ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
South Korea GDP Surges on Chip and AI Boom 
Japan, U.S. Stay Aligned on Yen as Currency Surges 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
Japan Foreign Reserves Plunge $79.6 Billion After Record Yen Intervention 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
Asian Stocks Mixed as Korean Chipmakers Rally 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
Asian Stocks Rally as AI Optimism Fuels Chipmaker Surge 
Gold Holds Near $4,400 as Fed Hike Bets Rise 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
OPEC+ Expected to Hold October Oil Output Steady 
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U.S. stocks closed higher on Friday after the Supreme Court struck down President Donald Trump’s global tariffs, easing investor concerns and lifting major Wall Street indexes. The 6-3 ruling invalidated tariffs introduced last year under a federal law designed for national emergencies, sparking a relief rally across equity markets.
Although Trump criticized the decision and announced plans to implement a 10% global tariff for 150 days under Section 122 of the Trade Act of 1974, investors reacted positively. Market participants were reassured that the replacement tariff was lower than feared, reducing uncertainty around U.S. trade policy and its impact on corporate earnings.
The S&P 500 climbed 0.69% to 6,909.51, while the Nasdaq Composite surged 0.90% to 22,886.07. The Dow Jones Industrial Average advanced 0.47% to 49,625.97. For the week, the S&P 500 gained 1.08%, the Nasdaq rose 1.51%, and the Dow added 0.25%. Despite the weekly gains, the S&P 500 is up nearly 1% in 2026, trailing MSCI’s global stock index, which has risen more than 3%.
Technology heavyweights led the rally. Alphabet jumped 3.7%, Amazon gained 2.6%, and Apple rose 1.5%, supporting broader market momentum. Communication services surged 2.65%, making it the best-performing S&P 500 sector, followed by a 1.27% rise in consumer discretionary stocks. Companies previously pressured by tariffs, including Hasbro, Wayfair, Williams-Sonoma, and RH, also posted modest gains.
Investors remain focused on economic data and Federal Reserve policy. Recent reports showed slower U.S. economic growth in the fourth quarter and rising inflation in December. According to CME’s FedWatch Tool, traders see just over a 50% chance of a Fed rate cut by June.
Attention is also turning to Nvidia’s upcoming earnings, as volatility in AI-related stocks continues amid concerns over high valuations and uncertain returns on artificial intelligence investments. Meanwhile, trading volume was light at 18.3 billion shares, below the 20-session average of 20.3 billion.
