Dow Jones and Nasdaq 100 Slip Amid Trump-Related Uncertainty and Pre-Jobs Report Jitters

Key Points

• Hang Seng and Shanghai stocks slipped as traders booked profits in tech shares after Monday’s rally.

• Gold hit a record $3,509 as investors sought safety amid Fed uncertainty, tariffs, and stagflation fears.

• US futures fell ahead of Trump’s Oval Office speech, adding to September’s reputation for volatility.

Nikkei Rises on Yen Moves Despite BoJ Caution
The Nikkei outperformed as a weaker yen boosted export-focused companies, even though Bank of Japan (BoJ) officials warned of tariff risks. BoJ Deputy Governor Ryozo Himino said the impact of US tariffs could be larger than expected and stressed that uncertainty remains high.

He noted the BoJ would keep rates at 0.5% for now but did not rule out future hikes if the economy and inflation continue to improve. This eased bets on a near-term rate hike, weighing on the yen.

China and Hong Kong Stocks Pull Back
Mainland China and Hong Kong markets fell after Monday’s strong gains.

• Hang Seng Index: -0.33% to 25,534

• CSI 300: -0.32%

• Shanghai Composite: -0.53%

Profit-taking hit tech stocks, with the Hang Seng Tech Index down 1.46%. Alibaba fell 0.8% after jumping 18.5% on strong earnings Monday. Investors are cautious ahead of US labor data, which could shape Fed rate cut expectations.

Australia’s ASX also slipped as traders awaited key economic releases.

US Futures Weaken Before Trump’s Remarks
US futures tracked Asia lower as markets reopened after Labor Day.

• Nasdaq 100 E-mini: -41 points

• S&P 500 E-mini: -7 points

• Dow Jones E-mini: -41 points

Traders are watching for Trump’s Oval Office comments, which could touch on tariffs, Fed policy, or other issues.