US stocks tick higher after the Supreme Court strikes down Trump's sweeping tariffs

NEW YORK (AP) — U.S. stocks are ticking higher Friday after the Supreme Court struck down President Donald Trump’s sweeping tariffs, which had triggered panic in financial markets when announced last year.

The S&P 500 rose 0.6%. It had been flipping between small gains and losses earlier in the morning following discouraging reports showing slowing growth for the U.S. economy and faster inflation.

The Dow Jones Industrial Average was up 124 points, or 0.3%, as of 11 a.m. Eastern time, and the Nasdaq composite was 1.1% higher.

Many on Wall Street were likely expecting such a ruling from the Supreme Court, according to Brian Jacobsen, chief economic strategist at Annex Wealth Management. That likely led to the relatively muted reactions across financial markets.

Treasury yields edged only a bit higher in the bond market. Stock indexes in Europe added some to their gains from earlier in the day, while the U.S. dollar's value edged down against the euro and other currencies.

Gold’s price slipped from nearly $5,075 per ounce just before the ruling toward $5,000 before climbing back. It had surged to records earlier this year in part on worries about the uncertainty Trump’s tariffs created for businesses and households worldwide.

Despite the Supreme Court's blocking Trump from levying sweeping “reciprocal” tariffs on nearly every country in the world, tariffs may not be going away. Jacobsen said he expects Trump's White House to shift strategy and use tariffs that target specific countries or industries.

“This will give some short-lived relief as it just delays the inevitable of tariffs from a different authority,” he said.

Heading into the day, the main event for markets had seemed to be the discouraging reports showing slowing U.S. economic growth and accelerating inflation. But they also found a relatively muted response from investors. While the data underscored the tricky situation the Federal Reserve faces as it sets interest rates, they did not change traders’ expectations much for what the Fed will ultimately do.

Following the reports, traders are still mostly betting that the Fed will lower rates at least twice by the end of this year, according to data from CME Group. Some shifted bets for the timing of when the cuts could begin to slightly later in the summer.

Lower interest rates would give the economy a boost, but they also risk worsening inflation. Fed officials said at their last meeting that they want to see inflation fall further before they would support cutting rates further.

The yield on the 10-year Treasury rose to 4.09% from 4.08% late Thursday. The two-year yield, which more closely tracks expectations for Fed action, inched up to 3.48% from 3.47%.

On Wall Street, Akamai Technologies dropped 9.3% for one of the market's sharpest losses. The cybersecurity and cloud computing company reported stronger results for the end of 2025 than analysts expected, but it gave a profit forecast for the upcoming year that fell short of estimates.

Akamai plans to spend a bigger percentage of its revenue this upcoming year on equipment and other investments. It’s the latest potential indicator of how higher prices for computer memory amid shortages created by the AI boom is affecting customers throughout the economy.

On the winning side of the market was Comfort Systems, which rose 4.3% after the provider of heating, ventilation air conditioning and electrical services reported a stronger profit for the latest quarter than analysts expected. CEO Brian Lane said his company is seeing “unprecedented demand.”

In stock markets abroad, indexes rose in Europe following a more mixed finish in Asia.

The Hang Seng fell 1.1% after Hong Kong’s market reopened following Lunar New Year holidays, but South Korea’s Kospi jumped 2.3% to a record, led by major defense contractors like Hanwha Aerospace. The company is one of many benefiting from a ramp up in military spending in many countries.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Specialist Thomas McArdle works at his post on the floor of the New York Stock Exchange, Friday, Feb. 20, 2026. (AP Photo/Richard Drew)

Specialist Patrick King, left, and trader Robert Charmak work on the floor of the New York Stock Exchange, Thursday, Feb. 19, 2026. (AP Photo/Richard Drew)

Options trader Anthony Spina works on the floor of the New York Stock Exchange, Friday, Feb. 13, 2026, in New York. (AP Photo/Richard Drew)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Feb. 16, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

Options trader Anthony Spina works on the floor of the New York Stock Exchange, Thursday, Feb. 19, 2026. (AP Photo/Richard Drew)

Currency traders pass by a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, Feb. 20, 2026. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, Feb. 20, 2026. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, Feb. 20, 2026. (AP Photo/Ahn Young-joon)

BARCELONA, Spain (AP) — Barcelona's towering Sagrada Familia basilica reached its maximum height on Friday, though the magnum opus of Catalan architect Antoni Gaudí remains years away from completion.

A crane placed the upper arm of a cross atop the Tower of Jesus Christ, the church's soaring central piece, which now stands 172.5 meters (566 feet) above the city.

With Friday's addition, the Sagrada Familia inched closer to being done. The unfinished monument became the world’s tallest church last year after another part of its central tower was lifted into place.

The first stone of the Sagrada Familia was placed in 1882, but Gaudí never expected it to be completed in his lifetime. Only one of its multiple towers was finished when he died at the age of 73 in 1926, after being hit by a tram.

In recent decades, work has sped up as the basilica became a major international tourist attraction, with people enthralled by Gaudí’s radical aesthetic that combines Catholic symbolism and organic forms.

Inside, the Tower of Jesus Christ is still being worked on. Those who wish to actually see the cross will have to wait until the tower's inauguration this summer, when the scaffolding surrounding it will be removed, according to the church.

Topping the central tower, which soars above the transept, has been a priority ahead of celebrations this June that will mark the centenary of Gaudí’s death.

As Gaudí had planned, the cross has four arms so its shape can be recognized from any direction, said Sagrada Familia's rector, the Rev. Josep Turull. If Barcelona’s city government will allow it, the original plan also includes a light beam shining from each of the cross’s arms, symbolizing the church’s role as a spiritual lighthouse, he added.

Millions of tourists visit the Sagrada Familia every year, and entrance fees largely fund the ongoing construction.

This year, the Sagrada Familia will hold several events to celebrate the Catalan Modernist's legacy, which includes other stunning buildings in Barcelona and elsewhere in Spain.

The Sagrada Familia became the world's tallest church last October, when it rose above the spire of Germany’s Ulmer Münster, a Gothic Lutheran church built over more than 500 years, starting in 1377. That church tops out at 161.53 meters (530 feet).

At Sagrada Familia, a prayer verse is included at the base of the cross installed Friday afternoon, said church rector Turull.

It reads: “You alone are the Holy One, you alone are the Lord, you alone are the Most High.”

Associated Press journalists Joseph Wilson in Barcelona, Spain, and Giovanna Dell'Orto in Minneapolis contributed reporting.

This story corrects the date that construction began on Germany’s Ulmer Münster church, to 1377, and the time took to build it, to over 500 years. A previous version incorrectly said construction began in 1543 and that the work took 347 years.

People watch as a crane lifts the upper arm of the cross onto the Tower of Jesus Christ at the Sagrada Familia in Barcelona, Spain, Friday, Feb. 20, 2026, reaching the basilica's maximum height of 172.5 meters (566 feet). (AP Photo/Emilio Morenatti)

People watch as a crane lifts the upper arm of the cross onto the Tower of Jesus Christ at the Sagrada Familia in Barcelona, Spain, Friday, Feb. 20, 2026, reaching the basilica's maximum height of 172.5 meters (566 feet). (AP Photo/Emilio Morenatti)

People watch as a crane lifts the upper arm of the cross onto the Tower of Jesus Christ at the Sagrada Familia in Barcelona, Spain, Friday, Feb. 20, 2026, reaching the basilica's maximum height of 172.5 meters (566 feet). (AP Photo/Emilio Morenatti)

A crane lifts the upper arm of the cross onto the Tower of Jesus Christ at the Sagrada Familia in Barcelona, Spain, Friday, Feb. 20, 2026, reaching the basilica's maximum height of 172.5 meters (566 feet). (AP Photo/Emilio Morenatti)