Stocks whipsawed and bonds fell alongside the dollar after the Supreme Court rejected Donald Trump's tariffs. The decision sent shockwaves through financial markets, with traders scrambling to reassess the economic impact of a policy that had previously sent markets careening when first announced last year. The ruling marks a significant shift in trade policy.

Crypto, gold and oil prices mostly hovered as investors sought to gauge the broader implications of the court's decision. The rejection of the tariffs represents a major setback for Trump's trade agenda, which had been a central feature of his economic policy. The Supreme Court's action effectively nullifies a program that had created substantial market volatility.

Bloomberg's Tom Keene joined the program Balance of Power to discuss the market implications of this development. The court's rejection of the tariffs could have far-reaching consequences for trade relationships and economic policy. Investors are now recalibrating their strategies in light of this unexpected legal outcome, which fundamentally alters the trade landscape that had been shaping market behavior for months.