Global Markets| Wall Street Slips as Yields Rise, Trade Ruling Weighs on Sentiment
U.S. stocks closed lower on Tuesday as investors weighed rising bond yields and fresh trade-related developments, setting a cautious tone at the start of what is often a seasonally weak month for equities.
The Dow Jones Industrial Average fell 249.07 points, or 0.55 percent, to finish at 45,295.81. The S&P 500 lost 0.69 percent to close at 6,415.54, while the Nasdaq Composite slid 0.82 percent to 21,279.63.
Profit-taking hit several market leaders as the summer season wound down. Nvidia shares dropped about 2 percent, while Amazon and Apple each slipped around 1 percent.
Adding to the unease, a federal appeals court ruled Friday that most of former President Donald Trump’s global tariffs were illegal, saying only Congress has the authority to impose such sweeping levies. The decision, passed by a 7-4 majority in the U.S. Court of Appeals for the Federal Circuit, drew sharp criticism from Trump, who called it “highly partisan” and vowed to challenge the ruling in the Supreme Court.