Overview

• U.S. stocks closed lower Tuesday, with the Dow down 0.55%, the S&P 500 off 0.69% and the Nasdaq 0.82% lower.
• A federal appeals court ruled that the bulk of President Trump’s tariffs exceeded his authority under the 1977 IEEPA, though the measures stay in effect for now.
• Treasury yields climbed, with the 10‑year near 4.27% and the 30‑year around 4.97%, as investors weighed legal uncertainty and the risk of potential tariff refunds to importers.
• Technology and industrial shares lagged, with Nvidia falling about 1.9% as semiconductors and other trade‑sensitive names declined.
• Investors turned to Friday’s U.S. nonfarm payrolls report, while FedWatch showed roughly a 92% chance of a quarter‑point rate cut at this month’s meeting.