
September started negatively for the US stock market as Tuesday’s session saw all major indexes retreat amid profit-taking and uncertainties. Dow Jones fell 0.54%, the S&P 500 lost 0.8%, and the Nasdaq dropped 0.8%, with Nvidia down 2%.
U.S. manufacturing contracted for a sixth straight month in August, according to ISM data released Tuesday. The ISM manufacturing index rose slightly to 48.7% from July’s 48%, topping the Dow Jones forecast of 48.5%, but remained below the 50% expansion threshold.
In early trading today, stock futures ticked higher after an Alphabet antitrust ruling boosted confidence in tech’s regulatory resilience. S&P 500 futures rose 0.07% and Nasdaq-100 futures gained 0.23%, while Dow futures fell 0.32%
Bond yields surged Tuesday, with the 10-year Treasury reaching 4.27% and the 30-year hitting 4.97%. Yields climbed as markets processed a court ruling that Trump tariffs were illegal, potentially forcing the U.S. to refund billions in duties.
Investors are awaiting the August jobs report including NFP numbers and unemployment rate due Friday as the next major test for stocks.
Asia-Pacific markets mostly declined Wednesday as investors weighed rising bond yields and trade developments. Hong Kong’s Hang Seng fell 0.4% and mainland China’s CSI 300 dropped 0.89%. Australia’s stock index fell 1.74% despite Q2 GDP growing 1.8% year-over-year, beating expectations and marking the fastest growth since September 2023. Japan’s Nikkei 225 lost 1.02% .
In the crypto market, Bitcoin rose 1% to $111,000 as stocks declined and gold reached new highs. While bitcoin is still trading below key resistance levels, its market dominance could return if the Federal Reserve cuts interest rates at its Sept. 16-17 meeting.
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