A group of retailers and manufacturers stand to benefit now that the Supreme Court has ruled against some of President Donald Trump' s sweeping tariffs, according to Wells Fargo. The high court struck down on Friday a large portion of Trump's levies, which have been the cornerstone of the president's economic policy. Justices ruled six to three that the law "does not authorize the President to impose tariffs." The majority of the justices maintained that the power to tax rests with Congress under the U.S. Constitution. Several companies, including Nike , Target and Home Depot , are likely to be aided by the high court's order, Wells Fargo analysts' said in a recent note to clients. They listed more than two dozen stocks that could climb on the news. Several were already trading higher immediately following the Friday's announcement. Here are a few stocks that are expected to soar as some tariffs are rolled back. Nike The athletic apparel company was hit hard by Trump's trade taxes last year. Its footwear prices rose 17% from September 2024 to September 2025, while apparel and equipment prices jumped 14% and 18%, respectively, during the same period, according to a DataWeave analysis . Feeling the pressure, Nike co-signed a letter from the Footwear Distributors and Retailers of America to the Trump administration last May, requesting the footwear industry be exempted from the tariffs. The group called the taxes an "existential threat" to their businesses. Nike's stock initially popped to a high of $68.49 on the news, but shares were recently down more than 2%. The company's stock is down about 1% since Trump announced his tariff plan last year. Target Target has suffered under the weight of Trump's tariffs, so it is likely to benefit greatly from their reversal, according to Wells Fargo. Last year, the retailer attributed uncertainty around its corporate strategy to the trade taxes, even issuing a wider than usual range for its full-year earnings per share outlook. In the three-month period that ended May 3, 2025, Target also missed its first-quarter revenue estimate, while transactions fell – a fact then-CEO Brian Cornell blamed, in part, on the tariff situation. Target's shares have risen about 8% since Trump's "liberation day" tariff announcement, underperforming the broader market's nearly 22% gain. Shares rose to $118.98 shortly after the court ruling, but the stock gain up those gains and were down less than 1% on the day. Home Depot The home improvement retailer is likely to see upside as some trade taxes are rolled back. Last August, the company said that it might hike prices for some of its products due to Trump's tariffs — a move that stood to hurt its popularity with shoppers. "For some imported goods, tariff rates are significantly higher today than they were at this time last quarter," Home Depot CFO Richard McPhail said last August in an interview with the Wall Street Journal , acknowledging the business challenges posed by the taxes. Home Depot shares were recently flat. The company's stock has also underperformed since the April 2025 tariff announcement, with a gain of only 2% since then. Trump tariff threats linger While stocks initially rallied on the Supreme Court's ruling, there are a few factors that could mute the overall impact — and may account for why some gains have been lost during Friday's session. For one, the court's decision didn't address whether tariffs already paid would need to be refunded . Also, some tariffs will remain in place . The Trump administration is also expected to reapply the tariffs using other means, including Section 122 of the Trade Act of 1974. This could enable the White House to impose new levies on foreign goods and resources. "It does add another layer of uncertainty," Keith Lerner, chief investment officer at Truist, said. "Companies have been adapting to tariff uncertainty for some time, and questions around how previously collected tariffs are handled will be important to watch." —CNBC's Davis Giangiulio contributed to this report.
