Homebuilder stocks rallied on Thursday, in a sign that residential construction will benefit from the ruling striking down Trump's tariffs.

Since the April 2 announcement, the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average have each experienced double-digit declines – only to rebound sharply over the last few weeks as some updated trade deals have come into view. Even though the market has been roaring as of late, I don't think investors are out of the woods quite yet.

President Trump’s top economic advisers stressed on Sunday that they would not be deterred by a recent court decision declaring many of the administration’s tariffs to be illegal, pointing to other authorities the White House could invoke to pressure China and other nations into trade negotiations.

Japanese businesses increased capital investment at a faster pace in the first quarter of this year just as the Trump administration touted the coming tariff campaign that kicked off in March.

Ongoing US-China trade tensions and volatile policy shifts have left investors caught between betting on tariff deescalations and bracing for increased uncertainty.

President Donald Trump’s sweeping tariffs — both those he has threatened and those he has already enacted — have led many economists and American consumers to predict that the US economy could enter a recession while also pushing up inflation.