No.  Under the Commerce Clause in the Constitution.1 “the power to regulate
commerce between the several states” was specifically granted Congress and not the
states.  And this power should not be construed in such a narrow way as to defeat
Congress’ power actually regulate commerce.
NOTE: It’s probably important to note that nowadays the state regulation that was
at issue in Ogden would not fly because it would be contrary to other Fed laws
such as antitrust laws.  This could be another argument in the arsenal of the formalist’s.  The argument being that there are enough modern laws, specifically
created to protect against the kinds of commerce-based activities that many of
today’s “Congressional Commerce Clause” statutes aim to cure, that Congress needs
not make such broad and sweeping regulations that would further infringe on the
state’s right to control its own welfare, since there are laws providing policing
and regulating of commerce on other levels.