Wall Street Wobbles Amid Trump's Tariff Turmoil

Wall Street faced a downturn as a U.S. appeals court deemed most of President Trump's tariffs illegal, causing investor concern. The major stock indexes ended lower despite the ruling allowing existing tariffs until mid-October. Market volatility rose, with September's historical reputation as a weak month adding to tensions.

Wall Street took a hit on Tuesday as a federal appeals court deemed most of President Trump's sweeping tariffs illegal. The divided ruling allows the tariffs to remain in place until October 14, leading Trump to seek an expedited Supreme Court decision.

The court's ruling unsettled investors returning from the Labor Day weekend, despite major stock indexes avoiding their worst daily losses. Oliver Pursche of Wealthspire Advisors highlighted the market's concerns about alienated trading partners and lost tariff revenue.

September traditionally challenges investors with heightened volatility. The recent developments coincided with a rise in market instability, while eyes are now on the upcoming U.S. nonfarm payrolls report, amid mixed corporate sector performance.

(With inputs from agencies.)