US retail stocks jump after Supreme Court rules against Trump's global tariffs

Shares of U.S. retailers jump after Supreme Court rules against President Donald Trump's global tariffs

The court upholds a lower court's decision that Trump's use of a 1977 law, meant for use in national emergencies, exceeded his authority

Ruling comes as a relief to businesses, which took a major hit owing to tariff-related costs

Shares of sportswear giant Nike NKE.N up about 1%, while Deckers Outdoor and German sandal maker Birkenstock's U.S-listed shares rise about 2%

Under Armour UAA.N up ~3%, while Crocs shares jump 4%

Shares of big-box retailer Target TGT.N rise 2%

Shares of furniture companies such as RH RH.N up 10%, while Wayfair W.N shares up ~8%

Home Depot HD.N shares rise about 1%, Lowe's LOW.N up ~2%, Williams-Sonoma WSM.N up ~5%

Victoria's Secret shares rise 2%

Luxury brands like Ralph Lauren RL.N, Capri Holdings CPRI.N and Tapestry TPR.N also up 2%