Here’s how the Supreme Court could weaken American exceptionalism in financial markets

• The top court’s vote to allow President Donald Trump to remove the leaders of two independent federal agencies has repercussions for financial markets, according a note from Jefferies. While justices gave the Federal Reserve more protection, the Supreme Court’s stance in favor of more presidential power could make U.S. assets less attractive, analysts said.

U.S. supremacy in financial markets is already at risk as President Donald Trump wages his trade war, and Wall Street...