What did the Supreme Court ruling change for U.S. tariffs?

The Supreme Court ruling limited reliance on IEEPA for broad tariff actions, invalidating many measures tied to that authority. That channels future activity toward Section 122, where a Trump 15% tariff would be capped at 150 days unless Congress extends it. The shift puts Congress on tariffs at the center of durability and scope. Firms now face refund claims, classification checks, and tighter timelines when planning shipments and pricing.

How could a 15% tariff affect the S&P 500?

A 15% across-the-board tariff would raise import costs and complicate supply chains, which can squeeze margins and dampen earnings revisions. Multiples could compress if guidance weakens or if bond yields rise on inflation concerns. Some companies might pass costs to customers, but price-sensitive categories could underperform. The S&P 500 may see higher day-to-day swings, with ATR at 80.58 and RSI near 44, as traders fade rallies into known resistance zones.

What should Australian investors monitor in the weeks ahead?

Track congressional signals on tariff extensions, any USTR notices on sector carve-outs, and changes to customs compliance. Watch the AUD reaction to trade headlines, since currency moves can offset or amplify equity risk. Listen for tariff language in US earnings calls, especially consumer and industrial names. If Congress delays action, expect front-loaded shipments, inventory shifts, and a choppy tape that challenges buy-and-hold entries.

Which technical levels matter for the S&P 500 right now?

Key reference points include the 50-day average at 6896.08, Bollinger middle at 6908.76, lower band at 6797.04, and the 200-day at 6529.65. Price recently sat near 6861.88 with RSI at 44.81 and MACD negative, suggesting a neutral-to-soft setup. Above the 50-day, momentum can improve. A decisive break below the lower band would flag rising downside risk and favor tighter risk controls.

Law and Government

^GSPC Today, February 24: SCOTUS Tariff Ruling Clouds Trump’s 15% Plan

ByDanny Kontos February 24, 2026February 24, 2026

The S&P 500 faces fresh policy risk after the Supreme Court ruling curtailed IEEPA tariff powers and Trump floated a 15% levy under Section 122. That tool expires after 150 days unless Congress extends it, keeping Congress on tariffs squarely in focus. We outline how this legal shift can sway S&P 500 risk sentiment, margins, and multiples, and what it means for Australian portfolios with US exposure. We also map near-term technical levels and scenario plans that matter for today’s decisions.