The stock market staged a comeback last week, even as Wall Street waded through a flurry of both upbeat and unsettling headlines. The Nasdaq broke its five-week losing streak on Friday, buoyed by strong advances from our big tech names like Meta Platforms , Nvidia and Amazon . The tech-heavy index ended the week 1.9% higher. The S & P 500 rose 1.1% during the holiday-shortened week, snapping a two-week skid. The Supreme Court’s ruling against President Donald Trump ‘s emergency tariffs on Friday helped lift shares of many consumer-facing companies burdened by higher costs from imports. The index may have gained even more for the week if it weren’t for private credit worries stemming from Blue Owl Capital , which caused volatility in some financial names. All of our bank stocks, at least, remained above the fray and finished the week higher, led by a 2% gain for Wells Fargo . Goldman Sachs wasn’t far behind, up 1.9%. Capital One added 0.5%. We’ll see if the rebound can last into Monday. Until then, here are three drivers of the stock market and our portfolio over the past four trading sessions. .SPX YTD mountain S & P 500 (SPX) year to date performance Supreme Court tariff decision The S & P 500 advanced 0.7% on Friday after the Supreme Court struck down the bulk of Trump’s far-reaching tariff agenda in a 6-3 decision. The high court argued that no president had ever used the statute in question “to impose any tariffs, let alone tariffs of this magnitude and scope.” Trump must “point to clear congressional authorization” to justify the “extraordinary” tariff powers, the majority wrote. “He cannot.” Trump pushed back on Friday afternoon with threats of 10% global tariffs. Those new levies, however, can only last for 150 days without more congressional action to extend. Trump posted on Truth Social on Saturda y about additional tariffs, too. Maybe a clearer picture will emerge when the president delivers his State of the Union address to Congress on Tuesday. The court’s ruling wasn’t an all clear for investors to bid up stocks that have been hurt by the tariffs, though. Just look at Nike , which previously guided for a $1.5 billion tariff headwind this fiscal year. While the stock initially moved up on the court’s decision, it closed down 0.3% as the market realized Trump would find alternative ways to implement higher levies. Our other consumer companies like Costco , Procter & Gamble , TJX Companies , and Amazon are also impacted by the ruling. In the run up to the court’s decision, the Club explained how these tariffs directly affect pricing, margin and inventorying strategies for each company. Big Tech roars back Megacap tech stocks are making their comeback, finally. Meta announced on Tuesday that it will use millions of Nvidia’s chips in its data centers. Both names jumped as a result, reinforcing the narrative of relentless AI demand and a fresh wave of hyperscaler spending. Meta and Nvidia ended the week 2.5% and 3.8% higher,…
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