07:46 AM EDT, 09/02/2025 (MT Newswires) -- The benchmark US stock measures were tracking in the red before Tuesday's opening bell as investors assess renewed uncertainties related to President Donald Trump's tariffs and await fresh labor market data later in the week.

The S&P 500 declined 0.5%, the Dow Jones Industrial Average decreased 0.4% and the Nasdaq was off 0.7% in premarket activity. The indexes finished Friday lower, registering their first losses after three consecutive days of gains. US markets were closed on Monday for the Labor Day holiday.

The US Court of Appeals for the Federal Circuit on Friday ruled that most of Trump's global tariffs are illegal, saying the law he invoked to implement them doesn't grant him the power to do so. The court allowed the duties to remain in place, giving the Trump administration time to appeal to the US Supreme Court.

"A highly partisan appeals court incorrectly said that our tariffs should be removed," Trump said in a Friday post on Truth Social. "If allowed to stand, this decision would literally destroy the United States of America."

In May, the US Court of International Trade ruled that the International Emergency Economic Powers Act, or IEEPA, which Trump invoked to implement tariffs in April, does not authorize him to impose universal duties on imports. Treasury Secretary Scott Bessent told Reuters on Monday that he was confident the Supreme Court would uphold Trump's use of that law to impose tariffs, although the White House has a backup plan if it doesn't.

Trump's sweeping new tariffs on imports from several trading partners went into effect last month.

In a separate post on social media on Monday, Trump criticized the trade and tariff relationship between the US and India, saying it has been "totally one sided" for "many decades." Trump recently imposed 50% tariffs on most US imports from India in response to its continued purchasing of sanctioned Russian oil.

Fresh labor market data is on deck this week, beginning with the Job Openings and Labor Turnover Survey for July on Wednesday. The ADP Employment report for August is out Thursday, followed by the government's nonfarm payroll data for the same month on Friday.

US Treasury yields were moving higher in premarket action, with the two-year rate rising 3.1 basis points to 3.65% and the 10-year rate increasing 5.9 basis points to 4.29%.

US consumer spending rose in July at the fastest pace since March, while the Federal Reserve's preferred inflation metric increased annually to the highest level in five months, government data showed Friday. Consumer sentiment fell in August amid concerns over economic health, while inflation expectations rebounded, according to final survey results from the University of Michigan.

Tuesday's economic calendar has the Purchasing Managers' manufacturing index's final reading for August at 9:45 am ET, followed by the Institute for Supply Management's manufacturing index for the same month at 10 am. The construction spending report for July is out at 10 am as well.

Nio (NIO), Signet Jewelers (SIG) and Academy Sports and Outdoors (ASO) report their latest financial results before the bell, among others, while Zscaler ( ZS ) posts earnings after the markets close. Broadcom ( AVGO ) , Salesforce ( CRM ) and Lululemon Athletica ( LULU ) are expected to release their quarterly results later in the week.

West Texas Intermediate crude oil climbed 2.9% to $65.87 a barrel before the open, amid increasing supply disruption concerns due to the escalating conflict between Russia and Ukraine.

Gold inclined 0.9% to $3,549 per troy ounce, while bitcoin grew 0.9% to $110,224.