What spooked Wall Street at summer's end? Investors entered September—the market’s most notoriously treacherous month—with a list of worries. Stocks fell broadly Tuesday: Dow down ~250 points (0.6%), S&P 500 slid 0.7%, and Nasdaq dropped 0.8%. Investors grappled with fresh signs of manufacturing weakness, surging Treasury yields (10-year near 4.3%, 30-year at 4.97%), and—most dramatically—a court ruling throwing out most of President Trump’s sweeping tariffs as illegal (though they remain in effect pending appeal).
Beyond the numbers, what’s the real issue? The prospect of $120 billion in tariff refunds could complicate an already $37 trillion debt load, and the uncertainty has rattled both US and European markets. The result: a classic risk-off mood. Gold soared past $3,500/oz, echoing nerves about inflation, debt, and policy. With September’s "market curse" in play, investors seem to be bracing for rough terrain ahead.
