Trump's tariffs under fire: stocks fall, market nervousness grows

The US stock market Wall Street fell to its lowest level in over a week on Tuesday. This was due to investor fears about the legal uncertainty surrounding US President Donald Trump's tariffs, which were declared illegal by a majority of the appeals court, although they will remain in force until October 14. They may then be subject to a decision by the Supreme Court.

Yields on 30-year bonds rose to a one-month high and the VIX volatility index jumped to its highest level in four weeks. The Dow Jones lost 1.17 percent, the S&P 500 fell 1.46 percent and the Nasdaq fell as much as 1.84 percent.

The biggest losses were recorded by technology stocks such as Nvidia, Apple and Microsoft. In contrast, PepsiCo shares rose after the announcement of the activist entry of the Elliott Management fund.

The market is also nervously awaiting the August labor market report. Nevertheless, the Nasdaq recorded its fifth consecutive monthly gain in August. However, the seasonally weak September could reverse this trend.

(reuters, mja)