Stock indexes closed higher on Friday, with the S&P 500, Dow Jones, and Nasdaq 100 all posting gains. Futures for the S&P and Nasdaq also rose. The rally came after the Supreme Court struck down President Trump’s global tariffs, prompting him to impose a 10% global tariff under a different trade law.

President Trump declared all national security tariffs and existing tariffs to be in effect after the Supreme Court ruling. Stocks initially fell on weak Q4 GDP growth and inflation concerns. Geopolitical tensions with Iran also weighed on the market outlook.

US Q4 GDP grew weaker than expected at +1.4% q/q annualized, with the core PCE price index rising higher than anticipated at +3.0% y/y. Other economic indicators like personal spending and income met expectations. Manufacturing activity slipped in February, contributing to stock market concerns.

Hawkish comments from the Atlanta Fed President raised worries about interest rates. Earnings season has been positive, with over 74% of S&P 500 companies beating expectations. Markets are discounting a low chance of a rate cut at the next Fed meeting.

European government bond yields fell, with positive manufacturing PMI data for the Eurozone and UK. US stock movers included tech giants like Alphabet and Amazon leading gains, while asset managers and cybersecurity stocks saw declines. Companies like RingCentral and Corning reported strong earnings.

Overall, the market outlook remains mixed, with geopolitical tensions and economic data influencing investor sentiment. Despite uncertainties, positive earnings results and tech stock performances have been supporting factors in the market.

Read more at Nasdaq: Stocks Settle Higher as SCOTUS Rejects President Trump’s Tariffs