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

Supreme Court upholds a lower court's decision that Trump's use of a 1977 law to roll out tariffs, 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%; Deckers Outdoor and German sandal maker Birkenstock's U.S-listed shares rise about 2%

Under Armour UAA.N up ~3%; Crocs jumps 4%

Big-box retailer Target TGT.N up 2%; furniture companies RH RH.N up 10%, Wayfair W.N up ~8%

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

Victoria's Secret rises 2%

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

Beauty companies Estee Lauder EL.N, Coty COTY.N up 2%, Elf Beauty ELF.N up 3%