U.S. stocks fell due to profit-taking and cautious remarks from Fed Chair Powell. Business activity data showed a second consecutive month of decline. Investors wonder if consumers will bear the burden of record tariffs, with U.S. companies currently absorbing most of the impact. Uncertainty looms as a U.S. government shutdown deadline approaches in eight days.

President Trump raised concerns by scrapping a meeting with Democrats, heightening the risk of a government shutdown. Meanwhile, at the UN General Assembly, Trump delivered a combative speech, rejecting a Palestinian state and criticizing nations soft on immigration. Gold prices surged to new highs, up 45% this year, driven by inflation fears and geopolitical concerns.

Tariffs could soon hit U.S. consumers as companies have mostly shouldered the burden. Economists predict a shift in tariff costs from companies to consumers in the coming months. Government revenues from tariffs have reached $88 billion this year, with projections of $2 trillion over the next decade. The impact on consumer spending and economic growth remains uncertain.

Read more at Yahoo Finance: Tech euphoria cools, gold still sizzling