The S&P 500 Index rose by 0.58%, while the Dow Jones Industrial Average increased by 0.18%, and the Nasdaq 100 climbed by 1.03% today. The surge followed a ruling by the Supreme Court, which struck down President Trump’s global tariffs, determining he exceeded his authority in their implementation.
In economic news, the U.S. Q4 GDP grew at an annualized rate of 1.4%, falling short of expectations of 2.8%. Moreover, the Dec core PCE price index increased by 2.7%, higher than the anticipated 2.6%. Personal spending rose by 0.4% month-over-month, surpassing expectations of 0.3%. Conversely, manufacturing activity showed signs of weakening as the February S&P manufacturing PMI dropped to 51.2, down from expectations of 52.4.
Among the major tech stocks, Alphabet rose over 4% and Amazon gained more than 2%. Notably, earnings reports have been favorable, with 74% of S&P 500 companies that reported exceeding expectations. S&P earnings growth for Q4 is projected at 8.4%, marking the tenth consecutive quarter of year-over-year growth.
