The dollar declined against foreign currencies, stocks in Asia and Europe broadly sold off, and S&P 500 futures were down 0.22% before the open in New York as investors began to realize that the fallout from the U.S. Supreme Court’s tariff decision, and President Donald Trump’s reaction to it, is going to be more complex than traders initially thought.
Goldman Sachs also reported that its in-house “Risk Appetite Indicator” had sunk back from its recent peak.
In that context, investors fled—again—to the safe haven of gold, which rose 1.81% this morning and looked to be making an attempt at a new record high.
At first glance, ending the tariffs looked broadly good for stocks because it makes international trade easier and cheaper for companies. Unsurprisingly, the S&P 500 closed up 0.69% on Friday.
