US Markets React to Supreme Court's Tariff Ruling as California Invests in Public Transit and JPMorgan Leads Major Debt Deal

The US Supreme Court's rejection of Donald Trump's tariffs has left markets reeling, with trade-linked stocks experiencing significant fluctuations. The ruling, which was announced on Friday, sent shockwaves through the markets, with retailers, industrials, and autos spiking in response. According to Bloomberg, the tariffs had sent markets careening when they were first announced last year, and the latest development has left traders scrambling to assess the president's plans.

The Supreme Court's decision has been seen as a major blow to Trump's trade agenda, and its impact is being felt across various sectors. Trade-related stocks, including those in the retail and industrial sectors, saw significant gains on Friday, with Bloomberg's Poonam Goyal noting that the ruling had provided a much-needed boost to the market.

However, not all markets were affected equally. Crypto, gold, and oil prices remained relatively stable, as traders sought to assess the implications of the ruling. The dollar also fell alongside bonds, as investors digested the news.

Meanwhile, in other economic news, California Governor Gavin Newsom has signed legislation authorizing the state to lend $590 million to keep major public-transit operators around San Francisco running. The move is seen as a necessary step to support the state's struggling public transit system, which has been hit hard by post-pandemic travel patterns.

According to Bloomberg, the loan will help to keep the Bay Area's public transit system afloat, providing a vital lifeline to commuters and businesses in the region. The move is part of a broader effort by the state to support its transportation infrastructure, and is seen as a key step towards ensuring the long-term sustainability of the region's public transit system.

In other news, JPMorgan Chase & Co. is leading a major debt deal to support the acquisition of healthcare survey firm Press Ganey Forsta by Qualtrics International Inc. The deal, which is worth $5.3 billion, is seen as a major test of the market's appetite for software debt, and is being closely watched by investors.

According to people familiar with the matter, the lender group, led by JPMorgan, is preparing to raise the debt to support the acquisition, which is seen as a key strategic move by Qualtrics. The deal is expected to be closely watched by investors, who will be looking for signs of the market's appetite for software debt.

As the markets continue to digest the implications of the Supreme Court's ruling, investors and executives will be closely watching the developments in the trade and finance sectors. Bloomberg's Jonathan Ferro, Lisa Abramowicz, and Annmarie Hordern will be speaking with leaders and decision-makers from Wall Street to Washington and beyond on their daily program, Bloomberg Surveillance, to provide insights and analysis on the latest news and trends.

Overall, the past 24 hours have seen significant developments in the US markets, with the Supreme Court's ruling on tariffs sending shockwaves through the markets, and major deals being announced in the finance and transportation sectors. As the markets continue to evolve, investors and executives will be closely watching the latest news and trends to stay ahead of the curve.