A U.S. federal court on Wednesday blocked President Donald Trump's "Liberation Day" tariffs from going into effect, ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.

Donald Trump's 50% import tax against the European Union is the latest tariff to get delayed, but the impacts the policies overall are still looming for folks like you.

JPMorgan has warned that investors expecting a rally in U.S. equities should temper their expectations, stating that the S&P 500 index could be range-bound this summer. The S&P 500 was up 2.04% at the time of writing.