Retail and apparel stocks from Nike Inc. to Target Corp. spiked following the Supreme Court’s ruling to strike down President Donald Trump’s tariffs.
Victoria’s Secret & Co. surged as much as 5.6% while Dollar Tree Inc. jumped 4% and Abercrombie & Fitch Co. increased 5.5%. Shares of Lululemon Athletica Inc. and Dick’s Sporting Goods Inc. also rose.
The court said Trump exceeded his authority by invoking a federal emergency-powers law to impose his “reciprocal” tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking.
The tariffs have added extra costs to retail and ...
