The stock market staged a comeback last week even as Wall Street experienced a flurry of positive and worrisome headlines. The Nasdaq broke its five-week losing streak on Friday, buoyed by strong gains from our big tech companies like Meta Platforms, Nvidia and Amazon. The tech-heavy index ended the week up 1.9%. The S&P 500 rose 1.1% in the holiday-shortened week, breaking a two-week decline. The Supreme Court’s ruling against President Donald Trump’s emergency tariffs on Friday helped lift shares of many consumer-facing companies weighed down by higher import costs. The index might have gained even more this week had it not been for Blue Owl Capital’s private credit concerns, which caused volatility in some financial stocks. At least all of our bank stocks remained above competition and ended the week higher, led by a 2% gain in Wells Fargo. Goldman Sachs wasn’t far behind, up 1.9%. Capital One gained 0.5%. We will see if the recovery can last until Monday. Until then, here are three drivers of the stock market and our portfolio over the last four trading sessions. .SPX YTD Mountain S&P 500 (SPX) Year-to-Date Performance Supreme Court Tariff Decision The S&P 500 rose 0.7% on Friday after the Supreme Court struck down most of Trump’s sweeping tariff agenda in a 6-3 decision. The Supreme Court reasoned that no president had ever used the law in question “to impose tariffs, let alone tariffs of this magnitude and scope.” Trump must “point to clear congressional authorization” to justify the “extraordinary” tariff powers, the majority wrote. “He can’t.” Trump countered on Friday afternoon with the threat of 10% global tariffs. However, these new levies can only last for 150 days without further action from Congress to extend them. Trump also posted about additional tariffs on Truth Social on Saturday. Perhaps a clearer picture will emerge when the president delivers his State of the Union address to Congress on Tuesday. However, the court’s ruling did not give investors the all-clear to sell stocks affected by the tariffs. Just look at Nike, which previously expected a $1.5 billion headwind from tariffs this fiscal year. While the stock initially rose on the court decision, it closed down 0.3% as the market recognized that Trump would find alternative ways to impose higher taxes. Our other consumer businesses such as Costco, Procter & Gamble, TJX Companies and Amazon are also affected by the ruling. Ahead of the court decision, the club explained how these tariffs will directly impact each company’s pricing, margin and inventory strategies. Big Tech Roars Back Megacap tech stocks are finally making a comeback. Meta announced Tuesday that it will use millions of Nvidia chips in its data centers. Both names then skyrocketed, reinforcing the narrative of unrelenting AI demand and a new wave of hyperscaler spending. Meta and Nvidia ended the week up 2.5% and 3.8%, respectively. Amazon shares also rose after a regulatory filing Wednesday showed that Bill Ackman’s Pershing Square significantly expanded the fund’s position in the fourth quarter. The e-commerce giant gained 5.6% this week, making it our best portfolio performer. Alphabet was a laggard in the group earlier this week as the stock continued its downward trend following earnings results. However, the club bought more shares in the AI market leader, arguing the decline was unjustified. A session later, the stock rebounded to end the week up 3%. In the same session, we reduced our Corning position after a huge run in 2026. It’s not a megacap tech name like the others, but it has benefited from AI trading as the company’s fiber optic cables play an increasingly important role in data centers. Corning was our second best-performing stock of the week, up 4.5%. Credit crisis? Concerns about private loans at Blue Owl Capital sent ripples through the financial sector last week. Shares fell nearly 6% on Thursday after the asset manager permanently restricted withdrawals from its private debt fund for retail investors. Some on Wall Street are calling Blue Owl the “canary in the coal mine,” arguing that the fast-growing private lending market that has attracted billions in capital in recent years may have problems beneath the surface. Shares of the largest private asset managers such as Ares Management, Apollo Global, Blackstone and KKR were hit hard on Thursday. Ares and Blackstone fell sharply again on Friday, ending the week as the two worst-performing names in the S&P 500 financial sector, down 8% and 6.6%, respectively. Apollo rose 1.2% on Friday, recouping some of its 5.6% decline in Thursday’s session. Within our portfolio, BlackRock has some exposure to private credit, but this is not a concern for us at this time. The market seemed to agree: Shares fell just 1% on Thursday, rebounded on Friday and ended the week up 2%. And more generally, Jim does not rule out the existence of some non-performing loans in the private credit sector. However, he wrote on Friday morning that he currently does not believe the situation is “tragic in nature.” Capital One is the only club finance company we traded last week, buying additional shares of the credit card issuer on Wednesday. This Wednesday trading also included a sale of Danaher and Texas Roadhouse. We exited the restaurant stock entirely on Friday after last night’s earnings report convinced us that the beef inflation problem wasn’t going away anytime soon. (A complete list of Jim Cramer’s Charitable Trust stocks can be found here.) As a subscriber to CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable foundation’s portfolio. 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