Markets are off to a rocky start in September, with the Nasdaq down 370 points and the Dow dropping over 500. While August saw major wins—including 20 record highs on the S&P 500—September’s historically weak performance is already showing. Adding to the volatility: a federal appeals court ruled most of Trump’s tariffs illegal, citing a lack of Congressional approval. Though tariffs stay in place until October, the ruling creates uncertainty for businesses and could lead to billions in refunds—unless the Supreme Court steps in. For now, markets are reacting to a mix of seasonal weakness and legal chaos.
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