US stocks move to new highs led by the Nasdaq | investingLive
The broader US stock indices are trading to new highs with the S&P up 0.52% or 35.79 points at 6806.25. The Nasdaq is up 178 points or 0.76% at 23557.
The Dow is up as well but below its earlier highs for the day.
For the S&P it did fall below the 100 hour MA yesteday and at lows today, but found buyers near the high from October 9 and has bounced. That kept the buyers in play. The price is back above the 100 hour MA at 6786.07
Looking at the Nasdaq index, the price low stalled at the rising 100 hour MA which is also a bullish hold. The price also stalled near the 38.2% of the last move down.
Meanwhile oral arguments for the Trump tariffs are being heard at the Supreme Court. The court is pushing hard against the authority. The Polymarket is painting the picture with the probability the SC rules in favor has dropped from about 40% to around 27%.
Supreme Court justices showed skepticism toward the Trump administration’s claim that the International Emergency Economic Powers Act (IEEPA) gives the president authority to impose tariffs under its power to “regulate imports.”
Several justices questioned why the law doesn’t explicitly mention tariffs and pressed attorney Sauer to cite any other statute granting such power through regulation language. Sauer pointed to the 1917 Trading With the Enemy Act, but both liberal and conservative justices appeared unconvinced — with Justice Sotomayor even interrupting to urge him to “just answer the question.”
The ultimate decision is not expected until next year sometime. I would think it would earlier vs later.
The bad news is the revenue generated goes back to countries. The good news is inflation fears should go down and businesses would benefit from that -especially those that import goods.