Supreme Court Tariff Hearings + Earnings: AMD, SHOP, SPOT, UBER

$AMD $ SHOP $SPOT $UBER

Nov 04, 2025

∙ Paid

Hello traders,

The U.S. Supreme Court will hear oral arguments on November 5, 2025, in the Trump tariff case challenging presidential authority under the International Emergency Economic Powers Act (IEEPA). The one-day hearing will last three hours, with 1.5 hours per side, and no follow-up briefs are typically allowed.

Justices will focus strictly on legal issues—statutory limits, separation of powers, and procedural validity—not economic policy. Key signals to watch include institutional observers’ requests for clarification and the Court’s attention to remedies like tariff refunds. The hearing serves as a rare public window into how the Court views executive trade powers before a final ruling. A decision is expected between December 2025 and early 2026, potentially impacting trade policy, inflation, and Federal Reserve positioning.

We will keep you updated after Wednesday on the decision and what it means for the market.

SPX Update

The market is still in a chop. We have gaps at the open, but we sell off. Small caps and speculative stocks are affected the most, with rare earths falling double digits daily.

The SPX is holding well above the 10DMA, which is good, and we’re creating higher highs, so the market isn’t too shabby overall. Sellers are getting tired.

But remember that this is mostly due to a couple of mega caps holding the market up, such as AMZN and NVDA. Other stocks aren’t looking that bullish. Only about 40% of names are above 50 DMA.