CNBC Business News Update Market Midday: Stocks Mixed, Supreme Court Rules Trump Tariffs Are Illegal, Inflation Rises Again 2/20/26
Feb 20, 2026
Markets trade mixed as investors react to a major Supreme Court ruling on presidential tariff authority. A small business owner recounts how import levies felt like a hidden tax. Economic growth missed expectations and inflation ticked up in the latest PCE data. Brief cultural notes cover spring training and new film openings.
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Markets React Immediately To Court Ruling
- The Supreme Court ruling moved markets intraday, briefly lifting stocks before the Dow slid back into the red.
- Jessica Ettinger links the court decision directly to market volatility and sector moves like Nike and NVIDIA.
Ruling Redefines Presidential Authority
- The Supreme Court struck down presidential tariff authority under the IEPA, reshaping separation of powers discussions.
- Stanford law professor Michael O'Connell says the opinion focuses more on presidential vs. congressional authority than tariffs alone.
Expect Refund Claims And Complex Cleanup
- The decision creates a refund pathway under the statute, prompting companies to file claims.
- Legal cleanup will be complex and may require agencies to reverse course and process refunds.