Narrow Maryland Reversal

The Supreme Court most likely uses the Maryland case to say lower courts were too deferential when evaluating whether facially race-neutral admissions rules were adopted with discriminatory intent. The Court avoids a categorical ban on diversity-oriented design but makes it easier for challengers to get discovery, trial, or remand when school boards discuss racial-balancing goals.

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