TLDR

MARKET RECAP → The S&P 500 (VOO) closed lower on Tuesday as investors weighed the latest global trade developments to kick off a historically poor month of stock market returns.

⚖️ TARIFFS RULING WORRIES → A court ruling clouded U.S. tariff enforcement, sending equities lower and boosting Fed rate-cut odds.

📈 IPO SEASON REVIVES → Tariff relief is opening the IPO window again, with tech and crypto players lining up for fall listings.

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MARKETS

Market Snapshot

Today’s S&P 500 Heatmap

Notable Earnings This Week

TRADE

Tariffs Ruling Worries

⚖️ Court ruling stirs markets. A U.S. appeals court declared most of Trump’s tariffs illegal, but left them in place until mid-October while the Supreme Court considers review.
📉 Equities slip on uncertainty. The S&P 500 (VOO) fell nearly 1% as investors recalibrated trade expectations and braced for political noise.
💵 Rate-cut bets rise. Traders leaned harder into a September cut, seeing tariff turmoil as fuel for easier Fed policy.

IPO

IPO Season Revives

📈 Public markets reopen. U.S. IPO activity is heating back up, with tech, AI, and crypto firms pushing out roadshows as tariff jitters ease.
📝 Names in the pipeline. Klarna, Gemini, Black Rock Coffee Bar, and Legence are all targeting fall debuts to test investor appetite.
🚀 Momentum builds. Earlier 2025 debuts from Circle, CoreWeave, and Figma provided a solid base, raising hopes for a broader IPO wave into 2026.

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BULL VS. BEAR

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Hedge funds still cautious on U.S. stocks going into fragile September (Reuters)

Wall Street pulls further from its records under the weight of pressure from the bond market (Reuters)

‘Something Changed:’ Developer Warns Quantum Computing Could Break Bitcoin in Three Years (The Currency Analytics)

In 1991, he moved to the U.S. and delivered pizza for $4.25 an hour. Now, he owns over 270 pizza restaurants (CNBC make it)

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