Stocks waver as courts weigh the fate of Trump's tariffs

Back-and-forth court orders that voided — then reinstated — President Donald Trump's tariffs have injected a fresh dose of uncertainty into markets.

Back-and-forth court orders that voided — then reinstated — President Donald Trump's tariffs have injected a fresh dose of uncertainty into markets.

The S&P 500, Dow Jones Industrial Average and the tech-heavy Nasdaq all ended the trading day Thursday with modest gains. Bond yields fell as investors sought out safe-haven assets.

On Thursday afternoon, an appeals court reversed a federal trade panel's ruling some 24 hours earlier that struck down a slew of tariffs targeting other countries.

By granting the Trump administration's request for a stay, the appeals court put those tariffs back into effect while it weighs the case.

The ruling has the effect of lowering the U.S.' average effective tariff rate from 15% to 6.5%, according to Capital Economics consultancy. The ruling did not affect import duties on automobiles, auto parts and steel and aluminum.