To be clear, markets reacted to tariff headlines yesterday evening when the news was that a court decision would block certain tariffs. But even before today's most relevant tariff headlines, markets had correctly sniffed out the outcome. In short, tariffs are back in effect pending further review by the court and even then, traders expect the administration to find ways around any attempted block. Bottom line, there was no reaction to today's headlines by the time they came out because markets traded the likelihood overnight. Tepid econ data and a well-received 7yr Treasury auction added mildly to the gains.