its next SUV during its earnings call.

  • Airlines took flight on hopes that the US government shutdown might soon be over, lifting Delta Air Lines, United Airlines, and American Airlines.

  • Qualcomm erased Tuesday’s losses and then some just a few hours before the company was slated to release quarterly results.

  • Nebius gained after launching a Token Factory platform to offer access to inference compute using open-source models, adding breadth to the AI boom.

  • AMD turned losses into gains Wednesday after reporting a Q3 top- and bottom-line beat and Q4 sales guidance ahead of estimates aftermarket on Tuesday.

Stocks that moved lower:

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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