** Shares of U.S. homebuilders rise in morning trade after the Supreme Court strikes down President Donald Trump's sweeping tariffs

** U.S. Supreme Court reaffirms lower court's decision that Trump's use of a 1977 law - the International Emergency Economic Powers Act, or IEEPA - meant for use in national emergencies, exceeded his authority

** Shares of NVR Inc NVR.N rise 2%

** Peer Pultegroup PHM.N, KB Home KBH.N, D.R. Horton DHI.N and Lennar LEN.N also up between 1% and 2%

** PHLX Housing Index .HGX jumps 1%

(Reporting by Megavarshini G. Somasundaram in Bengaluru)

((Megavarshini.SomasundaramGnanasundari@thomsonreuters.com))