Closing Recap

U.S. stock futures are mixed in holiday-thinned trading after a tech-led sell-off on Wall Street Friday, as investors digest renewed U.S. tariff uncertainty and look ahead to a crucial U.S. jobs report this week; gold is rallying on safe-haven demand, while the dollar is on the defensive. 

Key Takeaways 

• Holiday Trading, Futures Mixed: U.S. markets are closed for Labor Day. Futures are mixed after the Nasdaq tumbled over 1% on Friday, dragged down by a sharp tech stock decline. 
• Tariff Uncertainty Lingers: A U.S. appeals court ruling that President Trump overstepped his authority on broad tariffs on China, Mexico, and Canada has created fresh uncertainty for trade policy. 
• Focus on August Jobs Report: The main event this week will be Friday’s U.S. Nonfarm Payrolls report for August, especially after July’s weak print (+73K) and massive downward revisions to prior months raised economic concerns. 
• Gold Surges on Safe-Haven Demand: Gold prices are climbing, nearing $3,500/oz, driven by dovish Fed expectations, central bank buying, a weaker dollar, and geopolitical tensions. 
• Dollar Remains on Defensive: The U.S. dollar is under pressure as markets price in potential Fed rate cuts following weak labor market data. 
• Global Markets Mixed: Asian markets were mixed overnight, with Hong Kong rallying while Japan and Australia fell. European markets are starting September on a positive footing. 
• Oil & Crypto Weaken: Crude oil prices are slightly lower on oversupply concerns, while cryptocurrencies like Bitcoin are pulling back on bearish signals. 

Market Overview 

U.S. financial markets are closed today in observance of Labor Day, capping a week that ended with a sharp, technology-driven sell-off on Wall Street. The Nasdaq Composite tumbled 1.2% and the S&P 500 shed 0.6% on Friday, as investors reacted to renewed uncertainty over U.S. trade policy. The new concerns stem from a federal appeals court ruling that President Trump had overstepped his authority in imposing some of his broad “reciprocal” tariffs, a decision that clouds the legal landscape for U.S. trade actions. 

Index	Up/Down	% Change	Last
DJ Industrials	-92.02	-0.002	45544.88
S&P 500	-41.6	-0.0064	6460.26
Nasdaq	-249.61	-0.0115	21455.55
DAX (Germany)	93.5	0.0039	23995.71
FTSE 100 (UK)	19.08	0.0021	9206.42

This development follows a shockingly weak July jobs report, which showed a mere 73,000 positions were added, accompanied by massive downward revisions for May and June. The data painted a sobering picture of the U.S. labor market, raising questions about the health of the economy and leading President Trump to fire the Commissioner of the Bureau of Labor Statistics. The combination of trade uncertainty and a weakening jobs picture has kept expectations for a September Federal Reserve rate cut firmly in place. 

Global markets are starting the month with a mixed but cautiously optimistic tone. European stocks are mostly higher, while Asian markets saw varied performance, with Hong Kong gaining over 2% while Japan’s Nikkei fell. The U.S. dollar is starting the week on a defensive footing, pressured by the prospect of Fed easing. Gold continues to be a standout performer, rallying on safe-haven demand and a weaker dollar. Investors are now looking ahead to a holiday-shortened but crucial week, headlined by the August U.S. jobs report on Friday.

Economic Calendar

U.S. markets are closed for Labor Day. The key event this week is the August U.S. jobs report on Friday. Today’s Major Events: 

• U.S. Markets Closed for Labor Day Holiday 

Key This Week: 

• U.S. Non-Farm Payrolls (NFP) report for August (Friday). 
• Eurozone Unemployment Rate. 
• Bank of England (BoE) Meeting. Canadian GDP Release. 

Commodities, Currencies, and Treasuries

Gold prices are rallying strongly, up 0.85% to $3,545.92 per ounce, driven by safe-haven demand, a weaker U.S. dollar, and continued expectations for Federal Reserve rate cuts. Crude oil prices are slightly lower, with WTI around $63.76 (-0.39%), as the market weighs oversupply concerns from OPEC+ production increases and record U.S. output against ongoing geopolitical risks. 

Asset	Up/Down	Unit / % Change	Last
WTI Crude	-0.25	USD/bbl	64.419
Brent	-0.26	USD/bbl	67.834
Gold	23.5	USD/oz	3540.4
Silver	0.536	USD/oz	41.328
EUR/USD	0.0034	USD	1.172
USD/JPY	0.08	JPY	147.13
10-Year Note	(Closed)	%	0.04233
Dollar Index	-0.11	Points	97.66

The U.S. Dollar Index (DXY) is on the defensive, trading down -0.11% near 97.66, as the Euro and British Pound show resilience. The Japanese Yen has weakened slightly. U.S. Treasury markets are closed today; the 10-year yield closed Friday near 4.241%. Cryptocurrencies are showing weakness, with Bitcoin falling below $108,000 over the weekend on bearish signals and a slump in broader risk appetite.

Looking Ahead 

With U.S. markets closed, trading will be light. Upon reopening tomorrow, investors will continue to digest the implications of the court ruling on tariffs and position ahead of Friday’s critical U.S. jobs report. The data will be intensely scrutinized for any signs of further labor market deterioration, which could solidify the case for a September Fed rate cut. Central bank meetings (BoE) and key inflation data from the Eurozone will also be important drivers for global markets this week.