Morning Look- 9/3/26
Morning. Here’s the pre-market snapshot as of ~7:50 AM ET on Thursday, September 3, 2026.
Futures (pointing to a mixed, quiet open) Dow: ~53,220–53,236, +100 to +115 pts (+0.19–0.22%)
S&P 500: ~7,678–7,680, +2 to +3 pts (essentially flat, +0.02–0.04%)
Nasdaq 100: ~29,139–29,149, –37 to –47 pts (–0.13 to –0.16%)
Expect a modestly higher Dow, slightly lower Nasdaq, and a near-unchanged S&P. Volume should stay light ahead of Friday’s jobs report and the Labor Day weekend.
Yesterday’s recap
The major averages snapped a 3–4 day losing streak. Dow closed +0.56% at 53,061.95, S&P 500 +0.46% at 7,666.60, Nasdaq +0.45% at 26,217.83. Russell 2000 led with +1.13%. Treasury yields paused after hitting multi-year highs, and NVIDIA jumped 3.2%. Dell also surged on a strong earnings beat and raised outlook. VIX dropped to ~15.3.
What’s moving markets
Geopolitics is the main overnight story. Fresh US-Iran tensions (Iranian missiles at US bases in Jordan, US strikes, Trump comments about hitting hard) are supporting oil and gold. WTI crude is around $92.90–$93.00 (+~2% from Wednesday’s $91.01 close); gold is ~$4,440 (+1.2%). The 10-year yield is holding near 4.78–4.79% after yesterday’s pause.
Earnings in focus
Broadcom (AVGO) beat on Q3 revenue ($29.59B vs. ~$29.4B) and EPS ($3.32 vs. $3.24), with AI semiconductor revenue surging. Long-term guidance looks strong (AI revenue targets of $115B in FY27 and $230B in FY28), but Q4 revenue guidance of $34.8B came in a touch light versus ~$35B estimates. Shares are down ~3.5–3.7% in pre-market.
Snowflake (SNOW) is ripping +23–24% after a strong report and raised outlook tied to AI demand. On the downside, Ultragenyx (RARE) is down ~46% on a Phase 3 trial miss, and NetApp (NTAP) is off ~8.6%.
Today’s calendar (all ET) 8:30 AM:
Weekly jobless claims (est. 205K), July trade balance, Q2 productivity/unit labor costs (final), Fed Governor Christopher Waller speaks.
9:45 AM: S&P Global Services PMI (final).
10:00 AM: ISM Services PMI (est. ~54.2).
Friday’s August nonfarm payrolls is the bigger event. Markets are closed Monday for Labor Day.Overall tone is cautious/wait-and-see: geopolitics and oil keeping a bid under energy and metals, tech mixed after AVGO, and everyone watching the data and Friday’s jobs number. Have a good session.