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Supreme Court may decide fate of Trump’s tariffs on Friday. (00:22) Alibaba (BABA) shares jump on potential China approval of Nvidia (NVDA) H200 imports. (01:33) Bob Iger: Disney (DIS) will continue to expand its investment in China. (02:31)
This is an abridged transcript.
The Supreme Court is expected to issue rulings today, which could possibly include one on the legality of tariffs that President Trump imposed under the International Emergency Economic Powers Act (IEEPA).
According to the court’s website, it could release decisions on argued cases on Friday. While it does not disclose which decisions it intends to issue ahead of time, the court’s expedited handling of the tariff case indicates that a ruling is a possibility.
Trump invoked the IEEPA last February to impose reciprocal tariffs on countries to address the national emergency posed by “large and persistent” trade deficits.
The move was legally challenged, with lower courts ruling that the use of IEEPA to impose tariffs exceeded the president’s authority.
Appeals by the Trump administration brought the case to the Supreme Court.
“PRAY THAT THE UNITED STATES SUPREME COURT ALLOWS OUR COUNTRY TO CONTINUE ITS UNPRECEDENTED MARCH TOWARD UNPARALLELED GREATNESS!,” Trump posted on Truth Social on Tuesday, while thanking tariffs for pushing U.S. markets to record highs.
Prediction markets Kalshi and Polymarket each give a 25% chance of the Supreme Court ruling in favor of Trump’s tariffs.
If the Supreme Court rules that the IEEPA-based tariffs are unlawful, the U.S. government may have to refund more than $133.5B in duties to importers, data from the U.S. Customs and Border Protection showed.
Alibaba Group Holding (BABA) saw its shares rally as much as 3.1% in Hong Kong—marking its strongest intraday performance since late 2024.
This was triggered by a Bloomberg report stating that Beijing is preparing to approve the import of Nvidia’s H200 AI chips for commercial use as early as this quarter.
The news sparked a sector-wide rally, with other Chinese AI leaders like Kuaishou Technology (KUASF) and JD.com (JD) each gaining over 4%.
According to sources, Alibaba has made a confidential inquiry about purchasing more than 200,000 units of the H200 to support its large language Models (LLMs) and compete with American competitors like OpenAI.
The current optimism stems from a policy shift in December 2025, where the Trump administration authorized the export of H200 chips to China, provided a 25% surcharge is paid to the U.S. government.
Disney (DIS) CEO Bob Iger met with Chinese Vice Premier Ding Xuexiang in Beijing on Friday and said the entertainment conglomerate will continue to expand its investment in China.
Iger said Disney (DIS) is confident in China’s development and will better promote exchanges and cooperation between the U.S. and China, state-run Xinhua News Agency reported.
Ding called on enterprises from all countries, including Disney (DIS), to continue investing and deepening their presence in China.
Notably, Beijing only allows a limited number of foreign films into the country annually, and Hollywood films are capped at 10 a year.
Disney (DIS) opened Shanghai Disneyland in 2016, and Iger’s visit to China may fuel speculation that the company could be weighing opening another theme park in the country.
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The three-day Silicon Valley Auto Show will begin. Toyota (TM), Cadillac (GM), Lucid (LCID), and Volkswagen (VWAGY) are all expected to show off 2026 models. Tesla (TSLA) will also be making a rare auto show appearance with its Cybertruck.
Dow, S&P and Nasdaq futures are in the green. Crude oil is up 0.3% at $57/barrel. Bitcoin is down 0.6% at $90,000. Gold is down 0.1% at $4,473.
The FTSE 100 is up 0.3% and the DAX is up 0.3%.
The biggest movers for the day premarket: Tilray Brands (TLRY) +8% – Shares rose after reporting FQ2 2026 results that topped revenue expectations, marking its highest quarterly revenue on record.
On today’s economic calendar:
8:30 am Employment Situation
8:30 am Housing Starts and Permits
10:00 am Minneapolis Federal Reserve Bank President Neel Kashkari gives welcome remarks and participates in a fireside chat before the virtual 2026 Regional Economic Conditions Conference.
1:35 pm Richmond Federal Reserve Bank President Tom Barkin will speak at the Maryland Bankers Association