Wall Street Ends Lower; Alphabet Surges 7% While Apple Gains Nearly 3% in Extended Trading; Nvidia Falls 2%; Tesla Drops over 1%

Wall Street started off September on a sharply lower note on Tuesday as investors weighed the future of President Donald Trump's tariffs after a federal appeals court ruled most of his sweeping tariffs illegal.

Market Snapshot

The Dow Jones Industrial Average fell 249.07 points, or 0.55%, to 45,295.81, the S&P 500 lost 44.72 points, or 0.69%, to 6,415.54 and the Nasdaq Composite lost 175.92 points, or 0.82%, to 21,279.63.

Market Movers

Shares of Alphabet surged as much as 7% in extended trading following the release of the judge’s ruling. Apple shares climbed as much as 2.78%. Alphabet Inc.’s Google will be required to share online search data with rivals while avoiding harsher penalties, including the forced sale of its Chrome business, a judge ruled in the biggest US antitrust case in almost three decades.

Nvidia slipped 2%. The stock fell 3.4% on Friday and ended the week down 2.2% after the AI chip maker guided for third-quarter revenue of $54 billion, underwhelming investors and sparking concerns about a possible slowdown in AI spending.

U.S.-listed shares of NIO rose 3.4% after the Chinese electric vehicle maker posted a second-quarter loss on revenue that missed analysts' estimates. Deliveries surged 26% but its vehicle margin fell to 10.3% from 12.2% a year earlier.

Tesla was down 1.4%. The EV maker received only about 600 orders for cars in India since launching in the country in mid-July, Bloomberg reported Monday.

PepsiCo rose 1.1% after Elliott Investment Management said it had built a $4 billion stake in the beverages and snacks company. The activist investor confirmed its position in a letter to PepsiCo's board, noting its stake makes it one of the company's largest investors. In a presentation, Elliott made a case for how the beleaguered company could reaccelerate growth.

Constellation Brands tumbled 6.6% after the parent of the Corona and Modelo brands slashed its fiscal-year outlook, citing weaker demand for beer. CEO Bill Newlands noted that declining sales for high-end beer among Hispanic shoppers have a larger impact on Constellation's business than on other companies.

Kraft Heinz was down 7% after the packaged food company said it would be splitting in two, partially reversing the merger of Kraft and Heinz that occurred in 2015. The restructuring will result in one company that focuses on the global market for sauces, spreads, and seasonings -- including the flagship ketchup business -- and another that targets grocery staples in North America.

Biogen rose 5.6% after the Food and Drug Administration approved a once-weekly injectable version of Alzheimer's treatment Leqembi, which Biogen makes in conjunction with Japan's Eisai.

Cytokinetics surged 40% after the biotech presented positive trial for its experimental heart drug aficamten over the weekend at the annual meeting of the European Society of Cardiology in Madrid.

Gold miner Newmont was up 2% after gold hit a record high, boosted by traders betting the Federal Reserve will cut interest rates later this month. Bullion tends to rise when borrowing costs fall because it's more appealing for investors relative to yield assets such as bonds.

Market News

Trump to Ask Supreme Court for Expedited Ruling on Tariffs

President Donald Trump said his administration would ask the Supreme Court for an expedited ruling in hopes of overturning a federal court decision that many of his tariffs were illegally imposed, arguing it is essential to keep his trade policy intact.

Trump told reporters that the US would appeal to the high court for relief as soon as Wednesday because “it would be a devastation for our country” if the appeals court ruling was left in place.

“We’re going to be going to the Supreme Court, we think tomorrow, because we need an early decision,” Trump said Tuesday in the Oval Office. “We’re going to ask for an expedited ruling.”