Dow drops 542 points as Trump's tariff ruling rattles markets
US stocks dropped sharply at the start of September, with the Dow down 542 points (1.2%), and the S&P 500 and Nasdaq falling 1.2% and 1.4%, respectively.
Technology stocks like NVIDIA and Palantir felt the sting, with NVIDIA down more than 2% and Palantir sliding 3%.
The sell-off came after a court ruled against most of Trump's global tariffs, adding trade worries to already rising borrowing costs.
The court's decision could have global ramifications
The court said only Congress can set tariffs, so Trump's move was mostly illegal—and he's taking it to the Supreme Court.
This has global ripple effects: Indian exports like textiles and auto parts are still facing up to 50% tariffs, making international trade even shakier for now.
US Treasury yields surge, gold hits all-time high
US Treasury yields jumped (10-year at 4.29%, 30-year above 4.98%), making loans pricier and pushing investors toward gold, which topped $3,500 an ounce.
All eyes are now on the August jobs report—its results could sway what the Federal Reserve does next with interest rates this September.