U.S. stock futures are under pressure ahead of the Wall Street open with investors weighing the latest developments on the trade front into a historical poor month for equities.

The weakness comes after a federal appeals court on Friday ruled that most of President Donald Trump’s global tariffs are illegal. The U.S. Court of Appeals for the Federal Circuit determined in a 7-4 ruling that only Congress has the authority to apply sweeping levies.

Trump called the decision “Highly Partisan” and has said that he will appeal the ruling to the U.S. Supreme Court. Focus this week will be on economic data with August Jobs numbers due Friday.

Snapshot (as of 7AM ET)

• Oil (/CL) – Oil prices are up nearly 3% near $66 a barrel as concerns about supply disruptions grew amid an escalation of the conflict between Russia and Ukraine, and as the market weighed whether upcoming U.S. jobs data would lead to interest rate cuts.
• Gold (/GC) – Gold prices are up over 1% near $3560 per ounce to hit a record high this morning, as mounting expectations for a U.S. Federal Reserve interest rate cut this month lifted demand for the precious metal.
• Bitcoin (/BTC) – The Crypto Future is up 1.2% near $110,100 in premarket trading.
• VIX – The CBOE Volatility Index was up 6.4% on Friday and settled at 15.36 as stocks were lower.
• U.S. Dollar (/DX) – The dollar is up over 0.6% to 98.3.

Biggest Premarket Movers (Mark % Change as of 7AM ET)

1. Transdigm (TDG): +6.35%
2. PepsiCo (PEP): +4.94%
3. Newmont (NEM): +1.80%

1. Constellation Brands (STZ): -7.37%
2. Fortinet (FTNT): -3.52%
3. Lam Research (LRCX): -3.45%

Economic Data

• 9:45AM ET: PMI Mfg. - Final
• 10:00AM ET: ISM Mfg. Index, Construction Spending

Notable Earnings

• Premarket: ASO, NIO, SIG
• Postmarket: HQY, ZS
• Premarket Tomorrow: CPB, DLTR, M, PSNY, REVG
• Postmarket Tomorrow: AEO, AI, CHPT, FIG, GTLB, HPE, PD, CRM

Upgrades/Downgrades

• UBS upgrades Corning (GLW) to Buy from Neutral
• Morgan Stanley upgrades Zscaler (ZS) to Overweight from Equal Weight
• Wells Fargo upgrades Ally Financial (ALLY) to Equal Weight from Underweight
• BNP Paribas downgrades Block (XYZ) to Hold from Buy
• Morgan Stanley downgrades Fortive (FTV) to Equal Weight from Overweight
• Stifel downgrades Simon Property Group (SPG) to Hold from Buy 

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.