Today At A Glance:

U.S. stocks fell to start September as a federal appeals court ruling deeming most Trump-era tariffs illegal injected fresh policy uncertainty and pushed volatility higher. The 10-year yield climbed and long bonds sold off, pressuring growth shares; the VIX hit a multi-week high. By the bell, the Dow −0.56%, S&P 500 −0.70%, and Nasdaq −0.81%, all finishing off intraday lows. Gold set another record as haven demand firmed, even as equities weakened. Stock-specific standouts: PepsiCo rose on an Elliott stake, while Kraft Heinz sank on a breakup plan and Constellation Brands fell after trimming its beer outlook.

Today’s Index Performance:

• Dow Jones Industrial Average (^DJI) — The Dow opened today at 45,287.7 and closed today at 45,288.86, with the percentage change of −0.56%.
• S&P 500 (^GSPC) — The S&P 500 opened today at 6,401.51 and closed today at 6,414.95, with the percentage change of −0.70%.
• Nasdaq Composite — The Nasdaq opened today at 21,086.60 and closed today at 21,278.86, with the percentage change of −0.81%.

Gainers Of Note

• Ionis Pharmaceuticals (NASDAQ: IONS) – RNA-targeted therapeutics; spiked ~30%+ after Phase 3 data showed its drug olezarsen sharply reduced triglycerides and acute pancreatitis events in sHTG, with FDA filing targeted this year.
• Cytokinetics (NASDAQ: CYTK) – Cardiac myosin drugs; surged ~35–40% as new aficamten results at ESC 2025 outperformed beta blockers in obstructive HCM, reinforcing best-in-class views ahead of a December FDA decision.
• PepsiCo (NASDAQ: PEP) – Beverages & snacks; rose ~3–4% after Elliott Management disclosed a $4B activist stake and pressed for a turnaround plan.

Losers Of Note

• Kraft Heinz (NASDAQ: KHC) – Packaged foods; fell ~7% after announcing plans to split into two public companies, drawing mixed investor reaction.
• Constellation Brands (NYSE: STZ) – Beer/wine/spirits; slid ~6–7% after lowered guidance tied to softer beer demand.
• Nvidia (NASDAQ: NVDA) – AI/GPU leader; down ~2% as rising yields and AI-spend worries kept pressure on megacaps.

Active Traders Of Note

• Broadcom (NASDAQ: AVGO) – Semis & infrastructure software; elevated volume as traders positioned ahead of Thursday’s earnings (Sept. 4 After-Close).
• Apple (NASDAQ: AAPL) – Consumer tech ecosystem; heavy turnover as megacap tech led declines alongside higher rates.
• Tesla (NASDAQ: TSLA) – EV & AI platform; active as growth shares broadly weakened and risk appetite cooled.

Looking Forward:

Markets now pivot to Friday’s August jobs report to validate high odds of a September Fed cut; a weak print could firm up the easing case, while strength may keep yields elevated. Watch policy headlines: the administration said it will seek an expedited Supreme Court review of the tariff ruling—any timeline clarity could sway cyclicals and multinationals. With gold making new highs and yields jumpy, expect continued dispersion: defensives and miners bid on haven flows, while rate-sensitive growth trades remain choppy into Thursday’s marquee Broadcom report.

Note: The stock performance summaries are based on general trends observed over the past ten trading days and are not indicative of future results.

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