Following a strong month of August, stocks kicked off the most bearish month of the year appropriately, with triple-digit drops for the Dow and Nasdaq. The S&P 500 finished firmly in the red as well, as the latest tariff updates weighed on the market. In the latest political news, President Trump is asking the Supreme Court for an "expedited ruling" to overturn the appeals court's decision that ruled most of his global tariffs illegal. 

A slide in Big Tech stocks didn't help, as the sector succumbed to more profit-taking to start the holiday-shortened week. Meanwhile, the ISM manufacturing purchasing managers' index (PMI) fell to 48.7 in August for its sixth-straight monthly contraction, while long-term Treasury yields surged, with the 30-year note nearing 5%. 

GOLD HITS RECORD HIGHS

Oil prices rose on Tuesday, amid uncertainty regarding U.S. tariff policies. October-dated West Texas Intermediate (WTI) crude rose $1.58, or 2.5%, to settle at $65.59 per barrel. 

Following its best monthly performance since April, U.S. gold futures rose 2.1% to settle at $3,590.90 per ounce after marking fresh all-time highs. 

More By This Author:

Dow Slides 530 Points Amid Tariff Tensions, Surging Yields
What Seasonality? Stocks Finish August With Monthly Wins
Stocks Succumb To Profit-Taking As August Winds Down