Mixed Global Market Performance Following US Tariff Ruling

Global financial markets exhibited a bifurcated response following the Supreme Court’s invalidation of the majority of President Trump’s comprehensive tariff regime. While U.S. equity futures retreated, with the Nasdaq composite leading losses at 1.0%, Asian indices generally trended upward, led by a 2.2% surge in the Hang Seng. This regional divergence reflects a recalibration of market sentiment as investors weigh the relief provided to previously penalized trade partners against the administration’s stated intent to pivot toward a 15% universal tariff via alternative executive and departmental channels.

The cryptocurrency sector experienced significant downward pressure, with Bitcoin falling below $65,000 as investors liquidated speculative assets amid heightened regulatory concerns. This decline marks a nearly 50% depreciation from its October record high. Commodity markets also saw a shift; while crude oil prices softened, precious metals advanced, with silver and gold gaining 5.4% and 1.9%, respectively. In the currency markets, the U.S. dollar weakened against the yen and the euro, reflecting the broader atmosphere of policy uncertainty.

Domestic economic indicators added further complexity to the market landscape. Despite reports indicating decelerating growth and rising inflation, Wall Street initially maintained a degree of stability, buoyed by expectations that the Federal Reserve may still implement at least two interest rate reductions this year. However, individual corporate performance remains sensitive to macroeconomic headwinds; for instance, Akamai Technologies saw a sharp 14.1% decline following a cautious profit forecast attributed to rising infrastructure costs and AI-driven hardware shortages. Ultimately, analysts suggest that while the judicial ruling has shifted the "winners and losers" of trade policy, the administration’s pursuit of a new tariff framework ensures that geopolitical volatility will remain a primary driver of market fluctuations.

Market activity across the Asia-Pacific region remained varied, particularly with major exchanges in Japan and mainland China closed for public holidays. Hong Kong’s Hang Seng index outperformed the region with a 2.2% surge, while gains were also observed in Thailand, Taiwan, and India. Conversely, indices in Australia and South Korea recorded modest declines, retreating from earlier highs. These movements followed a resilient session on Wall Street, where the S&P 500, Dow Jones, and Nasdaq all posted gains despite domestic economic data indicating a cooling expansion and persistent inflationary pressures. In the commodities and currency sectors, energy prices saw a slight pullback, with both U.S. benchmark and Brent crude oil declining.