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U.S. stocks were lower Tuesday, with investors weighing the latest developments on the trade front to kick off a seasonally poor month for equities. Rising yields also worried investors.
The Dow Jones Industrials lost 320.69 points to 45,224.19
The broader index lost 62.8 points to 6,397.06
The NASDAQ docked 62.8 points, or 1%, to 21,203
Investors took profits on bull market winners with the unofficial end of the summer season. Nvidia shares were off by nearly 2%. Palantir fell about 1%.
The moves come after a federal appeals court on Friday ruled that most of President Donald Trump’s global tariffs are illegal. The U.S. Court of Appeals for the Federal Circuit determined in a 7-4 ruling that only Congress has the authority to apply sweeping levies.
Trump called the decision “Highly Partisan” and has said that he will appeal the ruling to the U.S. Supreme Court.
Prices for 10-year Treasury capsized Tuesday, lifting yields to 4.26% from Friday’s 4.23%. Treasury prices and yields move in opposite directions.
Oil prices rumbled higher 99 cents to $65.00 U.S. a barrel.
Gold prices gained $35.10 at $3,551.20 U.S. an ounce.
