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WASHINGTON (AP) — Key Supreme Court conservatives seemed skeptical Wednesday that President Donald Trump has the power to unilaterally impose far-reaching tariffs, potentially putting at risk a key part of his agenda in the biggest legal test yet of his unprecedented presidency.

The Republican administration is trying to defend the tariffs central to Trump’s economic agenda after lower courts ruled the emergency law he invoked doesn’t give him near-limitless power to set and change duties on imports.

The Constitution says Congress has the power to levy tariffs. But the Trump administration argues that in emergency situations the president can regulate importation — and that includes tariffs.

Justice Amy Coney Barrett grilled the government on that point. “Has there ever been another instance in which a statute has used that language to confer the power?” she asked.

Justice Neil Gorsuch also questioned whether Trump’s position would hand too much congressional power to the president. “Is the constitutional assignment of the taxing power to Congress, the power to reach into the pockets of the American people, just different?” he asked. “And it’s been different since the founding?”

Questions from Chief Justice John Roberts also suggested he might not be convinced. With the court’s three liberal-leaning justices seeming deeply dubious, the tariffs challengers could win by swaying two conservatives.

A decision in the case could take weeks or months.

Trump has called the case one of the most important in the country’s history and said a ruling against him would be catastrophic for the economy.

The challengers argue the 1977 emergency powers law Trump used doesn’t even mention tariffs, and no president before has used it to impose them. A collection of small businesses say the uncertainty is driving them to the brink of bankruptcy.

The case centers on two sets of tariffs. The first came in February on imports from Canada, China and Mexico after Trump declared a national emergency over drug trafficking. The second involves the sweeping “reciprocal” tariffs on most countries that Trump announced in April.

Multiple lawsuits have been filed over the tariffs, and the court will hear suits filed by Democratic-leaning states and small businesses focused on everything from plumbing supplies to women’s cycling apparel.

Lower courts have struck down the bulk of Trump’s tariffs as an illegal use of emergency power, but the nation’s highest court may see it differently.

Trump helped shape the conservative majority court, naming three of the nine justices in his first term. The justices have so far been reluctant to check his extraordinary flex of executive power, handing him a series of wins on the court’s emergency docket.

Still, those have been short-term orders — little of Trump’s wide-ranging conservative agenda has been fully argued before the nation’s highest court. That means the outcome could set the tone for wider legal pushback against his policies.

The justices have been skeptical of executive power claims before, such as when then-President Joe Biden tried to forgive $400 billion in student loans under a different law dealing with national emergencies. The Supreme Court found the law didn’t clearly give him the power to enact a program with such a big economic impact, a legal principle known as the major questions doctrine.

The challengers say Trump’s tariffs should get the same treatment, since they’ll have a much greater economic effect, raising some $3 trillion over the next decade. The government, on the other hand, says the tariffs are different because they’re a major part of his approach to foreign affairs, an area where the courts should not be second-guessing the president.

The challengers are also trying to channel the conservative justices’ skepticism about whether the Constitution allows other parts of the government to use powers reserved for Congress, a concept known as the nondelegation doctrine. Trump’s interpretation of the law could mean anyone who can “regulate” can also impose taxes, they say.

The Justice Department counters that legal principle is for governmental agencies, not for the president.

If he eventually loses at the high court, Trump could impose tariffs under other laws, but those have more limitations on the speed and severity with which he could act. The aftermath of a ruling against him also could be complicated, if the government must issue refunds for the tariffs that had collected $195 billion in revenue as of September.

The Trump administration did win over four appeals court judges who found the 1977 International Emergency Economic Powers Act, or IEEPA, gives the president authority to regulate importation during emergencies without explicit limitations. In recent decades, Congress has ceded some tariff authority to the president, and Trump has made the most of the power vacuum.

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Follow the AP’s coverage of the U.S. Supreme Court at https://apnews.com/hub/us-supreme-court.

NEW YORK (AP) — Stocks rose on Wall Street Wednesday as more U.S. companies turn in their latest quarterly reports and several economic updates shed some light on the U.S. economy.

The S&P 500 rose 0.8%. The Dow Jones Industrial Average rose 289 points, or 0.6%, as of 2:44 p.m. Eastern time. The Nasdaq composite rose 1.2%.

The gains were broad and marked a reversal from the prior day’s dip. Nearly every sector within the S&P 500 gained ground and the index recovered a majority of its losses from Tuesday.

Big technology stocks once again led the broader market. Nvidia rose 1.3% and Google’s parent, Alphabet, jumped 2.1%. Their huge values give them outsized influence over the market. Retailers and financial firms also helped lift the market.

Company earnings and forecasts were once again a big focus for Wall Street, with results coming from a broad spectrum of industries.

McDonald’s rose 2.7% after reporting that its sales benefited from the return of its popular Snack Wraps in the third quarter. International Flavors & Fragrances jumped 6.5% after beating Wall Street’s latest quarterly profit forecasts.

On the losing side, Taser maker Axon Enterprise slumped 9.4% after forecasting weaker profits than analysts were expecting. Live Nation Entertainment fell 8.2% after its latest results fell short of analysts’ forecasts.

The latest round of earnings offers Wall Street a source of information on consumers, businesses and the economy that is otherwise lacking amid the government shutdown. Important monthly updates on inflation and employment have ceased, leaving investors, economists and the Federal Reserve without a fuller picture of the economy.

There are still several informative private economic updates that Wall Street can review.

A monthly report from ADP showed that private payrolls rose more than expected in October. The report offers a partial glimpse into the job market, which has been generally weakening and raising broader concerns about economic growth.

The services sector, which is the largest part of the U.S. economy, expanded in October more than Wall Street expected, according to the Institute for Supply Management. The report shows that while overall business activity grew, employment was still contracting.

“The survey provides a reassuring sign that economic growth persisted in October despite the government shutdown,” Bill Adams, chief economist for Comerica Bank, wrote in a note to investors.

A weaker job market remains a big concern for the Fed. The central bank cut its benchmark rate for the second time this year at its most recent meeting, in part to help bolster the economy amid a weakening job market. Lower interest rates can make a wide range of loans and credit less expensive, potentially promoting economic growth. But, lower rates can also add fuel to inflation, which could stunt economic growth.

Fed Chair Jerome Powell and several other Fed officials have expressed concerns about more rate cuts, as inflation remains stubbornly above the central bank’s target of 2%. Consumer prices rose 3% in September.

The mix of a weaker job market and hot inflation leaves the Fed in a tough position.

“For Fed watchers, this ADP report should make it clear that a December rate cut is now in play,” said Jamie Cox, managing partner for Harris Financial Group, in a note to investors. “We are nearing stall speed in the labor market, and that will get the Fed’s attention.”

Wall Street has tempered its expectations for another interest rate cut in December. Investors are now forecasting a 63% chance that the Fed will cut interest rates, according to CME FedWatch. That’s down from a 90% chance just prior to the previous rate cut.

The threat of tariffs also continues to hang over consumers and businesses. President Donald Trump’s trade war with China, Canada and many other nations has been unpredictable. The full impact of higher prices is difficult to forecast because of constant shifts in policy. The U.S. Supreme Court is hearing arguments Wednesday about the legality of the sweeping tariffs.

Treasury yields rose in the bond market. The yield on the 10-year Treasury rose to 4.16% from 4.09% late Tuesday. The yield on the two-year Treasury rose to 3.63% from 3.58% late Tuesday.

European markets gained ground and Asian markets closed mostly lower.