TARIFFS: Trump May Request SCOTUS Intervention On Tariff Ruling As Soon As May30

May-29 16:27

CNBC reporting that President Donald Trump could request, as soon as Friday, May 30, that the Supreme Court pause a United States Court of International Trade ruling that effectively blocked his 'Liberation Day' tariffs.

  • CNBC notes: "The U.S. will seek the “emergency relief” from the nation’s highest court if a federal appeals court does not issue its own temporary pause of the lower-court ruling."
  • The White House's official X account posted a short time ago: "The ruling on [Trump's] tariffs is blatantly wrong — and we are confident this decision will be overturned on appeal." The White House is likely to argue that 'persistent trade deficits' do indeed constitute a national emergency, contrary to the trade court's ruling.
  • Trump spokesperson, Kush Desai, said in a statement: "Foreign countries’ nonreciprocal treatment of the Unites [sic] States has fueled America’s historic and persistent trade deficits. These deficits have created a national emergency that has decimated American communities... It is not for unelected judges to decide how to properly address a national emergency."
  • While the Supreme Court has a conservative majority bench, it is yet to tested with a case central to Trump's agenda. A decision in April that the White House should "facilitate" the return of a deported Maryland resident was widely seen as taking a neutral position on Trump's immigration policy.
  • White House Press Secretary Karoline Leavitt is scheduled to brief reporters at 13:00 ET 18:00 BST, where she is likely to echo Trump policy advisor Stephen Miller's confrontational posture towards the court.   

Historical bullets

US STOCKS: First Half Equities Update: Holding Modest Gains, Earnings going

Apr-29 16:19
  • Stocks are holding firmer, top end of mostly narrow ranges ahead midday, DJIA outperforming SPX eminis and Nasdaq indexes. Currently, the DJIA trades up 294.25 points (0.73%) at 40522.85, S&P E-Minis up 21.5 points (0.39%) at 5574.25, Nasdaq up 43.1 points (0.2%) at 17409.22.
  • Materials and Health Care sectors outperformed in the first half, chemical makers buoyed the former with Sherwin-Williams +5.04%, Ecolab +2.01%, Mosaic +1.83%, Albemarle +1.69% and International Flavors & Fragrances +1.07%.
  • Pharmaceutical makers buoyed the Health Care sectors: Pfizer +3.51% after announcing cost cutting measures as quarterly revenues decline, Merck & Co +2.19%, Amgen +1.45%, Danaher +1.30% and Viatris +1.27%.
  • Conversely, Energy and Consumer Discretionary sectors underperformed in the first half, oil & gas stocks weaker with crude lower (WTI -1.37 at 60.68): APA -1.87%, Texas Pacific Land -1.14%, Targa Resources -1.07%, ConocoPhillips -0.97% and Devon -0.82%
  • Meanwhile, travel & resort related stocks retreated: Caesars Entertainment -3.24%, MGM Resorts Int -2.20% and Carnival -1.94%.
  • Latest earnings expected after the close: Booking Holdings, Mondelez International, Caesars Entertainment, Seagate, Starbucks, Frontier Communications, Expand Energy, Fair Isaac, Visa, BXP, PPG, Edison Int, ONEOK, First Solar, CoStar Group and Snap Inc.

FED: US TSY TO SELL $85.000 BLN 4W BILL MAY 01, SETTLE MAY 06

Apr-29 16:05
  • US TSY TO SELL $85.000 BLN 4W BILL MAY 01, SETTLE MAY 06

FED: US TSY TO SELL $75.000 BLN 8W BILL MAY 01, SETTLE MAY 06

Apr-29 16:05
  • US TSY TO SELL $75.000 BLN 8W BILL MAY 01, SETTLE MAY 06