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On Friday, the U.S. Court of Appeals for the Federal Circuit ruled Trump’s reciprocal tariffs and those on China, Canada and Mexico exceeded his authority. These tariffs will remain until Oct. 14, allowing time for a Supreme Court appeal. Companies now face more certainty regarding Trump’s shifting trade mandates.
While this might appear positive for stocks after a strong August, the uncertainty of tariffs turning on and off could create more anxiety than planning around fixed duties. The S&P 500 reached new heights above 6,500 in late August, with the Dow Jones also hitting records. Yet September historically delivers the year’s worst performance for major indices, per Dow Jones data.
Core inflation in the U.S. ticked up in July. The personal consumption expenditures price index, released Friday, showed a 2.9% rise in prices on the year. While in line with expectations, the reading is the highest since February. This adds more uncertainty to the Fed’s monetary policy shift expected at the next FOMC meeting on 17 September.
Additionally, Trump’s attempt to remove Fed Governor Lisa Cook represents more than a personnel change, it could fundamentally alter an institution long considered politically independent.
Asia-Pacific markets traded mixed Monday. China’s manufacturing index rose to 50.5 from 49.5, while official PMI edged up to 49.4 from 49.3. Hong Kong’s Hang Seng rose 1.77%, led by Alibaba, which gained 17%. Japan’s Nikkei fell 1.7%, with semiconductor stocks leading losses.
Cryptocurrencies continue to fall despite a relatively weaker dollar. Bitcoin has lost more than 4% since Friday and it is currently trading at around $107,500 levels. Ether fell below $4,300 during the weekend, giving back almost all of the gains since Powell’s speech at Jackson Hole.
In the Forex market, major currencies rose against the US dollar in early trading on Monday. EURUSD rose 0.24% to 1.1713. GBPUSD is up 0.15% to 1.3525.
And in the commodity market, Gold jumped more than 0.95% in the past few hours. The precious metal is currently trading at $3,480 nearing its all-time high of $3,500. Silver prices also rose since the open to $40.50. Markets attention now shifts towards NFP numbers, which will be published on 5 September.
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