Hell hath no fury like a Donald Trump scorned…

Somewhere between "constitutional crisis" and "buy the dip," Friday happened. TGIF. For starters, the Supreme Court looked at Trump's emergency tariff regime… a.k.a., the whole IEEPA-powered trade war apparatus and said thanks, but no thanks. The majority ruled the President doesn't actually have the authority to impose tariffs under emergency economic powers. 

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So you had a bad day, Donnie Deals?

Not even close. See, Trump didn’t take this news lying down… instead, he immediately pivoted. Announced a new 10% "global tariff" and told reporters he's going "in a different direction, probably the direction I should have gone the first time." He also added that this new path is "even stronger than our original choice." Translation: TACO Tuesday may come early. However, traders and the investors alike didn’t care about Round Two. They were two busy celebrating Round One. 

Case in point: The S&P ripped 0.69% to close at 6,909.51 while the Nasdaq gained 0.9%, settling at 22,886.07. As for the Dow, which had been down and out over 200 points earlier on ugly economic data… pulled the Uno reverse card, adding 230.81 points to end at 49,625.97. Love to see it. 

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Meanwhile, Amazon caught a second wind, jumping +2.5% once traders remembered that  roughly 70% of their goods come from China (per Wedbush). Jed Ellerbroek over at Argent Capital put it plainly:  tariffs make Amazon prices go up, people buy less stuff, Amazon makes less money. Reverse that, and you've got your 2.5% right there. Additionally, Home Depot (+0.97%) and Five Below (+1.91%) caught bids too. Meaning anything with heavy import exposure got a nice little chefs kiss this Friday. 

Over in tech, Google led the Mag 7 parade, up nearly 4% while Nvidia, Apple, and Meta each gained over 1%. Microsoft (-0.31%), however, ticked lower because Microsoft is contractually obligated to underperform on good days. Elsewhere, in the “wrong place, wrong time” corner, Anthropic continues to cash checks and snap necks. On today’s hit list, it was cybersecurity as Sam Altman’s real life “Newman” announced Claude Code Security, a tool that finds software bugs and suggests fixes.

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As you can imagine, Crowdstrike (-8%), Okta (-9.2%), and Zscaler (-5.5%) sipped on a fat cup of concrete. In other words, investors basically looked at an AI company shipping a security product and immediately kneecapped every pure-play cyber name it could find. Was it measured? Not really… but the logic isn’t crazy. If AI can do even a fraction of what these companies charge for, the margin compression conversation starts now. Woof. 

Over in get rekt land, Grail got absolutely vaporized, down 50%, after disappointing cancer treatment trial results. And Akamai wore a “kick me sign” during earnings after weak Q1 guidance, dropping -14%. As for AppLovin, which is on every short seller's to-do list, shares ticked up 1.6% on news it's building a social media platform. Sounds legit. 

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In the end, the moral of today’s madness is this: The tariff regime that spooked markets for months just got its legal legs cut off. But a new 10% blanket tariff is already being loaded into the chamber. Outside of that and until Anthropic drops a larger diss… we get to touch grass with a green day in our pocket. Enjoy your weekend, friends. Until next time…

If you read all of this, congrats for having a 10 second attention span (better than me). As always, here’s our heatmap for today.

 

☕ Market Gossip

> Tesla loses bid to toss $243 million verdict in fatal Autopilot crash suit (CNBC): $243 big ones, NOT secured… 

> Ray Dalio’s Family Office Reveals $500 Million Bet on US Stocks (Bloomberg):Translation: expect a metric f*k ton of emails from stock gurus telling you how to invest like Ray…

> Amazon blames human employees for an AI coding agent’s mistake (The Verge): I can’t help but think of this gem…

> Supreme Court Trump tariffs ruling could put U.S. on hook for $175 billion in refunds, estimate says (CNBC): I know Trump is still prepping this roast as we speak:...

“WTF” Meme of the Day

 

At the time of publishing, Stocks.News holds positions in Apple, Google, Meta, Microsoft, and Amazon as mentioned in the article.