NEW YORK, Jan 9, 2026, 14:11 EST — Regular session
- Kohl’s shares are down about 5% in afternoon trading after opening in the green
- Retailers keep tabs on tariff uncertainty after Supreme Court delays a decision
- The jobs report keeps the Fed’s path in view, but tariffs are still the wild card
Kohl’s Corp (KSS) shares were off roughly 5.1% at $20.66 Friday afternoon, after a choppy session that ran from $22.27 down to $20.43. The department-store operator opened at $22.00.
The stock trailed even as the broader market found its footing after a softer U.S. jobs report. The U.S. Supreme Court said it would not issue a ruling on Friday on the legality of President Donald Trump’s sweeping tariffs, leaving investors still waiting on clarity around duties that can shift costs for import-heavy retailers. 1
Importers and trade lawyers are girding for a ruling that could unleash claims for about $150 billion in tariff refunds. U.S. Customs and Border Protection is set to move refund payments to electronic distribution on Feb. 6. Companies, though, still see a battle ahead over when money goes out and who qualifies. “It’s not in the government’s DNA to give back money,” said Jim Estill, CEO of Danby Appliances. 2
Kohl’s drop outpaced several retail peers. Under Armour sank about 6.3%, Macy’s slid 2.3%, and Target was off about 0.8%.
Nonfarm payrolls, which track jobs added outside agriculture, rose 50,000 in December, and the unemployment rate edged down to 4.4%, according to a Labor Department report. The figures kept expectations intact that the Fed would hold rates steady at its Jan. 27-28 meeting. “All roads lead to the unemployment rate … it should douse the Fed’s recent urgency to backstop a weakening labor market,” said Olu Sonola, head of U.S. economic research at Fitch Ratings. 3
Kohl’s stock jumped 5.38% Thursday, ending the session at $21.76. Even after the pop, it was still about 14% below its 52-week high of $25.22, set on Dec. 1. MarketWatch data showed Thursday’s trading volume came in under its 50-day average.
Tariffs are a big deal for retailers because they push up the price of imported clothes and home goods, leaving companies to either eat the cost or pass it along. However they handle it, the pressure shows up in the same spot: margins and demand.
Even so, a court decision may not be the last word on tariffs. Michael Browne at Franklin Templeton told Reuters he expects duties to come back “pretty quickly,” and said any ruling would likely just push the effort onto another track rather than end it outright. 4
Traders are circling Jan. 14, when the Supreme Court is due to hand down its next rulings, as the tariff case remains pending after arguments in November. 5
