Jefferies says these 5 consumer stocks will get the biggest boost from the Supreme Court's ruling against Trump tariffs

• The Supreme Court ruled that Trump cannot use the International Emergency Economic Powers Act to justify tariffs.
• Jefferies analysts said that the SCOTUS decision is a positive for consumer discretionary stocks.
• Nike and Birkenstock are some of the stocks the analysts name as top beneficiaries.

Wall Street is weighing the impact of the US Supreme Court ruling against Trump's tariffs, with investors on the hunt for stocks that stand to gain the most from the reversal of the landmark trade policy.

SCOTUS ruled that Trump can't use the International Emergency Economic Powers Act to justify tariffs. Following the announcement, Jefferies analysts highlighted five stocks that they say have the "largest upside benefit" on the court's decision.

"The removal of IEEPA tariffs introduces a meaningful margin tailwind across our consumer discretionary coverage," the analysts wrote.

"While the ruling eliminates the legal authority for these tariffs, questions remain around remedies—most notably whether companies will be entitled to refunds for duties already paid," they added.

Here are five stocks that Jefferies sees as best-positioned to gain after the SCOTUS tariff decision.

Signet Jewelers

Jefferies analysts said Signet Jewelers is a primary beneficiary of the tariff decision.

The company sources roughly half of its inventory from India since the country is a global hub for both natural and lab-grown diamonds.

With the SCOTUS ruling, Signet Jewelers' weighted‑average tariff exposure falls to 0% from 15.1%, creating an opportunity for margin expansion and earnings growth, Jefferies analysts wrote.

Yeti

Prior to the SCOTUS ruling, Yeti had a nearly 15% exposure to tariff-related sources, concentrated in its US revenue.

The company told investors there was a $0.35 earning per share impact from the IEEPA tariffs, meaning that the decision will eliminate tariff pressures going forward.

Sharkninja

Sharkninja proactively mitigated tariff impact by diversifying its supply chain, supply concessions, strategic pricing, and promotions.

Even with these efforts, the company still saw tariff-related margin headwinds.

SCOTUS's decision will turn this pressure into a benefit for the company, as the already successful operational shifts, along with the removal of the tariffs, will further boost earnings.

Nike

Nike embedded a 7.7% tariff exposure into its fiscal 2026 guidance. This would have amounted to a $1.5 billion cost for the athletic wear company.

"The elimination of IEEPA tariffs now flips this dynamic into a margin tailwind, supporting incremental gross margin expansion through FY26," Jefferies wrote.

Birkenstock

Birkenstock worked a nearly 7% weighted‑average tariff impact into their guidance.

The SCOTUS news turns the margin headwind into a tailwind to fuel outperformance compared to the company's outlook, Jefferies said.