U.S. stock futures were edging lower early Tuesday as markets returned from an extended weekend for Monday’s Labor Day holiday. On Friday, a federal appeals court ruled that most of President Trump’s global tariffs are illegal, stating that only Congress has the authority to impose such taxes. In response, Trump plans to appeal the ruling to the Supreme Court.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.70%, 0.61%, and 0.56%, respectively, at 4:13 a.m. EST on September 2.
Notably, the major indexes ended August on a strong note as traders braced for September, a historically weak month for equities. The Dow Jones Industrial Average gained more than 3%, the S&P 500 rose nearly 2%, and the Nasdaq 100 advanced 1.6%.
On the economic front, investors are awaiting key reports this week on construction spending, total vehicle sales, the JOLTs report, and weekly jobless claims. Most importantly, traders are looking forward to the August jobs report, due Friday, which could influence the Federal Reserve’s interest rate decision this month.
Meanwhile, earnings reports are expected this week from Broadcom (AVGO), Zscaler (ZS), Salesforce (CRM), Dollar Tree (DLTR), Hewlett Packard Enterprise (HPE), Lululemon Athletica (LULU), and DocuSign (DOCU).
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.27%. WTI crude oil futures were trending higher, hovering near $65.23 per barrel as of the last check. Additionally, the Gold Spot U.S.-dollar price increased to nearly $3,549 per ounce on Tuesday.
Elsewhere, European stocks opened mostly lower amid uncertainty over global tariffs. Additionally, traders await Eurozone inflation and Spain’s unemployment data later today.
Asia-Pacific Markets Traded Mixed Today
Asia-Pacific markets traded mixed on Tuesday as investors assessed the outcomes of the Shanghai Cooperation Organization (SCO) summit held in Tianjin.
Hong Kong’s Hang Seng index fell 0.43%. In China, the Shanghai Composite dropped 0.45%, and the Shenzhen Component declined 2.31%. Meanwhile, Japan’s Nikkei gained 0.29%, and the Topix rose 0.61%.
Stay ahead of macro events with our up-to-the-minute Economic Calendar — filter by impact, country, and more.