Thousands of companies around the world have filed lawsuits challenging Trump’s sweeping tariffs
Published Fri, Feb 20, 2026 · 11:51 PM — Updated Sat, Feb 21, 2026 · 08:14 AM
[SAN FRANCISCO] US stocks ended higher on Friday (Feb 20), led by gains in Alphabet, Amazon and other Wall Street heavyweights after the Supreme Court struck down President Donald Trump’s global tariffs.
The US top court, which has a conservative majority, ruled 6-3 against Trump’s global tariffs, enacted last year under a federal law meant for national emergencies.
Trump called the ruling a “disgrace” and said he would impose a 10 per cent global tariff for 150 days under Section 122 of the Trade Act of 1974 to replace emergency duties that the Supreme Court struck down.
Investors were relieved that Trump’s newly announced global tariff was not higher, said Mike Dickson, head of research and quantitative strategies at Horizon Investments in Charlotte, North Carolina.
“Today is a removal of some uncertainty, and we’re on to the next phase,” Dickson said.
Some of Wall Street’s most valuable and widely held companies rose, including Google-parent Alphabet Amazon and Apple.
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Shares of US toymaker Mattel, online furniture retailer Wayfair, Pottery Barn-owner Williams-Sonoma and luxury furniture retailer RH – some of the companies that were hit by the tariffs – also gained.
Thousands of companies around the world have filed lawsuits challenging Trump’s sweeping tariffs and sought refunds on the duties they have paid. There is a risk more than US$175 billion in U.S. tariff collections will need to be refunded, according to Penn-Wharton Budget Model economists.
According to preliminary data, the S&P 500 gained 48.41 points or 0.7 per cent to end at 6,910.3 points, while the Nasdaq Composite gained 207.14 points or 0.9 per cent to 22,889.87. The Dow Jones Industrial Average rose 233.01 points or 0.5 per cent to 49,628.56.
Data released early in the day showed US economic growth slowed more than expected in the fourth quarter, while a separate reading indicated inflation picked up in December.
Traders see just over a 50 per cent chance the Fed will cut interest rates by its June policy meeting, according to CME’s FedWatch Tool.
Investors jittery about the health of Wall Street’s artificial intelligence rally will scrutinise Nvidia’s quarterly results next Wednesday. AI-linked technology stocks have gyrated in recent months due to concerns about high valuations and limited evidence that massive investments in AI are driving revenue and profit growth.
Industries ranging from software to logistics have also been hit by concerns that rapidly improving AI tools could disrupt their business models and steepen competition.
Akamai Technologies slumped after the cloud company forecast first-quarter adjusted profit below Wall Street estimates. REUTERS
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