U.S. stock futures were lower Tuesday, with investors weighing the latest developments on the trade front to kick off a seasonally poor month for equities. Rising yields also worried investors. Dow Jones Industrial Average futures fell 438 points, or 1%. S&P 500 futures were lower by 1.2%, and Nasdaq-100 futures lost 1.5%. Investors took profits on bull market winners with the unofficial end of the summer season. Nvidia shares were off by more than 2%. Palantir shed more than 3% to pace losses in Big Tech shares. Those moves come after a federal appeals court on Friday ruled that most of President Donald Trump’s global tariffs are illegal. The U.S. Court of Appeals for the Federal Circuit determined in a 7-4 ruling that only Congress has the authority to apply sweeping levies. Trump called the decision “Highly Partisan” and has said that he will appeal the ruling to the U.S. Supreme Court. “A Supreme Court ruling against the use of IEEPA on reciprocal tariffs would reduce the risk of broad-based tariff escalation, which is market-positive,” wrote Aniket Shah, head of of sustainability and transition strategy at Jefferies. “However, short-term uncertainty may rise as some trade agreements may need to be renegotiated.” Investors were also eying a surge in bond yields to start September. The 10-year Treasury yield jumped to 4.29%, while the 30-year yield topped 4.98%. Bond investors were driving yields higher on the prospect that the U.S. may have to refund the billions brought in from tariff revenue, worsening the country’s already-stressed fiscal situation. Those developments could weigh on sentiment to start a new trading month. September is historically the worst month for equities, with the S&P 500 averaging a 4.2% drop over the last five years, and falling more than 2% on average over the last 10. Wall Street is coming off a strong month for the stock market. In August, the 30-stock Dow advanced more than 3%. The S&P 500 rose nearly 2%. The tech-heavy Nasdaq ended the month 1.6% higher. It was the fourth month in a row of gains for the S&P 500. The big event traders are waiting for is the release of August’s jobs report on Friday and how it will influence the Fed’s interest rate decision coming mid-month. Asia-Pacific markets closed mixed as investors assessed the Shanghai Cooperation Organization meeting of leaders in Tianjin, with tariff uncertainty weighing on sentiment. Japan’s Nikkei 225 ended the day 0.29% higher at 42,310.49 after choppy trade, while the broader Topix index moved up 0.61% to 3,081.88. Over in South Korea, the Kospi index increased by 0.94% to 3,172.35, while the small-cap Kosdaq added 1.15% to 794. The country’s consumer price index rose 1.7% in August from the year before, after increasing by 2.1% the month before. This marks its slowest year-on-year rise since November and is marginally weaker than the 2% rise forecast by economists in a Reuters poll. Hong Kong’s Hang Seng index fell 0.47% to close at 25,496.55 while mainland China’s CSI 300 dropped 0.74% to 4,490.45. Australia’s S&P/ASX 200 moved down 0.3% to end the day at 8,900.60. Oil prices gained ground on Tuesday, as Ukraine war escalations raised questions over the resilience of Russian supplies, while uncertainty lingers over the impact of Washington’s policies on key oil consumers. Brent futures with November expiry were at $69.46 per barrel at 10:54 a.m. London time ( 5:54 a.m. E.T.), up 1.92% from the Monday close. The front-month October Nymex WTI contract was trading at $65.97 per barrel, higher by 3.06%. WTI futures did not settle on Monday because of the U.S. Labor holiday. Gold prices scaled the $3,500 per ounce level to hit a record high on Tuesday, as mounting expectations for a U.S. Federal Reserve interest rate cut this month lifted demand for the precious metal. Spot gold was steady at $3,476.48 per ounce, after hitting a record high of $3,508.50 earlier in the session. Bullion has gained 32% so far this year. U.S. gold futures for December delivery gained 0.9% to $3,546.80. “Gold’s rally is set to be heavily influenced by how much the Fed’s rate-cutting path adheres to market projections,” said Han Tan, chief market analyst at Nemo.money.