What Happened?

A number of stocks fell in the afternoon session after the Trump administration's announcement of new global tariffs, reignited trade policy uncertainty. 

The move came swiftly after the Supreme Court ruled the previous week that the president could not use the International Emergency Economic Powers Act (IEEPA) for such duties, a decision that had initially sent markets higher. However, the administration invoked a different authority, the Trade Act of 1974, to impose a 15% global tariff for up to 150 days. The rapid reimposition of trade barriers creates significant uncertainty for companies across multiple sectors that depend on international supply chains and global trade. Investors are now weighing the potential impact of these new duties on corporate earnings and broader economic activity.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• Consumer Discretionary - Broadcasting company E.W. Scripps (NASDAQ: SSP) fell 7.7%. Is now the time to buy E.W. Scripps? Access our full analysis report here, it’s free.
• Consumer Discretionary - Gaming Solutions company Accel Entertainment (NYSE: ACEL) fell 4.2%. Is now the time to buy Accel Entertainment? Access our full analysis report here, it’s free.
• Consumer Discretionary - Footwear company Wolverine Worldwide (NYSE: WWW) fell 5.2%. Is now the time to buy Wolverine Worldwide? Access our full analysis report here, it’s free.
• Consumer Discretionary - Home Furnishings company Somnigroup (NYSE: SGI) fell 4.8%. Is now the time to buy Somnigroup? Access our full analysis report here, it’s free.
• Consumer Discretionary - Home Furnishings company Lovesac (NASDAQ: LOVE) fell 4.2%. Is now the time to buy Lovesac? Access our full analysis report here, it’s free.

Zooming In On E.W. Scripps (SSP)

E.W. Scripps’s shares are extremely volatile and have had 65 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 14 days ago when the stock gained 8.5% on the news that the company announced an agreement to sell its Court TV network to Law&Crime. Law&Crime is a multiplatform crime and legal content studio. While the financial details of the sale were not disclosed, E.W. Scripps' President and CEO, Adam Symson, stated the transaction reflected the company's "longstanding entrepreneurial DNA." The move also came amid broader positive sentiment for broadcasting stocks. The sector seemed to get a lift after a public endorsement was made for the proposed merger between Nexstar Media and Tegna, which appeared to benefit related stocks like E.W. Scripps.

E.W. Scripps is down 13% since the beginning of the year, and at $3.44 per share, it is trading 29.9% below its 52-week high of $4.90 from December 2025. Investors who bought $1,000 worth of E.W. Scripps’s shares 5 years ago would now be looking at an investment worth $175.17.

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