Will the Supreme Court Limit Tariff Powers?

US stock futures are little changed as investors weigh lofty valuations, strong earnings, and fresh signs of labor market stress. Qualcomm (QCOM) is the latest big-tech name to get punished despite a solid quarter and upbeat forecast after unveiling a new data center chip. The FAA is reducing US flight traffic by 10% as the government shutdown enters its 37th day, moving to relieve unpaid air traffic controllers amid growing delays and cancellations. New data from Challenger, Gray & Christmas shows that more than 150,000 job cuts were announced in October — the highest for that month since 2003 — with technology, warehousing, and retail leading the way, and year-to-date layoffs now topping 1 million amid cost-cutting and AI-driven restructuring. Federal officials, including Governor Steven Myron and New York Fed president John Williams, speak today as markets continue to price in a December rate cut without official job data. The AI trade remains central, with Nvidia (NVDA), Intel (INTC), Alphabet (GOOG), Meta (META), and Micron (MU) in focus. At the Supreme Court, justices sounded skeptical of President Trump’s use of emergency powers to impose key “Liberation Day” tariffs. This ruling could upend nearly $200 billion in tariff revenue and reshape his economic agenda. Auto stocks like General Motors (GM), Ford (F), Stellantis (STLA), and Tesla (TSLA) have been climbing on hopes for tariff relief as Tesla shareholders prepare to vote this afternoon on Elon Musk’s proposed $1 trillion pay package and a potential investment in his xAI startup. In trending tickers, Marvell Technology (MRVL) jumps on reports SoftBank weighed a takeover and Arm combo, Duolingo (DUOL) slumps on a weak bookings outlook, and ConocoPhillips (COP) rises after beating earnings, hiking its dividend, and boosting its production forecast.

Takeaways:

• October layoffs hit 150,000 — the highest since 2003 — with tech, warehousing, and retail leading more than 1 million cuts year to date

• FAA to cut flight volume by 10% as the government shutdown reaches day 37 and air traffic staffing strains worsen

• Fed officials Myron, Hammack, Williams, and others speak as markets bet on a December rate cut without an official jobs report

• Supreme Court hears challenge to Trump’s emergency tariffs, putting nearly $200B in revenue and key trade pillars at risk

• Tesla shareholders vote today on Elon Musk’s $1T pay package and a proposed xAI investment; Marvell, Duolingo, and ConocoPhillips move on deal and earnings headlines

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