It’s hard to get aggressively bullish on U.S. stocks as the “trade drama” isn’t over after Wednesday's court ruling that President Donald Trump’s use of emergency powers to impose

tariffs was an overreach of his executive authority, according to Sevens Report Research president Tom Essaye. The Court of International Trade in Manhattan’s decision means that Trump’s

so-called reciprocal tariffs are invalid and collections on them will stop and be refunded, Essaye said in a note Thursday. The market at least initially cheered the ruling as reduced

tariffs lower the chance of an economic slowdown and relieve pressure on company earnings, he said. “While this is positive news from a stock standpoint, the tariff drama is far from over,”