【The US stock market faces the Supreme Court's test on the legality of tariffs】Golden Finance reports that the US Supreme Court is about to make a ruling on the legality of the comprehensive tariffs introduced by Trump in April, which could be the next test for the stock market that has been soaring recently; this ruling once led to a global market crash. The S&P 500 index has rebounded 39% since its low this month, closing at a historic high on Thursday, partly due to tariffs ultimately being lower than what Trump previously threatened, while the AI investment boom and the ongoing rapid growth of the US economy have also supported it. If the US Supreme Court rules that Trump's comprehensive tariffs exceed his authority, there will remain a lot of uncertainty in the future. The likelihood of a ruling being made this year is decreasing. The court held its last public hearing of the year on Wednesday, and the next hearing will wait until January 9 next year. Wells Fargo's chief equity strategist Ohsung Kwon estimated in October that if the tariffs are ruled invalid, by 2026, the earnings of S&P 500 constituent companies before interest and taxes will grow by 2.4% compared to this year's level.
