US futures fall while Asian markets are mostly higher after the Supreme Court nixes Trump’s tariffs

Asian Markets Rally Following U.S. Supreme Court’s Tariff Ruling, While Uncertainties Remain

Asian markets largely climbed on Monday as investors digested the U.S. Supreme Court’s decision to strike down most of President Donald Trump’s sweeping tariffs, though U.S. futures declined amid lingering policy uncertainties.

The Hong Kong Hang Seng index led regional gains, surging 2.2% to 27,003.47, while Taiwan’s Taiex jumped 1.4%. South Korea’s Kospi also posted a solid gain, rising 1.1% to 5,873.07. Tokyo’s markets were closed for a holiday.

Conversely, mainland Chinese shares bucked the regional uptrend, with the Shanghai Composite index falling 1.3% to 4,082.07. Australia’s S&P/ASX 200 also shed 0.4% to close at 9,041.00.

“The mixed reactions are highlighting the winners-and-losers effect of shifts in tariff policy that has just delivered a boost to countries who previously had a comparatively bad deal,” noted Benjamin Picton of Rabobank in a commentary. He added that “U.S. tariff policy will continue to be a source of uncertainty for markets as traders attempt to price in the implications of what is still a movable feast.”

U.S. equity futures pointed to a lower opening on Wall Street, with S&P 500 futures down 0.7%, Dow Jones Industrial Average futures dropping 0.6%, and Nasdaq futures falling 0.8%.

This followed Friday’s relatively calm response on Wall Street to the Supreme Court’s ruling, which had initially triggered significant market anxiety when the tariffs were announced last year. The S&P 500 rose 0.7% to 6,909.51, while the Dow added 0.5% to 49,625.97, and the Nasdaq composite gained 0.9% to 22,886.07.

Despite the court’s decision, tariffs aren’t disappearing from the policy landscape. Trump quickly responded to the ruling by announcing alternative approaches to imposing import taxes. “Just so you understand, we have tariffs, we just have them in a different way,” Trump told reporters, revealing plans to sign an executive order imposing a global tariff of 15% under a law that could limit it to 150 days.

The president also indicated he’s exploring additional tariff mechanisms through the Commerce Department, creating persistent uncertainty that has tempered market reactions.

On the corporate front, Akamai Technologies dropped 14.1% despite reporting stronger-than-expected results for late 2025. Investors were concerned by the cybersecurity firm’s lower-than-anticipated profit forecast for the upcoming year as it plans to increase spending on equipment and other investments—potentially signaling how AI-driven computer memory shortages are affecting businesses across the economy.

Recent economic data showing slowing U.S. growth alongside accelerating inflation has highlighted the Federal Reserve’s challenging position as it manages interest rate policy. Nevertheless, traders still expect at least two rate cuts this year, according to CME Group data, though Fed officials have indicated they want to see further inflation declines before supporting additional rate reductions.

In commodity markets, U.S. benchmark crude oil fell 53 cents to $65.95 per barrel, while Brent crude, the international standard, declined 51 cents to $70.79 per barrel. Precious metals showed strength, with gold rising 1.9% and silver jumping 5.5%.

Currency markets saw the U.S. dollar slip to 154.11 Japanese yen from 154.99 yen, while the euro strengthened to $1.1828 from $1.1780.

As markets continue to assess the implications of shifting U.S. trade policies and economic conditions, investors remain cautious about potential volatility ahead, particularly regarding the implementation and scope of alternative tariff mechanisms that could emerge in the coming weeks.