Last night, U.S. Nasdaq and S&P 500 futures rose, following gains in Google shares after an antitrust ruling that was viewed as “softer” than the Justice Department’s original proposal.
Apple’s stock also rose slightly after the ruling, as Google was allowed to maintain its key partnership with Apple in information-sharing agreements.
However, the Dow Jones index fell as market sentiment remained cautious, with Wall Street kicking off September on a weak note amid growing uncertainty over President Donald Trump’s trade tariffs following the antitrust ruling.
Trump declared he would appeal to the Supreme Court against accusations that his tariff decisions exceeded his authority. He also claimed that the stock market would “skyrocket” if he won the tariff case in the Supreme Court, while warning that if he failed to maintain the tariffs, the U.S. would become a laughingstock in the eyes of the world.
Additionally, investors remained cautious ahead of the upcoming U.S. jobs data set to be released later this week. While August saw a strong rally in equities, September is historically considered a “weak month” for the market.
Technical Analysis:
The S&P 500 rebounded last night after a brief dip under pressure from Trump’s tariff uncertainty.
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In the short term, the index may face a mild correction toward the Fibo 0.618 level at 6,391, or deeper into the bullish order block at 6,360, before rebounding toward the 6,460 area, where it is expected to consolidate sideways ahead of further developments from Trump’s court case.
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