The Stocks to Watch When Supreme Court Rules on Trump’s Tariffs

An upcoming US Supreme Court ruling on the legality of the sweeping tariffs that President Donald Trump rolled out in April — briefly sending markets worldwide into a tailspin — could be the next test for stocks that have been flying high.

The S&P 500 Index has since rallied 39% from the lows hit that month. It closed at a record high Thursday, in part because tariffs have settled lower than Trump’s highest threats, while support has come from an artificial-intelligence investment boom and a US economy that has kept expanding fast enough to throw off record corporate profits.

If ...