Chicago Bulls Mascot Benny the Bull dunks the ball during the halftime show of the Missouri Valley Conference college basketball game between the Loyola-Chicago Ramblers and the Illinois State Redbirds on February 2, 2019.

(Michael Allio/Getty Images)

Stocks rise as the Supreme Court strikes down Trump’s tariffs

In response, Trump said he was imposing a 10% global tariff effective immediately under Section 122 of the 1974 Trade Act.

Luke Kawa, Tasha Matsumoto

The S&P 500 and Nasdaq 100 rose as the Supreme Court struck down President Donald Trump’s reciprocal tariffs. In response, Trump said he was imposing a 10% global tariff effective immediately under Section 122 of the 1974 Trade Act. These particular duties can remain in place for 150 days, after which time congressional approval would be required. The Russell 2000 whipsawed throughout the tariff talk, closing lower.

Communications was the best-performing sector, lifted by shares of Alphabet. Tariff-sensitive stocks Wayfair, Under Armour, e.l.f. Beauty, Stanley Black & Decker, Williams-Sonoma, Crocs, and Amazon helped propel the consumer discretionary sector to be the second-best performer. Energy fared the worst.

Core inflation surprised to the upside in December, while the initial read of economic growth in the final three months of 2025 was weak.

Stocks that moved higher:

Opendoor Technologies jumped as its CEO touted a record October performance. JPMorgan boosted its earnings estimates following yesterday’s better-than-expected Q4 results.
Celsius fizzed after outlining its product shift and multi-brand growth strategy at CAGNY.
Live Nation rose after beating Q4 revenue estimates after the bell yesterday.
AppLovin ticked up on an unconfirmed social media report that it’s working with OpenAI on ChatGPT ads.
Though the 25% tariffs on automobiles and auto parts remain in place despite the Supreme Court’s ruling, tariffs for certain machinery, lower-cost raw materials, and components were struck down, which was good news for Stellantis and Ford.

Stocks moving lower:

Diagnostics company Grail tanked after its blood test for detecting cancer failed in a key study.
Akamai sank on a weak full-year outlook despite beating Q4 sales estimates.
Roblox dropped after Los Angeles county filed a lawsuit on allegations that the platform makes children “easy prey for pedophiles.”
Newmont slipped on a lower production outlook despite beating Q4 estimates.
Aave, the largest on-chain lending protocol, dipped as BGD Labs, one of its longest-tenure service providers, announced that it will cease contributions.

Max Knoblauch5h

Lucid cuts 12% of its US workforce in a profitability push

EV maker Lucid announced on Friday it is laying off 12% of its US workforce as part of its efforts to improve profitability.

This is Lucid’s third round of layoffs since March 2023. At the end of 2024, the company said it had 6,800 employees globally.

“This difficult but necessary decision was made to improve operational effectiveness and optimize our resources as we continue on our path toward profitability,” interim CEO Marc Winterhoff told employees in an email published by Business Insider. The company has been without a permanent CEO since February 2025.

Lucid has worked to boost its cash reserves in recent months. Late last year it announced plans to raise $875 million through a private offering of convertible senior notes due in 2031.

Lucid Motors slashes 12% of its workforce as it seeks profitability | TechCrunch

Lucid has worked to boost its cash reserves in recent months. Late last year it announced plans to raise $875 million through a private offering of convertible senior notes due in 2031.

Max Knoblauch7h

The Supreme Court’s tariff ruling isn’t sweeping relief for automakers, but it isn’t nothing either

The Supreme Court on Friday struck down a significant chunk of President Trump’s tariffs, but the decision isn’t a cause for automakers to fully exhale.

Friday’s ruling relates to tariffs imposed under the International Emergency Economic Powers Act and not Section 232. The 25% tariffs on automobiles and auto parts were imposed under Section 232, so those tariffs remain in place.

Still, it’s worth noting that automakers including Ford, GM, and Stellantis aren’t completely on the outside looking in. IEEPA tariffs did cover certain machinery, lower-cost raw materials, and components, which account for a small chunk of automaker production costs.

According to the Center for Automotive Research, IEEPA tariffs account for about $250 per vehicle for the big three Detroit automakers, or $902 million in costs. That’s a far cry from the Section 232 tariff impact of $4,240 per vehicle, per the think tank, but it’s not nothing.

The modest bump in auto stocks compared to retailers on Friday reflects the light relief.

Stocks jump after Supreme Court strikes down Trump’s reciprocal tariffs

The modest bump in auto stocks compared to retailers on Friday reflects the light relief.

Luke Kawa

Supreme Court strikes down Trump’s reciprocal tariffs; Trump responds with 10% global tariff

The president said he has “great alternatives” and can charge even more than he was charging.

President Trump Holds "Make America Wealthy Again Event" In White House Rose Garden

Luke Kawa8h

Nvidia nears $30 billion investment in OpenAI’s funding round, the FT reports

Nvidia is close to investing $30 billion in OpenAI as part of its long-discussed funding round, per the Financial Times.

Bloomberg had previously reported that Nvidia would be investing $20 billion in this round.

The FT says that this investment will effectively be replacing a bigger planned pact between the two companies. The Wall Street Journal had originally reported in late January that Nvidia’s investment of up to $100 billion in OpenAI, which was announced in September, had “stalled” amid private criticisms of the ChatGPT maker by CEO Jensen Huang.

As Microsoft, SoftBank, or Oracle could tell you, being viewed as overly exposed to OpenAI has not been a boon for stocks in recent months.

Luke Kawa

Opendoor rises as JPMorgan boosts earnings estimates following Q4 results

New CEO Kaz Nejatian said the cohort of homes purchased in October, his first full month running the company, is poised to be Opendoor’s most profitable October ever.