U.S. Futures Edge Higher as Trump Appeals Tariff Case to Supreme Court, Fed Beige Book Highlights Inflation Risks
U.S. stock futures were slightly higher on Thursday as investors monitored stabilizing bond markets and awaited key economic data later this week. Meanwhile, the Trump administration has appealed to the Supreme Court to preserve its emergency tariff powers, while the Federal Reserve’s latest Beige Book showed an economy under pressure from sticky inflation. In corporate news, Figma delivered its first earnings report since its blockbuster IPO, disappointing investors, while gold prices retreated from record highs.
Futures Inch Higher
By 07:55 GMT, S&P 500 futures rose 0.1%, Nasdaq 100 futures gained 0.2%, and Dow futures were flat. Bond markets steadied after comments from Fed officials, including Governor Christopher Waller, reinforced expectations of another rate cut later this month. Japanese debt markets also calmed after weak but steady demand at an auction of longer-dated government bonds.
Wall Street closed higher on Wednesday, led by Alphabet shares, after a court ruling spared Google from breaking up key businesses like Chrome and Android. The decision also preserved a lucrative Apple-Google payments deal, boosting Apple’s stock.
Trump Takes Tariff Case to Supreme Court
The Trump administration asked the Supreme Court to overturn a ruling that struck down much of its tariff program. The White House argued the measures, imposed under the International Emergency Economic Powers Act (IEEPA), are essential to protect U.S. manufacturing and jobs.
President Trump warned that if the case is lost, the U.S. economy could “suffer greatly” and recent trade agreements might unravel. Solicitor General D. John Sauer urged the Court to hear the case by September 10, with arguments expected in November.
Fed’s Beige Book Flags Inflation Risks
The Federal Reserve’s Beige Book showed little overall change in U.S. economic activity through late August. Consumer spending slowed as wages struggled to keep up with rising prices, while most districts reported flat employment trends. Analysts noted the economy continues to face stagflationary pressures—weak growth and labor momentum alongside persistent inflation.
Figma Earnings Disappoint
Figma shares plunged more than 15% in extended trading after its first earnings report since its $50 billion IPO. Despite a 41% revenue jump to $249.6 million and earnings slightly above forecasts, analysts flagged valuation concerns and rising competition. Shares had surged after the July IPO but have since retreated as Wall Street began coverage with mostly neutral ratings.
Gold Retreats From Record Highs
Gold prices slipped as traders took profits after a series of record highs above $3,500 per ounce. The dollar’s recovery and focus on Friday’s U.S. payrolls data weighed on bullion. Spot gold fell 0.5% to $3,540.12/oz, while December futures dropped 1% to $3,598.20/oz. Safe haven demand, however, remained supported by concerns over mounting government debt.
