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Happy Wednesday. This is TheStreet’s Stock Market Today for Nov. 5, 2025. You can follow the latest updates on the market here in our daily live blog.

Today has been circled on the calendars of politicos and traders alike for weeks, as the Supreme Court of the United States is hearing arguments in the long-running Trump tariff case.

The arguments are the final stop for the President's crown economic policy, which was overturned by two lower courts, but have stayed in force as the litigation snaked its way to the top court in the land. A more sympathetic conservative majority might be more generous to Trump based on previous rulings of executive power, but there is also a possibility that the court will hold the lower courts' decisions.

At least right now, the gamblers are turning away from bets that the SCOTUS will be siding with Trump, maybe due to the line of questioning that the Justices are going down. In a word, they don't seem very compelled by the Trump Administration's argument that right now constitutes "an emergency."

Prediction markets -- yes, plural -- for whether the court will uphold the tariffs have plummeted. If they're right, the end of tariffs could be near-term bullish for equities. Stocks are at day highs, maybe reflecting some of this optimism; the Nasdaq (+0.92%) and S&P 500 (+0.66%) are jumping, along with the Russell 2000 (+1.21%)

But the end of tariffs could also create all sorts of new headaches and questions for U.S. trade policy. Just a few that come to mind:

How does the tariff money get returned to businesses?

What happens to the "quid pro quo" deals and investment commitments made by countries and companies? Are we still good for those?

Didn't we pass a budget based on expectations of generating $600 billion+ in revenue from tariffs a year? What now?

Does this end up being more near-term disruptive for business than simply continuing with the tariffs, after all, many businesses are now adjusted.

And then, there's a bigger question about what Trump might do next. Never shy to implement colorful policies, the President has already set his scholars and staff on skimming the mundanities of trade law for a new way to implement tariffs.

There seems to be a few options for the administration still on the books, such as Section 338 of the 1930 Tariff Act (50% tariffs on countries that discriminate against U.S. trade or Section 122 of the 1974 Trade Act (15% tariffs for 150 days to address trade imbalances, followed by more targeted tariffs under Section 301), to name two.

In other words, maybe tariffs will be "gone" but they might come back in all sorts of new ways.

Over an hour into trading, here's a look at the stocks on either end of the market (with at least a $2 billion market cap.)

The U.S. markets are now open. Small caps in the Russell 2000 (+0.41%) lead out of the gate, while large cap indexes like the Nasdaq (+0.10%), Dow (+0.07%), and S&P 500 (+0.01%) are little-changed.

Gold (+0.77%) is approaching $4K again, while the 10YTreasury rose (+2.3 bp) to 4.114%. Bitcoin (-0.83% over 24H) rose back above $102K.

Aside from the opening prints, here are some of the stories dominating this morning's economy of attention:

For the first time since July, the ADP Employment Change report showed an increase in job additions in October, with the report showing an addition of 42,000 jobs. In fact, the private market report might be a key reason for the turnaround in U.S. equities this morning, which were earlier seen trending lower with other global market indexes.

As aforementioned (below), Trump's emergency use power tariffs are heading to arguments at the Supreme Court this morning. The arguments will be the final stop for the President's chief economic policy, which was overturned by two lower courts. A more sympathetic conservative majority might be more generous to Trump based on previous rulings of executive power, but there is also a possibility that the court will hold the previous judges' decisions, possibly creating new headaches and questions about U.S. trade policy.

Yesterday was as good of an Election Day as Democrats could've had, scoring beefy wins in Virginia, New Jersey, and even Georgia.

The Democrats also scored by passing Prop 50 in California, allowing the state to redraw certain Congressional districts to offset redistricting efforts in Republican states. Although, that was widely expected.

Good morning. At day 36, the U.S. government shutdown is now the longest in history. And despite a full-court press on by President Trump, it seems unlikely that Republicans will pursue the 'nuclear option' and end the filibuster to reopen the government.

Instead, only partial SNAP and WIC benefits will be paid; the enhanced tax credits for Obamacare Marketplace plans remain a talking point; and government workers will continue to be unpaid. At the same time, Trump has been squarely focused on dealmaking and bringing back nuclear tests, hoping Democrats will fold.

We've heard a great deal about the perils that might await if the government didn't reopen. Chief among them are a significant drop-off in consumer sentiment observed in the Morning Consult's daily sentiment index, especially among lower income consumers. That has likely played a role in why some rank-and-file Democrats have been looking to make a deal to end the shutdown, even as Republicans hold their ground.

At the same time, the market has been busy focusing on other champagne problems: stock market valuations, the December rate cut, and Trump's tariffs -- which are heading to the Supreme Court for argument this morning. Stocks had rallied to records early in the shutdown, but given recent events, investors seem less inclined to take things as they are.

That much is clear in the S&P 500 and Nasdaq's Tuesday performance, which was punctuated by steep declines in equities, largely at the top of the index. And there remained worries into the wee hours after the market closed, as even acceptable earnings were punished with high single-digit and low double-digit downside reactions.

This morning, traders in Japan and Europe saw selling. But by early indications, today might be a day of moderation for investors as they wait to hear the latest on the tariffs, the shutdown, and other factors sitting on the horizon. U.S. equity futures were up modestly after a memorable Election Day for the Democrat opposition (something we'll touch on a bit later).

As we get a late jump on SMT this morning, we'll skip the premarket movement and get right into the results from this morning's largest earnings. Here's the shortlist, per TipRanks. We'll be back in about an hour to see the early market reactions:

This morning, reports from the MBA and the ADP Employment Change have already dropped, showing moderation in both the housing market and labor market. Here's what is slated for the rest of the day:

This story was originally reported by TheStreet on Nov 5, 2025, where it first appeared in the Latest Business & Market News section. Add TheStreet as a Preferred Source by clicking here.