Wall Street drops 1% at the opening of September

U.S. stock indexes declined at the start of trading on Tuesday – the first session of September – in conjunction with the rise in Treasury yields and concerns over tariffs.

The yield on 10-year U.S. Treasury notes rose by 5.5 basis points to 4.281%, while the yield on 30-year bonds increased by 4.6 basis points to 4.964%.

This comes after a federal appeals court ruled on Friday that most of the tariffs imposed by President Donald Trump were illegal, which caused further uncertainty regarding U.S. policy decisions.

By 16:14 GMT, the Dow Jones Industrial Average fell by 1% (equivalent to 431 points) to 45,113 points, the S&P 500 Index dropped by 1.2% (equivalent to 79 points) to 6,380 points, while the Nasdaq Composite Index declined by 1.5% (equivalent to 320 points) to 21,135 points.