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AMAT achieved target level at 465.00 to gain 4.49%. During the Pre-Market session
Bulls Pause on Strong Jobs Report
Daily Market Comment
September 4, 2026
A stronger-than-expected BLS jobs report weighed on equities today as yields ticked higher, with the rate on the two-year T-Bill landing at 4.383%, its highest mark since January 2025. August payrolls jumped to 162K vs. 53K estimated, while the Unemployment Rate was steady at 4.1%. An early drop left eight of 11 sectors in the red, with Technology (XLK), Industrial (XLI), and Utilities (XLU) pulling out small gains. The Consumer Discretionary (XLY) sector was the weakest market group, hurt by a -5.92% drop in Tesla (TSLA) after a ho-hum response to its Cybercab announcement last night. Communication Services (XLC) and Healthcare (XLV) were also at the bottom of the ledger. The major averages drifted sideways on low volume for most of the afternoon as Wall Street packed up for the long holiday weekend. The DJIA closed with a 271.86-point (-0.51%) loss at 53,414.25, while the S&P 500 lost 29.11 points (-0.38%) and settled at 7,718.60. The NASDAQ fell 77.07 points (-0.29%), finishing at 26,506.99.
Breadth was mixed, with declining issues beating advancing issues by 37 units on the NYSE, while advancing issues led 1.2:1 on the NASDAQ. Declining volume was 57% on the NYSE, but advancing volume was 54% on the NASDAQ. The VIX rose 0.21 (+1.47%), closing at 14.53. Crude oil prices were flat at 0.00 (+0.00%), and the October contract closed at $91.30 a barrel. Gold prices fell 57.50 (-1.27%) and finished at $4,482.40 an ounce. Bitcoin (BTC) closed the session at $79,640.
The strong jobs data saw rates tick higher as investors bumped up expectations for a rate hike at the September FOMC meeting to 58.5% from 49.4% the prior day. That was enough to stall a two-day rally heading into the long weekend. The major averages finished the period mixed, but the DJIA was down for a third time over the last four weeks. Next week, investors will focus on inflation data in the CPI and PPI, which will most likely determine the Fed's path for rates.
NYSE is closed on Monday for the Labor Day holiday.
Earnings releases to watch for on Tuesday include GameStop (GME), Casey's General Stores (CASY), ABM Industries (ABM), and United Natural Foods (UNFI).
Tuesday's Market-Moving Economic Calendar: T-Bill Auctions and Small Business Optimism Index
