Overview

• DOW, S&P 500, and Nasdaq fell 0.55%, 0.69%, and 0.82% respectively on Tuesday as legal uncertainty over Trump’s tariffs weighed on risk assets.
• The 10-year Treasury yield rose to about 4.276% from 4.23% Friday, pressuring equities as technology and industrial shares lagged with Nvidia among notable decliners.
• Gold set a record high and silver reached its strongest level since 2011 as investors rotated into safe-haven assets.
• The tariffs deemed illegal by an appeals court remain in effect during the government’s planned Supreme Court appeal into mid-October, keeping potential refund and deficit risks in focus.
• Policy jitters intensified by efforts to reshape the Fed—highlighted by a court fight over Governor Lisa Cook’s removal—kept attention on Friday’s U.S. jobs report and a Fed meeting expected in two weeks.