Welcome to the Dividing Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life.

Good evening and welcome back to Dividend Cafe. This is Tuesday, September the 2nd. And I hope everyone had a nice and lovely Labor Day weekend with your friends and family.

We're back here into the trading week on Tuesday after the holiday weekend to a down day overall.

Although we technically closed off the lows by quite a bit.

The Dow ended up closing down 249 points.

S&P was down 7 tenths of a percent. Nasdaq was down

eight tenths of a percent and you got more rotation from growth to value. Technology for the

most part was down on the day, although also off of the lows, but you had relative outperformance

in both energy and staples, some of those more value names

in there, and this is the lower session here in a row. So we've got two sessions in a row to start off.

And of course, as everyone knew, September is a bad month for stocks, and that's why it's down.

I kid not to make light of a down day, but I wouldn't read a ton into seasonality here.

The market has been higher here for five months.

So, you know, we get some consolidation, and that's okay.

What we're talking about today is the big ideas around tariffs

and whether the current administration was able to use the IEPA

to rationalize that executive declaration or not.

You've got now the appeals court maintaining that Article 1 Section 8, Clause 1 of the

U.S. Constitution actually says, believe it or not, that Congress is the only power that

she'll have ability to impose duties and taxes and collect. So there you have it.

The reason the market isn't carrying a ton here is just because you've got a period of time

that's in the future. Tariffs are going to exist through October. Then there's another appeals process

...