NewsWare’s Trade Talk: Tuesday, September 2

S&P Futures are negative this morning following the long holiday weekend. September has been a tenuous month for the markets, with the S&P averaging a -4.2% decline during this period. The markets sentiment is negative due to Friday's Court decision on Trump's tariff agenda. A federal appeals court ruled that the president exceeded his authority to impose tariffs which is creating a lack of clarity for the markets. They stated that the power to impose taxes and duties lies with Congress, not the president. However, the tariffs are being allowed to remain in effect until October 14 to give the government time to seek Supreme Court review. President Trump is schedule to make an announcement today at 2:00 pm ET. Congress is back from their August recess and will be focused on talks to avoid a government shutdown, with the federal funding deadline set for Sept 30th. The key economic data point for today will be the ISM Manufacturing PMI data which is due out after the opening bell. After the bell today, ZS & HQY are scheduled to report and tomorrow morning M, CPB & DLTR will be reporting earnings results.