In this week’s edition of Steady Investor, we break down the latest developments influencing markets and investor sentiment, including:
- Tariff ruling sparks refund lawsuits
- Global trade proved resilient despite tariffs
- Consumer confidence rises slightly
The Supreme Court Ruling on Tariffs Leads to Even More Lawsuits – The Supreme Court’s decision to strike down many of President Trump’s global tariffs has opened a new chapter in the story, and it’s one defined less by trade policy and more by litigation risk.Over the 10 months the tariffs were in effect, they generated at least $130 billion in revenue. Now, companies want that money back. More than 1,800 businesses have already filed lawsuits seeking refunds, with well-known names joining smaller importers in a wave of near-identical claims. Legal observers are comparing the scale of filings to mass tort litigation, noting that unlike decades-long waves of cases, this surge is unfolding almost simultaneously.The cases are landing at the U.S. Court of International Trade, a specialized federal court accustomed to complex trade disputes, but not to this volume or financial magnitude. The administration has offered mixed signals about how refunds will be handled, even as prior court filings suggested companies could be made whole with interest.For some firms, filing suit is a defensive measure to secure their place in line. Others, particularly smaller importers, may simply have to wait and hope a broader refund mechanism emerges. This story could play out for years to come.1
What Geopolitical Shifts Mean for Investors
Markets don’t always react the way you’d expect. Economic trends, policy shifts, and global events all influence outcomes, and understanding them can give investors perspective.
Our exclusive guide, How Geopolitical Crises Affect the Stock Market 2, shows how major events influence markets and provides perspective for your next moves.
Inside, you’ll find:
- Five significant conflicts since World War II, from Korea to Crimea
- An analysis of each conflict and its economic impacts
- U.S. GDP and S&P 500 figures for key periods of these wars
- Plus, more insights on how these crises affect the economy and market
If you have $500,000 or more to invest, request this report today!
Download Your Free Guide, How Geopolitical Crises Affect the Stock Market 2
Tariffs Were a Central Theme in 2025, but Global Trade Kept Moving – Predictions of a tariff-induced collapse in global commerce have so far missed the mark. Despite a sharp rise in U.S. tariff rates last year, the volume of goods traded worldwide grew 4.4% in 2025, accelerating from 2.5% the prior year. Several offsetting forces were at work, as some of the most punitive tariffs were later reduced, retaliation from major trading partners proved limited, and exporters found alternative buyers when U.S. demand softened. At the same time, the global buildout of artificial intelligence infrastructure created a powerful tailwind. Trade in data-center equipment surged, with advanced Asian economies seeing especially strong export gains as demand for semiconductors and specialized hardware climbed.Even as new tariff frameworks take shape and policy uncertainty lingers, global supply chains have demonstrated an ability to adjust rather than seize up. Companies are rerouting shipments, reallocating production, and responding to new sources of demand. Far from grinding to a halt, cross-border trade continues to expand, a testament to the powerful and complex forces driving the global economy.3
Consumer Confidence Ticks Higher – After months of uneven readings, U.S. consumer confidence showed signs of firmer footing in February. The Conference Board’s index rose to 91.2, beating most economists’ estimates, as households expressed more optimism about the economy, job prospects, and income growth.While consumers remain sensitive to prices and the lingering effects of post-pandemic inflation, labor-market perceptions have improved at the margin. A greater share of respondents said jobs are plentiful, and the closely watched gap between those saying jobs are easy versus hard to find widened modestly, an indicator that employment conditions may be stabilizing.For now, the data suggest households are feeling somewhat better than they did earlier this winter, though confidence levels remain well below historically robust readings. Importantly, sentiment tends to follow shifts in employment and economic momentum rather than anticipate them. February’s improvement appears tied to steadier labor-market conditions, which for investors is a reminder that confidence often reflects where the economy has been, versus where it’s headed.4
Navigating Markets During Geopolitical Uncertainty – Global events can trigger sudden and unexpected market shifts.
To navigate investing in uncertain times, download our exclusive guide, How Geopolitical Crises Affect the Stock Market5, detailing how global events—from trade disputes to conflicts—have historically shaped markets and what that means for your decisions today.
Inside, you’ll discover:
- Five significant conflicts since World War II, from Korea to Crimea
- An analysis of each conflict and its economic impacts
- U.S. GDP and S&P 500 figures for key periods of these wars
- Plus, more insights on how these crises affect the economy and market
If you have $500,000 or more to invest, request this report today!
Disclosure
1 Wall Street Journal. February 24, 2026. https://www.wsj.com/us-news/law/the-130-billion-race-for-companies-to-get-their-tariff-money-back-1dcc5123?mod=hp_lead_pos2
2 Zacks Investment Management reserves the right to amend the terms or rescind the free How Geopolitical Crises Affect the Stock Market offer at any time and for any reason at its discretion.
3 Wall Street Journal. February 25, 2026. https://www.wsj.com/economy/trade/world-trade-surged-in-2025-despite-higher-tariffs-f122a534?mod=economy_feat2_trade_pos2
4 MSN. 2026. https://www.msn.com/en-us/money/markets/us-consumer-confidence-rises-on-stronger-prospects-for-jobs/ar-AA1WYShN
5 Zacks Investment Management reserves the right to amend the terms or rescind the free How Geopolitical Crises Affect the Stock Market offer at any time and for any reason at its discretion.
DISCLOSURE
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.
Zacks Investment Management, Inc. is a wholly-owned subsidiary of Zacks Investment Research. Zacks Investment Management is an independent Registered Investment Advisory firm and acts as an investment manager for individuals and institutions. Zacks Investment Research is a provider of earnings data and other financial data to institutions and to individuals.
This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Do not act or rely upon the information and advice given in this publication without seeking the services of competent and professional legal, tax, or accounting counsel. Publication and distribution of this article is not intended to create, and the information contained herein does not constitute, an attorney-client relationship. No recommendation or advice is being given as to whether any investment or strategy is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole.
Any projections, targets, or estimates in this report are forward looking statements and are based on the firm’s research, analysis, and assumptions. Due to rapidly changing market conditions and the complexity of investment decisions, supplemental information and other sources may be required to make informed investment decisions based on your individual investment objectives and suitability specifications. All expressions of opinions are subject to change without notice. Clients should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed in this presentation.
Certain economic and market information contained herein has been obtained from published sources prepared by other parties. Zacks Investment Management does not assume any responsibility for the accuracy or completeness of such information. Further, no third party has assumed responsibility for independently verifying the information contained herein and accordingly no such persons make any representations with respect to the accuracy, completeness or reasonableness of the information provided herein. Unless otherwise indicated, market analysis and conclusions are based upon opinions or assumptions that Zacks Investment Management considers to be reasonable. Any investment inherently involves a high degree of risk, beyond any specific risks discussed herein.
It is not possible to invest directly in an index. Investors pursuing a strategy similar to an index may experience higher or lower returns, which will be reduced by fees and expenses.
The S&P 500 Index is a well-known, unmanaged index of the prices of 500 large-company common stocks, mainly blue-chip stocks, selected by Standard & Poor’s. The S&P 500 Index assumes reinvestment of dividends but does not reflect advisory fees. The volatility of the benchmark may be materially different from the individual performance obtained by a specific investor. An investor cannot invest directly in an index.
The Russell 1000 Growth Index is a well-known, unmanaged index of the prices of 1000 large-company growth common stocks selected by Russell. The Russell 1000 Growth Index assumes reinvestment of dividends but does not reflect advisory fees. An investor cannot invest directly in an index. The volatility of the benchmark may be materially different from the individual performance obtained by a specific investor.
Nasdaq Composite Index is the market capitalization-weighted index of over 3,300 common equities listed on the Nasdaq stock exchange. The types of securities in the index include American depositary receipts, common stocks, real estate investment trusts (REITs) and tracking stocks, as well as limited partnership interests. The index includes all Nasdaq-listed stocks that are not derivatives, preferred shares, funds, exchange-traded funds (ETFs) or debenture securities. An investor cannot invest directly in an index. The volatility of the benchmark may be materially different from the individual performance obtained by a specific investor.
“The Dow Jones Industrial Average measures the daily stock market movements of 30 U.S. publicly-traded companies listed on the NASDAQ or the New York Stock Exchange (NYSE). The 30 publicly-owned companies are considered leaders in the United States economy. An investor cannot directly invest in an index. The volatility of the benchmark may be materially different from the individual performance obtained by a specific investor.”
Returns for each strategy and the corresponding Morningstar Universe reflect the annualized returns for the periods indicated. The Morningstar Universes used for comparative analysis are constructed by Morningstar (median performance) and data is provided to Zacks by Zephyr Style Advisor. The percentile ranking for each Zacks Strategy is based on the gross comparison for Zacks Strategies vs. the indicated universe rounded up to the nearest whole percentile. Other managers included in universe by Morningstar may exhibit style drift when compared to Zacks Investment Management portfolio. Neither Zacks Investment Management nor Zacks Investment Research has any affiliation with Morningstar. Neither Zacks Investment Management nor Zacks Investment Research had any influence of the process Morningstar used to determine this ranking.
The Russell 1000 Value Index is a well-known, unmanaged index of the prices of 1000 large-company value common stocks selected by Russell. The Russell 1000 Value Index assumes reinvestment of dividends but does not reflect advisory fees. An investor cannot directly invest in an index. The volatility of the benchmark may be materially different from the individual performance obtained by a specific investor.
Questions posed are for demonstrative and informational purposes only and may not reflect the views of current clients or any one individual.