Market Uncertainty Grows as Tariff Developments Pressure U.S. Indices Amid Mixed Trading

# Market Uncertainty Grows as Tariff Developments Pressure U.S. Indices Amid Mixed Trading

**Note**: This analysis is generated mid-US trading session at 1:33 PM EDT on September 02, 2025, with US stocks open and European markets closed. Event times in US Eastern Time.

## Major News

Global markets faced pressure amid rising Treasury yields and concerns stemming from President Trump’s recent court loss regarding tariffs, which could lead to potential refunds impacting trade duties. Mid-session, U.S. indices showed declines, with the S&P 500 down 0.96%, the Dow Jones off 0.72%, and the Nasdaq 100 falling 1.15%. European markets closed lower, highlighted by the Euro Stoxx 50 dropping 1.42%, the DAX down 2.29%, and the CAC 40 declining 0.70%. The FTSE 100 also fell by 0.87%.

The U.S. Treasury 30-year yield surged past 4.97%, reflecting investor anxiety ahead of an upcoming jobs report and the tariff developments. In the Eurozone, inflation unexpectedly rose to 2.1% in August, which could influence monetary policy discussions.

In corporate news, Warren Buffett expressed disappointment in Kraft Heinz, leading to a 7% drop in its shares. Activist investor Elliott Management acquired a $4 billion stake in PepsiCo, advocating for a turnaround that could see shares rise significantly.

In commodities, gold and silver prices remained near record levels, while the Nikkei managed a slight gain of

## Performances

### Major US Indices (Current Mid-Session)

### European Indices (End of Day)

### FX Performance

### Commodities Performance

No commodities data.

### BTC and ETH Performance

## High-Importance Economic Events

On September 2, 2025, several economic events have significant implications for the markets, particularly concerning the Eurozone and the U.S.

In the Eurozone, Spain reported an unexpected increase in unemployment, with a change of 21.9K in August compared to a forecast of 14.2K, suggesting potential economic weakness. Conversely, Eurozone inflation data showed Core CPI at 2.3%, surpassing expectations of 2.2%, while overall CPI remained in line with forecasts at 2.1%. These mixed signals could influence the EUR’s performance against other currencies.

In the U.S., the S&P Global Manufacturing PMI came in at 53.0, slightly below the forecast of 53.3, indicating a potential slowdown in manufacturing activity. The ISM Manufacturing PMI also disappointed, registering 48.7 against a forecast of 49.0, suggesting contraction in the sector. Construction spending remained flat at -0.1%, aligning with expectations. These figures could weigh on the USD, particularly in light of the Atlanta Fed’s GDPNow estimate for Q3, which was revised down to 3.0% from 3.5%.

Market participants will closely monitor these developments, particularly the impact