Stocks stumbled out of the gate on the first day of September — slammed by uncertainty about President Trump’s tariffs as well as his increasingly bold moves to exert influence over the Federal Reserve.

Bond yields spiked on Monday after a federal appeals court late Friday ruled most of Trump’s tariffs were unconstitutional — raising speculation Washington may have to refund billions in duties collected under the policy.

Trump said he expects the ruling by the “partisan” panel will be overturned by the Supreme Court. 3

Nevertheless, stocks tumbled as the 30-year US Treasury touched 5%, while the 10-year approached 4.3% as worries increased that the US will be forced to issue more debt to fund its deficits because of lost tariff revenue.

The Dow Jones Industrial Average slid 3

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