Overview

• A federal appeals court found most of President Trump's global tariffs unconstitutional and left the levies in place through Oct. 14 as the administration pursues an appeal, which Trump said he will take to the Supreme Court.
• U.S. equity futures fell on Tuesday’s reopen, Treasury yields climbed to multiweek highs, and the VIX rose to its highest in weeks as traders reassessed policy and legal risks.
• Gold surged past $3,500 an ounce to a new all-time high as investors sought safety and weighed the interest-rate outlook.
• CME FedWatch implied roughly a 90% chance of a 25-basis-point cut at the September meeting, elevating the importance of Friday’s August nonfarm payrolls report.
• In India, stocks reversed early gains to end lower ahead of the GST Council meeting, with provisional NSE data showing FPIs as net sellers and DIIs as net buyers.