01 Stock Market
As of Sep 4, U.S. stock index futures performed as follows: Dow Jones contracts fell 0.31%, S&P 500 minis fell 0.25%, while Nasdaq 100 futures erased gains.
U.S. payrolls rose 162,000 in August, much more than expected; unemployment rate at 4.1%.
Traders have further increased bets on a Fed rate hike in September, with the swaps market pricing the odds above 60%.
Notable Stock Movers: Chip optimism lifted NVDA up 1.22% at $231.23 and leveraged semiconductor ETF SOXL up 5.40% at $112.50; memory maker MU rose 1.89% at $976.30. In contrast, electric-vehicle leader TSLA fell 3.00% at $365.09 after regulatory scrutiny of its driverless offering. Athletic-apparel brand LULU fell 20.49% at $96.82 on a trimmed revenue forecast, while consumer favorite AMC climbed 5.51% at $2.68 amid a high-profile dispute over tokenized shares. Tech heavyweight AAPL slipped 0.26% at $327.35 after production headlines tempered enthusiasm.
Overall, early flows favored semiconductor names and select momentum plays, helping the tech-heavy Nasdaq outpace broader benchmarks. Still, pockets of weakness in discretionary and electric-vehicle segments reflected company-specific setbacks. Traders are also positioning ahead of key U.S. labor data, which could sway interest-rate expectations and steer market tone into the holiday-shortened week’s first full session.
02 Other Markets
• 2-year U.S. Treasury yield rose 1.8%, to 4.412%.
• WTI crude oil futures fell 1.41% to 90.01 USD/barrel; COMEX gold futures fell 1.9% to 4,453.80 USD/ounce.
03 Key News
1. Baidu added to Shanghai–Hong Kong Stock Connect, boosting U.S.-listed shares. The Shanghai Stock Exchange will allow southbound investors to trade Baidu’s Hong Kong-listed shares, a move that expands mainland access to the tech giant’s equity and sparked a near 3% pre-market pop in its U.S. ADRs. Inclusion widens Baidu’s investor base and could enhance liquidity.
2. AMC’s CEO denounces Robinhood’s tokenized stock program, lifting AMC shares. Adam Aron labeled the brokerage’s offshore stock-token offering “vile” and demanded its cessation, arguing the instruments undermine shareholder rights. The public spat drew heavy trading interest, sending AMC higher while Robinhood slipped.
3. Lululemon slashes full-year sales outlook, prompting a sharp share price slide. The apparel company now targets revenue of $10.35 billion–$10.50 billion and cited weakening demand for core leggings alongside heavier clearance activity. Investors reacted by marking the stock down over 20% in pre-market dealings, highlighting sensitivity to discretionary spending trends.
4. Micron commits to more than doubling advanced HBM memory output by year-end. The chipmaker will invest heavily to lift monthly capacity for its 12-layer HBM4 product to as much as 60,000 wafers, up from roughly 50,000 previously. Expanded supply aims to meet surging AI server demand and could strengthen Micron’s competitive position in high-bandwidth memory.
5. Tesla launches steering-wheel-free Cybercab ride service; U.S. regulator reviews safety. Limited autonomous rides are underway around Austin, showcasing Tesla’s driver-less ambitions. The National Highway Traffic Safety Administration confirmed it is assessing the service, and its findings could influence broader commercialization timelines.
6. Nikkei Asia reports Apple’s foldable iPhone output capped at only a few hundred units daily. Sources cite rigorous quality standards as the main bottleneck, underscoring manufacturing challenges for Apple’s first foldable model. Scaled production will be critical before a broader market rollout.
7. Snowflake’s AI coding agent powers record product revenue growth. The data-cloud firm’s CoCo assistant drove product revenue to $1.49 billion, topping forecasts and sending shares to their highest level in nearly three years. Analysts hailed the results as among the software sector’s strongest this season.
8. Planet Labs beats earnings estimates but guides lower on revenue, shares rebound. The satellite-imagery provider posted unexpected profitability and $116 million in sales; however, it forecast softer third-quarter revenue of $101 million–$105 million. Despite the cautious outlook, the surprise profit lifted the stock about 9% pre-bell.
9. Zscaler tops quarterly expectations and lifts next-period guidance. The cybersecurity company reported $898 million in revenue and adjusted earnings of $1.19 per share, exceeding projections. Management’s higher sales outlook for the current quarter reinforces robust demand for cloud security solutions.
10. Labor Department payroll report anticipated to signal modest job rebound. Economists surveyed expect non-farm employment to rise by roughly 56,000 positions with the jobless rate steady near 4.1%. The update will shape Federal Reserve rate-path expectations and could sway market sentiment in the sessions ahead.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
