US Stocks Slide to Start September
Stocks in the U.S. saw a decline on Tuesday as Wall Street began September—historically the weakest month for equities—amid growing uncertainties regarding trade policy, interest rates, and economic data. The S&P 500 experienced a 1% drop, with the Nasdaq decreasing by 1.2%, marking consecutive significant losses for the technology-heavy index, and the Dow Jones fell by 350 points. Increasing Treasury yields exerted additional pressure, with the 10-year yield nearing 4.3% and the 30-year approaching 5%, levels considered challenging for stocks. Sentiment took a further hit following a federal appeals court ruling that deemed most of Trump’s tariffs illegal, although these tariffs will remain in place until October 14, pending a Supreme Court appeal. Investors now anticipate Friday’s jobs report for August, which could influence the Federal Reserve’s upcoming rate decision, with markets anticipating a 25 basis point reduction. Additionally, U.S. manufacturing contracted for the sixth consecutive month, intensifying economic growth concerns, while Nvidia and Qualcomm saw a 3% decline, and Kraft Heinz dropped by 7% following their announcement of plans to split into two separate entities.
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