Friends

Despite today’s ruling against the President by the Supreme Court with regards to tariffs, Treasury Secretary Bessent insists that through other measures the U.S. will still receive the same tariff revenue that they were anticipating. In general, the markets reacted positively to the ruling after this morning’s economic data left market participants a bit concerned. The GDP number came in lighter than expected and inflation data came in a little hotter than expected. So, today’s market reaction is a win for the bulls given the headlines.

By the close, the Dow Jones Industrial Average was up 230 points to finish the day at 49,625. The S&P 500 was up 47 points to close at 6,909. The Nasdaq Composite Index was up 203 points to close at 22,886. Gold was up $110 to trade at $5,109 per ounce, while oil was up $.06 to trade at $66.49 per barrel WTI.

In addition to all the headlines above, the markets are also having to deal with the threat of war with Iran that could occur at any time. So, given all the uncertainty, stocks continue to be quite durable. Let’s see what next week has in store for us. Stay tuned.

Have a great weekend everyone.