Overview

• A federal appeals court ruled most of President Donald Trump’s global tariffs illegal but left them in force until Oct. 14 as the administration pursues Supreme Court review.
• U.S. futures and major indexes fell after the holiday, with tech and chip giants leading declines as Treasury yields climbed toward roughly 4.27% on the 10-year and near 5% on the 30-year.
• Gold jumped to a record above $3,500 an ounce, the dollar strengthened, and the VIX rose to the highest in more than three weeks.
• Markets are pricing about a 90% probability of a 25-basis-point Fed cut this month, with Friday’s August nonfarm payrolls viewed as the key data point.
• Long-dated European government bond yields hit multi-year highs on fiscal concerns and heavy issuance pipelines, intensifying global bond-market stress.