Overview

• An appeals court said most of President Trump’s global tariffs are illegal but kept them effective until Oct. 14 to allow a Supreme Court appeal.
• U.S. stocks fell with tech leading declines as the 30‑year Treasury yield approached 5% and the 10‑year hovered near 4.3%.
• Gold jumped to fresh records above $3,500 an ounce as safe‑haven demand rose alongside rate‑cut expectations.
• European long‑dated bond yields hit multi‑year highs, pressuring equities, with Britain and France in focus during budget season.
• Futures pricing implies roughly an 89%–92% chance of a 25 bp Fed cut this month, with markets also tracking legal moves involving Fed Governor Lisa Cook and concerns about central‑bank independence.