US Stock Market Move | Star technology stocks mostly lower, Oracle Corporation (ORCL.US) fell more than 3%.

On Friday, the Nasdaq fell by as much as 1.2%, with most of the tech stocks trending lower. As of the time of writing, Broadcom Inc. (AVGO.US) dropped over 10% post-earnings, Micron Technology, Inc. (MU.US) fell over 5%, Oracle Corporation (ORCL.US), AMD (AMD.US) fell over 3%, Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) dropped 2.6%, Amazon.com, Inc. (AMZN.US) fell over 1%, Meta (META.US) dropped over 0.8%. On the news front, the US Supreme Court is set to rule on the legality of the comprehensive tariffs that former President Trump introduced in April, which could be the next test for the stock market that has been surging recently and had once led to a global market crash. The S&P 500 index has rebounded by 39% since the low point of this month, reaching a record high at the close on Thursday. Part of the reason is that the tariffs ended up lower than what Trump initially threatened, as well as the ongoing AI investment craze and the fast-paced growth of the US economy providing support. If the US Supreme Court rules that Trump's comprehensive tariffs exceeded his authority, there will still be significant uncertainty in the future. The likelihood of a ruling being made this year is decreasing. The court held its final public hearing of the year on Wednesday, with the next session scheduled for January 9 next year. Ohsung Kwon, Chief Stock Strategist at Wells Fargo & Company, estimated in October that if the tariffs are ruled invalid, by 2026, the pre-tax and interest earnings of S&P 500 index component companies will grow by 2.4% compared to this year's levels.