BANGKOK (AP) — U.S. futures fell and most Asian markets climbed Monday after the Supreme Court struck down most of President Donald Trump’s sweeping tariffs.

Tokyo’s markets were closed for a holiday.

Hong Kong led regional gains as its Hang Seng index surged 2.2% to 27,003.47. But the Shanghai Composite index lost 1.3% to 4,082.07.

In South Korea, the Kospi gained 1.1% to 5,873.07.

Australia’s S&P/ASX 200 shed 0.4% to 9,041.00.

Taiwan’s Taiex jumped 1.4%.

The mixed reactions are “highlighting the winners-and-losers effect of shifts in tariff policy that has just delivered a boost to countries who previously had a comparatively bad deal,” Benjamin Picton of Rabobank said in a commentary.

“U.S. tariff policy will continue to be a source of uncertainty for markets as traders attempt to price in the implications of what is still a movable feast,” he wrote.

The future for the S&P 500 lost 0.7% and that for the Dow Jones Industrial Average dropped 0.6%. The future for the Nasdaq composite index was down 0.8%.

On Friday, Wall Street kept calm after the Supreme Court’s ruling against Trump’s sweeping tariffs, which had triggered panic in financial markets when they were announced last year.

The S&P 500 rose 0.7% to 6,909.51. It had been flipping between small gains and losses before the court’s ruling, following discouraging reports showing slowing growth for the U.S. economy and faster inflation.

The Dow Jones Industrial Average added 0.5% to 49,625.97. The Nasdaq composite rose 0.9% to 22,886.07.

Tariffs also aren’t going away, even with the Supreme Court’s ruling. Trump in the afternoon said he would use other avenues to put taxes on imports from other countries after calling the court’s decision terrible.

“Just so you understand, we have tariffs, we just have them in a different way,” Trump told reporters in an afternoon briefing. He said he would sign an executive order to impose a 10% global tariff under a law that could limit it to 150 days. He later raised that to 15%.

The president also said he’s exploring other tariffs through other avenues, ones that would require an investigation through the Commerce Department.

The reaction has been tentative given persisting uncertainties over what Trump will do.

On Wall Street, Akamai Technologies dropped 14.1% for one of the market’s sharpest losses. The cybersecurity and cloud computing company reported stronger results for the end of 2025 than analysts expected, but it gave a profit forecast for the upcoming year that fell short of estimates.

Akamai plans to spend a bigger percentage of its revenue this upcoming year on equipment and other investments. It’s the latest potential indicator of how shortages of computer memory created by the AI boom are affecting customers throughout the economy.

Discouraging reports showing slowing U.S. economic growth and accelerating inflation drew a relatively muted response from investors.

The reports underscore the tricky situation the Federal Reserve faces as it sets interest rates, but did not change traders’ expectations much for what the Fed will ultimately do. Traders are still betting that the Fed will lower rates at least twice this year, according to data from CME Group.

Lower interest rates would give the economy and investment prices a boost, but they also risk worsening inflation. Fed officials said at their last meeting that they want to see inflation fall further before they would support cutting rates further.

In other dealings early Monday, U.S. benchmark crude oil lost 53 cents to $65.95 per barrel. Brent crude, the international standard, gave up 51 cents to $70.79 per barrel.

The U.S. dollar slipped to 154.11 Japanese yen f rom 154.99 yen. The euro rose to $1.1828 from $1.1780.

The price of gold rose 1.9%, while the price of silver was up 5.5%.

Elaine Kurtenbach, The Associated Press