Nasdaq, S&P, Dow futures steady as traders watch for updates on Supreme Court tariff ruling

[Wall Street sign with American flag in the background, symbolizing the financial heart of New York.]

Stock index futures largely hugged the flat line on Thursday as investors awaited updates regarding the Supreme Court's decision on the legality of tariffs.

S&P 500 futures (SPX [https://seekingalpha.com/symbol/SPX]) +0.1%, Nasdaq 100 futures (US100:IND [https://seekingalpha.com/symbol/US100:IND]) were unchanged, and Dow futures (INDU [https://seekingalpha.com/symbol/INDU]) were flat.

Wall Street's major averages saw some relief on Wednesday after the private sector employment staged a rebound in October.

"The risk-on tone has returned to markets over the last 24 hours, with the S&P 500 (+0.37%) recovering from the previous day’s selloff. The main driver was stronger-than-expected data, alongside growing speculation that the government shutdown might come to an end soon," Deutsche Bank's Henry Allen said.

Wednesday marked a key date for the Trump administration, as the U.S. Supreme Court started to hear arguments regarding the legality [https://seekingalpha.com/news/4516353-odds-of-the-supreme-court-upholding-trumps-tariffs-have-cratered-on-kalshi] of the president's implementation of sweeping reciprocal tariffs. On prediction market Kalshi, the odds of the court upholding the trade barriers have fallen sharply.

"On the tariffs, the Supreme Court heard arguments yesterday in the case against Donald Trump’s use of tariffs under the International Emergency Economic Powers Act (IEEPA), which were previously ruled invalid by the lower courts. The questioning left a sense of key justices suggesting that the President may have overstepped his authority with this use of emergency powers," Allen added.

The assumption is that if these tariffs are overruled, new tariffs will take their place using different justifications. However, while the same effective tariff rate may be achieved, some individual tariffs would probably increase, and others fall, UBS' Paul Donovan said.

"When tariffs were reduced recently, consumer prices did not necessarily fall—which might mean that restructured tariffs give a further (modest) boost to U.S. inflation in time," Donovan added.

For the day ahead, there are a couple of Federal Reserve speakers lined up, including Fed Governor Michael Barr, New York Fed President John Williams, Fed Governor Christopher Waller and Cleveland Fed President Beth Hammack, among others.

The Fed balance sheet will come in later in the day.

MARKET SNAPSHOT AS OF NOVEMBER 6, 2025 (4:18 AM ET)

CATEGORY
INSTRUMENT (TICKER)
LEVEL
CHANGE
% CHANGE

INDICES
Dow Futures (INDU [https://seekingalpha.com/symbol/INDU])
47,304.56
−6.44
−0.01%

S&P Futures (SPX [https://seekingalpha.com/symbol/SPX])
6,800.90
+4.61
+0.07%

Nasdaq Futures (US100:IND [https://seekingalpha.com/symbol/US100:IND])
25,632.72
+12.69
+0.05%

TREASURIES
U.S. 2-Year (US2Y [https://seekingalpha.com/symbol/US2Y])
3.62%
−0.017
−0.47%

U.S. 5-Year (US5Y [https://seekingalpha.com/symbol/US5Y])
3.75%
−0.022
−0.58%

U.S. 10-Year (US10Y [https://seekingalpha.com/symbol/US10Y])
4.14%
−0.019
−0.46%

U.S. 30-Year (US30Y [https://seekingalpha.com/symbol/US30Y])
4.73%
−0.013
−0.27%

COMMODITIES
Gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR])
4,011.96
+31.76
+0.80%

Silver (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR])
48.75
+0.78
+1.63%

Crude Oil (CL1:COM [https://seekingalpha.com/symbol/CL1:COM])
60.27
+0.67
+1.12%

CRYPTO
Bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD])
103,092.67
−878.48
−0.84%

Click to enlarge

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