US stocks futures took a leg lower on Tuesday with Wall Street set for a delayed open to the week after Monday's closure for the Labor Day holiday. Investors are braced for a tumultuous month, with legal drama around President Trump's tariffs and concerns over Fed independence in high focus.

Dow Jones Industrial Average futures (YM=F) slid roughly 0.3%, while those on the S&P 500 (ES=F) dropped 0.2%. Contracts on the tech-focused Nasdaq 100 (NQ=F) fell 0.3%.

After hitting record highs in August, the S&P 500 (^GSPC) and Dow (^DJI) ended the month with gains of 1.4% and 2%, respectively, marking the fourth straight month of advances for those indexes. The Nasdaq also capped August with a 1.6% gain in its fifth straight winning month.

The muted first moves in September follow a potentially major legal blow to Trump’s trade agenda. A federal appeals court ruled Friday that the bulk of Trump’s sweeping global tariffs were unconstitutional, saying only Congress has authority to impose such levies. Trump blasted the decision as "highly partisan" and vowed to take the case to the Supreme Court.

The uncertainty could add another overhang for markets just as the calendar flips to September, historically the weakest month for stocks. The S&P 500 has dropped an average of 4.2% over the past five Septembers and more than 2% over the last decade.

Meanwhile, investors are also watching developments in Washington that could test the Fed’s independence. A court hearing last week on whether Trump can fire Fed Governor Lisa Cook ended without a ruling as the president continues to make attempts to stack the Fed's Board of Governors in his favor.

Earnings seasons continues this week, albeit at a slower pace than throughout much of August. Zscaler (ZS), Macy's (M), and DocuSign (DOCU) all report in the coming days.

Bloomberg reports:

Gold hit a record high as the prospect of Federal Reserve rate cuts and growing concerns over the central bank’s future gave fresh legs to the multiyear rally in precious metals.

Bullion for immediate delivery rose as much as 0.9% to $3,508.73 an ounce — surpassing the previous peak reached in April — before paring some gains during early trading in Asia on Tuesday. The precious metal has gained more than 30% this year, making it one of the best-performing major commodities.

The latest run has been fueled by expectations that the US central bank will lower interest rates this month, after Fed Chair Jerome Powell cautiously opened the door to a reduction. A key US jobs report this Friday is likely to add to signs of an increasingly subdued labor market — supporting the case for cuts. That’s boosted the allure of precious metals, which do not pay holders interest.

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