Stock market recap: Dow, Nasdaq dip ahead of jobs data and Fed rate outlook
U.S. stocks fell Tuesday as traders returned from the Labor Day break to renewed concerns about the federal budget deficit and higher global yields, while gold set another record above $3,500 an ounce.
Sentiment was also clouded by tariff uncertainty following a U.S. appeals court ruling that most Trump-era duties were illegal—though still in force pending appeal—and by a mixed read on Asia’s geopolitics as leaders met at the Shanghai Cooperation Organization summit.
Global indexes
- S&P 500: 6,460.26, -0.64%
- NASDAQ: 21,455.552, -1.15%
- DJIA: 45,544.88, -0.20%
- FTSE: 9,153.03, -0.47%
- NIKKEI: 42,310.49, +0.29%
- HSI: 25,496.55, -0.47%
-SHANGHAI: 3,858.133, -0.45%
U.S. markets
Major U.S. averages extended last week’s pullback. Budget-deficit angst—coming alongside higher long-end Treasury yields—kept pressure on duration-sensitive growth shares, leaving the tech-heavy Nasdaq weakest.
Gold’s climb above $3,500/oz underscored demand for havens as investors digested the tariffs ruling and awaited fresh labor-market data that could shape the Federal Reserve’s near-term path. With fiscal and trade headlines in flux, traders favored defensives while trimming cyclical and high-valuation names.
European markets
European stocks opened the month softer after a brief rebound. Eurozone inflation rose to 2.1% YoY, nudging above the European Central Bank’s 2% target for the first time since April and hardening the case for the ECB to hold rates next week.
The STOXX 600 slipped as the DAX fell 1.1% and CAC 40 edged 0.1% lower; Germany’s 30-year yield hit a 14-year high, tracking the U.S. move. Sector moves were uneven: defense initially outperformed after the U.K. announced Norway’s £10 billion warship order, while health care was buoyed by corporate news before the inflation-driven fade.
Asian markets
Asia’s close was fragmented. Japan’s Nikkei eked out gains after choppy trading, while the Topix advanced 0.61%.
In China, twin PMI readings painted a mixed manufacturing picture—an official gauge still below 50 and a private survey rising above 50—leaving the Shanghai Composite modestly lower. The Hang Seng slipped as tariff uncertainty lingered despite pockets of tech strength. India’s benchmarks rose modestly after reports of potential tariff relief in U.S.-India trade ties, with the Nifty 50 up 0.28% and Sensex up 0.26%.
Summary conclusions
Markets reopened to a more complicated macro backdrop: a record gold price, firmer core European inflation, higher global yields, and unsettled trade policy. In the short run, direction likely hinges on U.S. jobs data and any clarity on tariffs. If labor conditions cool and trade tensions ease, risk appetite could stabilize; sustained fiscal worries or stickier inflation would keep equities on the defensive.
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