Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., Feb. 20, 2026.
Brendan McDermid | Reuters
Stocks rose on Friday after the Supreme Courtruled against President Donald Trump’s tariffs, potentially providing relief for companies burdened by higher costs from the duties and easing concern about sticky inflation still plaguing the U.S. economy.
The S&P 500 advanced 0.69% and closed at 6,909.51, while the Nasdaq Composite gained 0.9% and settled at 22,886.07. The Dow Jones Industrial Average added 230.81 points, or 0.47%, and ended at 49,625.97. The 30-stock index recovered from a 200-point loss earlier in the session on disappointing economic data.
Dow Jones Industrial Average, 1-day
The Supreme Court struck down most of Trump’s sweeping tariff policy under the International Emergency Economic Powers Act, with the majority ruling that that law “does not authorize the President to impose tariffs.” In response, Trump announced he will impose a new 10% “global tariff.”
“Now I’m going to go in a different direction, probably the direction that I should have gone the first time,” the president said during a press briefing at the White House after the high court’s decision. “I’ll go the way I could have gone originally, which is even stronger than our original choice.”
Shares of “Magnificent Seven” member Amazon — a company that sources up to 70% of its goods from China, per Wedbush Securities, and that has already begun to see tariffs impact the price of certain items — jumped more than 2% following the ruling. Others believed to benefit from the outcome were higher as well, such as Home Depot and Five Below.
“In the case of Amazon specifically, a lot of their stuff is imported from China, so tariffs are going to make the prices on Amazon go up for customers, and when prices go up, people buy fewer of those things,” said Jed Ellerbroek, portfolio manager at Argent Capital Management. “No longer facing that problem is the source of excitement, I think.”
While the Supreme Court’s rebuke was largely expected by Wall Street, some questions remain, however, including whether tariffs that have been paid under the steeper rates will need to be given back. The Supreme Court ruling was silent on the matter.
“Now lower courts are going to have to figure out what’s going to happen to people who paid the tariffs and the government paying out big refunds,” said FBB Capital Partners senior research analyst and asset allocation strategist Michael Brenner. “If that’s out there, that would be effectively a form of economic stimulus.”
Earlier in the day, traders received a downbeat view on growth of the U.S. economy, as gross domestic product increased 1.4% for the fourth quarter. That was far below the 2.5% gain that economists polled by Dow Jones had anticipated. The 4.4% advance in the third quarter sharply surpassed estimates.
The record-breaking government shutdown is largely to blame, according to the Commerce Department. That stoppage, which took place through the first half of the fourth quarter, took off around 1 percentage point from economic growth, the department estimated.
In addition to the GDP data, the personal consumption expenditures price index report — the Federal Reserve’s preferred inflation gauge — showed that inflation held steady in December. Excluding volatile food and energy prices, core PCE came in at 3%, in line with expectations but still well above the Fed’s 2% target.
With Friday’s move, the Dow rose 0.3% on the week. The S&P 500 gained 1.1%, and the tech-heavy Nasdaq snapped a five-week losing streak, climbing 1.5%.
— CNBC’s Jeff Cox contributed reporting.
Stocks close higher
U.S. equities finished Friday’s session with gains.
The S&P 500 gained 0.69% to end the day at 6,909.51, while the Nasdaq Composite added 0.90% to 22,886.07. The Dow Jones Industrial Average added 230.81 points, or 0.47%, to 49,625.97.
— Sean Conlon
Cybersecurity stocks drop after Anthropic’s announces security tool
Leading cybersecurity stocks dropped on Friday as fears grew about intensifying competition from Anthropic’s new tool. The company’s new Claude Code Security tool is capable of finding software bugs and suggesting fixes.
CrowdStrike shares dropped about 8%, while Okta lost 9.2%. Zscaler declined nearly 5.5%.
— Pia Singh
Nasdaq Composite poised to snap weekly losing streak
The Nasdaq Composite is on track to break its longest weekly losing streak in multiple years.
The technology-heavy index rose 0.8% in Friday’s midday trading, bringing its weekly gain to 1.4%. If that holds, it would end a period of five weeks with consecutive weekly declines — its longest since May 2022.
Nasdaq Composite, 5-day chart
— Alex Harring, Nick Wells
Security, cloud companies are S&P 500’s worst performers on Friday
Nikolas Kokovlis | Nurphoto | Getty Images
The S&P 500’s worst-performing stocks on Friday were security and cloud-based companies — namely Akamai Technologies, CrowdStrike and Oracle, in that order.
Shares of Akamai plunged nearly 13.5% after the cybersecurity and cloud computing company provided disappointing first-quarter guidance. Akamai said it sees first-quarter adjusted earnings ranging between $1.50 and $1.67 per share, which is significantly lower than the $1.75 per share consensus estimate from analysts polled by LSEG.
CrowdStrike and Oracle were down more than 7% and 5%, respectively, extending their dramatic slides this year amid a broader reckoning in the tech sector. Many big-name software companies, including Cloudflare, also dropped in the regular session.
— Pia Singh
Retail investors remain on sidelines following tariff decision, Vanda says
Retail investors aren’t rushing into the stock market after the Supreme Court tariff ruling.
Mom-and-pop traders haven’t jumped into stocks in a sustained fashion since the 10 a.m. ET announcement, according to VandaTrack strategist Viraj Patel.
What’s more, this week is poised to be one of the weakest in recent years for net flows by everyday investors, Patel said. That underscores the lack of retail enthusiasm which helped power major rallies last year, he added.
“Stepping back, this week has shown once again that retail sentiment remains muted,” Patel wrote in a Friday note.
Still, there were signs that small-scale traders were following the development. Patel said retail investors on Friday bought intraday dips on Nike and other stocks with known exposure to tariffs.
— Alex Harring
Several stocks are poised to gain ground on Trump tariffs ruling, Jefferies says
Several stock could get a boost following the Supreme Court’s ruling against some of PresidentDonald Trump’s sweeping tariffs on Friday, according to Jefferies.
The investment firm named Yeti Holdings, Nike and Sharkninja as big beneficiaries of the decision, its analysts’ new note to clients shows.
“SCOTUS invalidated IEEPA tariffs today, eliminating emergency‑based duties on imports,” Jefferies analyst Randal Konik said Friday in the note. “This is a clear positive for consumer discretionary with high import exposure, easing cost pressures and margin drag.”
Read this CNBC Pro story for more names.
— Liz Napolitano
Quanta Services gets massive price target hike from Bank of America
Thomas Fuller | SOPA Images | Lightrocket | Getty Images
Quanta Services has a lot of room to run as the infrastructure company allocates more capital to its operations, according to Bank of America.
The bank, which has a buy rating on shares, raised its price target for the infrastructure company to $610 from $500. That represents 10% upside from Thursday’s close.
“Quanta is reinvesting $250-$350mn in their manufacturing (345kv/765kv transformers/breakers) and supply chains to further differentiate the firm and de-risk projects,” Bank of America analysts said Friday in a note to clients. “As customers seek to ensure timely completion of projects Quanta, is the uncontested front runner.”
— Liz Napolitano
Tariff ruling a ‘gift to the economy,’ says economist Heather Long
The Supreme Court’s decision to overturn Trump’s reciprocal tariffs is a “gift to the economy” that will likely lead to lower overall tariff rates and a more orderly imposition of future levies, said Heather Long, chief economist at Navy Federal Credit Union.
“This will boost economic growth and provide some relief for American consumers,” she said. “Smaller firms will be especially helped by this ruling. They don’t have supply chain managers to help source their goods or lobby for exclusions, so tariffs have hit smaller firms especially hard.”
Moving forward, it will be harder for the Trump administration to impose tariffs without clear justification and due process, Long added.
However, the refund process will be a mess, she said. Small businesses may struggle to get money back from the U.S. Treasury and it’s likely the White House will fight against issuing any refunds at all, she noted.
— Michelle Fox
Nasdaq hovers near session highs
The Nasdaq Composite was up nearly 1% in Friday afternoon trading, near session highs and set to end the week in the green.
Leading the way on the Nasdaq 100 was Pinduoduo Holdings, the owner of the ultracheap online marketplace Temu. Shares were up more than 4.5% following the Supreme Court’s decision to overrule President Donald Trump’s IEEPA tariffs.
Also making big gains were Applovin, up nearly 4%, and Alphabet, up 3.9%.
.IXIC 1-day chart.
— Davis Giangiulio & Gina Francolla
Markets will ‘celebrate’ Supreme Court decision, says investor Art Hogan
Art Hogan, chief market strategist at B Riley Wealth Management, expects that investors will celebrate the Supreme Court’s Friday decision to strike down President Donald Trump’s tariffs.
“I think that markets celebrate that. Celebrate the Supreme Court making a ruling that actually honors the rule of law, and I think that notionally makes sense,” he told CNBC. “While this is well within consensus, I sincerely believe that the markets will likely applaud the fact that this is some sanity amid otherwise what had been a very confusing administration’s use of policy.”
Hogan noted that this also means good news for consumers, who will now see less increasing pressure from tariffs.
— Lisa Kailai Han
Trump announces new 10% global tariff
US President Donald Trump speaks during a press conference in the Brady Press Briefing Room of the White House in Washington, DC, on February 20, 2026.
Mandel Ngan | Afp | Getty Images
President Donald Trump said Friday he will sign an executive order imposing a new 10% “global tariff,” hours after the Supreme Court struck down his sweeping “reciprocal” import duties in a major rebuke of his trade agenda.
The new tariffs will come on top of the existing levies that remain intact following the high court’s decision, Trump said as he raged at the ruling during a White House press briefing. Read more.
— Kevin Breuninger
SCOTUS tariff ruling will boost stocks, says Jeff Kilburg
Traders work on the floor of the New York Stock Exchange during morning trading on February 20, 2026 in New York City.
Michael M. Santiago | Getty Images
“I think this decision is a green light for the equity bulls as the tariff issue which has been an emotional undercurrent in the stock market since last April. Markets vaulting over this hurdle is one less macro headwind bulls need to persist higher,” Jeff Kilburg, CEO of KKM Financial, told CNBC.
— Fred Imbert
Expect the White House to try on tariffs again, Wolfe Research’s Marcus says
Wolfe Research head of U.S. politics and policy Tobin Marcus thinks the Trump administration will continue its push to implement tariffs even after the Supreme Court’s ruling.
“We fully expect that the tariffs will be reconstituted under other authorities,” Marcus wrote to CNBC.
Treasury Secretary Scot Bessent has previously said the administration has “lots of other authorities that can be used” if the Supreme Court ruled against the administration’s argument that IEEPA gave the president the authority to implement tariffs.
Marcus added that the ruling will be a windfall for importers and a stimulus that should boost stocks.
— Davis Giangiulio
Supreme Court’s tariff decision could break market out of rangebound trading, CIO says
The Supreme Court’s decision to strike down many of President Donald Trump’s tariffs could help the market break out of its holding pattern, according to Glen Smith, investing chief at GDS Wealth Management.
“This may very well be the catalyst that the stock market needs to move out of the narrow trading range that it has been in so far in 2026,” Smith said.
“While it’s been several months since stocks reacted meaningfully to tariff news, the Supreme Court’s ruling on this has been a key uncertainty for stocks,” he added. “That uncertainty has now been lifted.”
Smith said he was “not surprised” by the market’s initial muted reaction to the decision, given that investors knew that the court would make a decision at some point. Investors will continue analyzing the details of the court’s announcement and closely follow reactions from the White House, he added.
— Alex Harring
New uncertainties after SCOTUS decision, according to Truist’s Lerner
The U.S. Supreme Court as seen on February 20, 2026 in Washington, DC.
Heather Diehl | Getty Images
Chief Investment Officer at Truist Wealth Keith Lerner said that the market expected the Supreme Court to overrule Trump’s tariffs, but new questions now arise for businesses.
“It does add another layer of uncertainty,” he said. “Companies have been adapting to tariff uncertainty for some time, and questions around how previously collected tariffs are handled will be important to watch.”
But while it will create near-term noise, Lerner expects the decision isn’t a game changer, and investors will turn to other events like Nvidia earnings next week and upcoming economic data releases.
— Davis Giangiulio
Tariff ruling a net positive for tech, says Dan Ives
The U.S. Supreme Court ruling knocking down Trump’s tariffs should be favorable for tech stocks, Wedbush analyst Dan Ives said in a note shortly Friday.
“With ~$133.5 billion in tariff revenue up for grabs if the US tariff ruling leads to refunds for organizations, we believe this would act as a net positive for tech with financial relief for many companies while creating greater supply chain visibility especially coming from the Asia supply chain,” he wrote. “This will be a very noisy situation but for the tech space and AI trade its a net positive out of the gates in our view.”
— Michelle Fox
Retail stocks hit high of session in wake of Supreme Court tariff ruling
The State Street SPDR S&P Retail ETF (XRT) briefly hit a session high, up 1.8%, in the wake of the Supreme Court tariff ruling. The XRT has since given up some of its gains.
Among the retail stocks surging upward were home improvement retailer Floor & Decor, apparel and accessories retailers Crocs and Abercrombie & Fitch, and furniture retailers RH and Wayfair, among others.
Those were some retailers that had been hit hard by the levies. Industry trade group Footwear Distributors and Retailers of America welcomed the ruling.
“Today’s Supreme Court decision marks an important step toward creating a more predictable and competitive environment for American businesses and consumers,” Matt Priest, the group’s president and CEO, said. “By removing these widespread tariffs, the footwear industry can redirect billions of dollars toward innovation, job creation, and affordability for families across the country.”
— Christina Cheddar Berk, Michelle Fox
Supreme Court rules against Trump tariffs
Engravings of, L/R, Confucius, Moses, and Solon are seen on the rear side US Supreme Court as the Court hears arguments in the case over President Donald Trump’s dismissal of Federal Trade Commission (FTC) commissioner Rebecca Slaughter last March in Washington, DC, on December 8, 2025.
Jim Watson | Afp | Getty Images
The Supreme Court on Friday struck down a huge chunk of President Donald Trump’s far-reaching tariff agenda.
The law that undergirds those import duties “does not authorize the President to impose tariffs,” the majority ruled six to three.
Chief Justice John Roberts delivered the opinion of the court. Justices Clarence Thomas, Samuel Alito and Brett Kavanaugh dissented. Read more.
— Kevin Breuninger
Stocks open lower
The three major averages opened Friday’s session in the red.
The Dow Jones Industrial Average fell 166 points, or 0.3%, shortly after the opening bell. The S&P 500 traded down 0.3%, while the Nasdaq Composite dropped 0.4%.
— Sean Conlon
Grail, Blue Owl Capital, Opendoor Technologies among the stocks making premarket moves
Check out the companies making headlines before the bell:
- Grail— Shares cratered 47% afterthe company saida trial of one of its drugs missed its primary endpoint and failed to show statistically significant Stage III-IV cancer reduction.
- Blue Owl Capital— Shares slid nearly 3%, a day after after the private market and alternative assets manager fell 5.9% following the sale of$1.4 billion in loans.
- Opendoor Technologies— The residential real estate sales platform saw shares rise 19%. Fourth-quarter revenue of $736 million beat the LSEG consensus estimate of $549 million. Opendoor sees its first-quarter adjusted EBITDA loss in the low to mid $30 million range, versus the FactSet consensus call for a loss of $32.2 million. Management said that the company is “driving to Adjusted Net Income positive by the end of 2026, measured on a 12-month go-forward basis.”
Read the full list here.
— Liz Napolitano
U.S. GDP misses badly in Q4
The U.S. economy grew by just 1.4% in the fourth quarter, well below a Dow Jones consensus estimate of 2.5%. The data could push the Fed to lowering interest rates. Core inflation, meanwhile, grew in line at 3% in December from the year-earlier period.
— Fred Imbert
Oil prices hover near six-month highs
Oil prices rose on Tuesday after better-than-expected economic growth data from China, amid President Donald Trump’s tariff threats to European nations.
Perytskyy | Istock | Getty Images
Oil prices were trading near their six-month highs on Friday morning on the heels of President Donald Trump warning Iran that “really bad things” will happen if no deal is reached over the Middle Eastern country’s nuclear program.
Brent crude futures were last trading down about 0.4% at $71.35 per barrel. West Texas Intermediate futures, meanwhile, were 0.5% lower at $66.07.
— Sam Meredith, Sean Conlon
Blue Owl liquidity curbs spur concerns over private credit bubble
Thomas Fuller | Lightrocket | Getty Images
The private credit boom is facing a new test after Blue Owl Capital permanently restricted withdrawals from one of its retail-focused debt funds.
Shares inBlue Owl Capitalfell nearly 6% on Thursday after the private market and alternative assets managersold $1.4 billion of loan assets held in three of its private debt funds.
The biggest portion of the sale came from a semi-liquid private credit fund marketed to U.S. retail investors called the Blue Owl Capital Corporation II, which will stop offeringquarterly redemption options to investors, reigniting debate over whether stress was beginning to resurface in one of Wall Street’s fastest-growing corners.
“This is a canary in the coal mine,” Dan Rasmussen, founder and adviser at Verdad Capital told CNBC. “The private markets bubble is finally starting to burst.” Read more.
— Lee Ying Shan
Trump could attack Iran in days — what’s at stake
US President Donald Trump delivers remarks during the inaugural meeting of the “Board of Peace” at the US Institute of Peace in Washington, DC, on February 19, 2026.
Saul Loeb | Afp | Getty Images
A full-blown war between the United States and Iran could, in a worst-case scenario, send oil prices soaring and cause an economic downturn.
With a massive U.S. military buildup underway in the Middle East, President Donald Trump signaled Thursday that he will decide in the next 10 days whether to launch strikes against Iran.
Read more here about what’s at stake for the oil market.
— Spencer Kimball
JPMorgan’s predictions on how the Supreme Court ruling could affect the S&P 500
U.S. Supreme Court Police officers stand in front of the court building in Washington, D.C., U.S., January 9, 2026.
Jonathan Ernst | Reuters
TheU.S. Supreme Courtis preparing to release its tariff ruling, potentially as soon as this week. Depending on the outcome, investors could see wildly different reactions in the stock market.
Here’s what JPMorgan’s trading desk predicts could happen.
- Tariffs struck down and immediately replaced, 64% chance:TheS&P 500could close up 0.1% to 0.2%, after initially rallying 0.75% to 1% on the announcement
- Tariffs upheld, 26% chance:The S&P 500 could decline 0.3% to 0.5%, with bigger moves in the yield curve
- Tariffs struck down and replaced after the midterms, 9% chance:The S&P 500 could rise 1.25% to 1.5%, with theRussell 2000significantly outperforming
- Tariffs struck down with no replacement, 1% chance:The S&P500 could rise 1.5% to 2%, with the Russell 2000 outperforming
— Sarah Min
Akamai Technologies, Opendoor, Live Nation among stocks moving in after-hours trading
Check out the companies making headlines in after-hours trading.
- Akamai Technologies— Shares of the cloud computing company dropped almost 8% in the after-hours session after the company gave disappointing first-quarter guidance. Akamai said it sees first-quarter adjusted earnings ranging between $1.50 and $1.67 per share, compared to the $1.75 per share consensus estimate from analysts polled by LSEG.
- Dropbox— Dropbox slipped less than 1%. Dropbox reported fourth-quarter adjusted earnings of 68 cents per share, narrowly beating the 67 cents per share anticipated by analysts, per LSEG. Revenue for the period was $636 million, surpassing the Street’s call for $629 million.
- Newmont— The mining stock edged up 2% in extended trading. Newmont reported adjusted earnings of $2.52 per share, exceeding the StreetAccount consensus estimate of $2.04 per share. The company also announced a record $7.3 billion in free cash flow.
For the full list, read here.
— Pia Singh
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