US Stock Market Today: Wall Street Indices Fall As Tariff Worries, Climbing Yields Weigh
The decline followed a Federal Appeals court ruling on Friday that struck down most of Trump's global tariffs, declaring that only the US Congress has the power to impose such broad levies.
US stocks slipped on Tuesday as investors digested fresh trade headlines and rising bond yields, setting a cautious tone for what is often a weak month for equities.
The Dow Jones Industrial Average fell 319 points, or 0.7%, while the S&P 500 lost 0.9% and the Nasdaq Composite dropped 1%.
The decline followed a Federal Appeals court ruling on Friday that struck down most of US President Donald Trump's global tariffs, declaring in a 7-4 decision that only the US Congress has the power to impose such broad levies. Trump blasted the ruling as "highly partisan" and vowed to take the case to the Supreme Court.
Bond markets added to the pressure, with yields climbing at the start of September. The 10-year Treasury yield rose to 4.26%, while the 30-year yield pushed above 4.96%.
The impact of tariffs is also expected to weigh on the US markets in May. Trump has imposed levies as high as 50% on key trading partners like Brazil and India.
Investors further await a pivotal ruling on the President's bid to oust Fed Governor Lisa Cook, a case that could test the limits of presidential power over the central bank.
Markets are also bracing for a heavy week of economic data that could determine the Federal Reserve's next policy steps. The August nonfarm payrolls report, due Friday, is set to be the highlight, following updates on private-sector hiring and job openings earlier in the week.
Expectations of monetary easing have grown after July's weak jobs report, with Fed Chair Jerome Powell acknowledging labor market risks at the Jackson Hole symposium. That dovish tone helped the S&P 500 and Dow notch their fourth straight monthly gains in August. Gold also notched a fresh record, adding momentum to its long-running surge.
