The US 10-year Treasury yield edged higher to 4.09% on Friday as investors navigated a tug-of-war between a landmark Supreme Court ruling and President Trump's swift trade policy counter-move. While the court struck down the administration's reciprocal tariffs, initially pressuring yields, the move was countered after Trump immediately vowed to sign a new 10% global tariff executive order. This pivot back to protectionism overshadowed a lackluster Q4 GDP print of 1.4%, which highlighted the economic drag of the government shutdown. Meanwhile, sticky core PCE inflation of 3% reinforced a higher-for-longer narrative, with FOMC minutes showing policymakers divided on the path forward. The 10-year note remains sensitive to the potential for massive tariff refunds acting as economic stimulus versus the inflationary pressure of the new global levy. Yields held their ground as the market weighed whether the legal setback for the White House would truly alter the Fed's restrictive trajectory.

US 10-Year Treasury Yield Holds Ground

The US Dollar Index held mostly flat near 97.8 on Friday, recovering from an initial dip after the Supreme Court struck down President Trump's reciprocal tariffs. While the ruling initially weighed on the greenback by removing an inflationary tailwind, the dollar found support after Trump countered by vowing to sign an executive order for a new 10% global tariff. This swift pivot back to protectionism offset the downbeat Q4 GDP print of 1.4%, which showed the economic toll of the government shutdown and trade duties. The dollar's downside was limited by sticky December core PCE inflation of 3%, reinforcing expectations that the Fed will maintain a restrictive stance. Despite the legal setback for the White House, the prospect of new broad-based levies and persistent price pressures helped the index maintain its footing. The dollar remains on track for a weekly gain as markets balance the potential for tariff refunds against the administration's commitment to stronger trade barriers.

Dollar Steady After Trump's Remarks

US stocks rose on Friday as the S&P 500 gained 0.7% and the Nasdaq rose 1% after the Supreme Court struck down President Trump’s reciprocal tariffs. The Dow added 200 points, recovering from early losses despite a weak 1.4% GDP print weighed down by the government shutdown. While the court ruled the administration lacked authority under IEEPA to impose sweeping duties, Trump immediately countered by announcing a new 10% global tariff via executive order. Amazon and Home Depot jumped 2% as investors weighed potential refunds of $175 billion against the threat of these new levies. Tech strength helped the Nasdaq snap a five-week losing streak even as core PCE inflation held at a sticky 3%, keeping the Fed on guard. Traders now face a new tug-of-war as the removal of original tariff uncertainty is met by fresh protectionist measures, with the White House vowing a stronger direction. The session remains highly volatile as markets digest the mix of legal setbacks and new trade mandates.

US Stocks Swing as Trump Hits Back with 10% Tariff

US stocks rose in volatile trading on Friday afternoon after the Supreme Court struck down President Trump's emergency tariffs, sparking a relief rally across trade-sensitive sectors. The S&P 500 gained 0.6% and the Nasdaq climbed 0.8% while the Dow added 0.2% as the court ruled the administration exceeded its authority. Amazon jumped 2% on the removal of import cost headwinds and Alphabet rose nearly 4% as the decision eased fears of a major inflationary catalyst. The rally pushed past a downbeat GDP report showing the economy grew just 1.4% in Q4, far below estimates. Markets also navigated sticky inflation data with core PCE holding at 3%, keeping the Fed on a data-dependent path. While industrials benefited from potential tariff refunds, gold miner Newmont fell 4% on lower production guidance. Despite the volatility the Nasdaq is set to snap a five-week losing streak as the courts rebuke provides a temporary green light for equity bulls.

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市場快訊

US 10-Year Treasury Yield Holds Ground

Dollar Steady After Trump's Remarks

US Stocks Swing as Trump Hits Back with 10% Tariff

US Stocks Mixed in Afternoon Trading