Wednesday was one of those days where Wall Street just couldn't find its footing. Technology stocks stumbled, banks took a beating after lackluster earnings, and the whole market seemed to be holding its breath ahead of a Supreme Court decision that could reshape the tariff landscape.
The big question hanging over everything? Whether the Supreme Court will uphold President Donald Trump's tariffs. According to Polymarket, traders are putting only a 35% probability on the judges ruling in favor of the tariffs. That kind of uncertainty tends to make investors nervous, and it showed in the price action.
The Nasdaq 100 bore the brunt of the selling pressure, sliding more than 1.5% by midday trading in New York. That puts it on pace for its worst session in nearly a month. Semiconductors were the main culprits, with Broadcom Inc. (AVGO) shares tumbling roughly 5%, Oracle Corp. (ORCL) dropping about 4.5%, and Nvidia Corp. (NVDA) declining 2.5%.
The broader market didn't fare much better. The S&P 500 fell nearly 1%, while the Dow Jones Industrial Average edged 0.5% lower. The CBOE Volatility Index, Wall Street's fear gauge, jumped 11% as uncertainty crept into trading.
Bank stocks were among the session's hardest hit after earnings disappointments from Citigroup Inc. (C) and Wells Fargo & Co. (WFC). Both lenders missed expectations, sending their shares down by 4% each. When two major financial institutions stumble on the same day, it tends to drag the entire sector down with them.
But not everything was red on Wednesday. Energy emerged as the standout sector, rising more than 2.4% to its highest level since November 2024. The rally was fueled by oil prices eyeing a sixth straight day of gains. West Texas Intermediate crude climbed over 1% to $62 a barrel, with geopolitical risks tied to Iran continuing to shape the global energy market.
Commodities more broadly were having a moment. Gold rose 0.5% to $4,610 an ounce, while silver extended its record-breaking rally above $90 an ounce, gaining another 4%. Those kinds of moves typically signal investors looking for safe havens or hedging against uncertainty.
Crypto markets also showed signs of renewed momentum, with Bitcoin (BTC) rising for a fourth consecutive session to $97,000. The cryptocurrency has been on a steady climb, benefiting from what appears to be renewed institutional interest.












