Court Reimposes Halt

The most likely path is that the U.S. District Court quickly treats the announced start as noncompliance with its prior halt and issues a clearer temporary restraining order. The Department of Justice would likely argue the administration has retained some authority over preparatory work, but tree cutting, course closure, and irreversible construction would be paused.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.