It happened again.
The Supreme Court once again declined to issue an opinion on the legality of the bulk of President Trump’s tariff regime and the market once again reacted like it was expecting a clean answer.
Instead, it got uncertainty.
And tariff-sensitive stocks immediately started bleeding.
The Court Said Nothing, and Stocks Heard “No Relief”
The Supreme Court declined to deliver a ruling on the legality of the tariffs, which means:
no clarity
no timeline
no quick legal off-ramp for tariffs
Markets were clearly leaning toward the idea that a ruling could bring some tariff relief or at least signal where policy risk is headed.
When that did not happen, the “tariff losers” basket underperformed the S&P 500 almost instantly.
Tariff Losers Get Hit Fast
Since the “no news” hit around 10:12 a.m. ET, several tariff-sensitive names quickly became some of the worst performers in the group, including:
Crocs $CROX ( ▼ 2.43% )
Under Armour $UA ( ▼ 1.56% )
All dropped more than 1% within the next 10 minutes.
That is not a “fundamentals changed” move.
That is a “policy expectations just got wrecked” move.
Why This Keeps Happening
This is basically the market’s reminder that:
tariff policy is still alive
courts are not rushing to resolve it
and companies exposed to import costs are still stuck in limbo
Tariff-sensitive names trade like policy derivatives.
When the Supreme Court refuses to give direction, the market prices in maximum uncertainty and sells first.
Bottom line: tariff stocks got smacked again because the Supreme Court once again refused to weigh in, and the market is showing pretty clearly it was positioned for at least some hint of relief.