Mid-Morning Look: September 02, 2026

Mid-Morning Look

Wednesday, September 02, 2026

U.S. stocks were lower overnight amid surging global bond yields, but opened mixed to slightly higher, rebounding from last few days of declines (SPY down 3 straight into today) as yields eased following bullish comments from NY Fed head Williams. Federal Reserve Bank of New York President John Williams tried to put a more positive spin on the spike in Treasury yields today in CNBC interview saying the rising long-term bond yields aren’t driven by inflation fears but are instead a reflection of a solid economy. He said he was still collecting information to drive his next monetary policy decision. In terms of the increase in real-world borrowing costs, “what’s driving it…is really a strong U.S. economy and a strong economic outlook fueled by big investments in AI and data centers and technology in general, so I see this as more of a reflection of the strength of the economy,” Williams said. The comments comes after the 10-yr and 2-yr yield hit highest levels since early 2025 and the 30-yr highest since 2007 as oil prices have surged on increased tensions between the U.S./Iran. Fresh strikes tied to the Iran conflict have pushed oil higher again, adding fuel to the ongoing selloff in global bond markets. The move is being driven by a combination of higher energy prices and growing expectations for central bank tightening, with markets increasingly pricing in rate hikes from the Fed, ECB, and BOJ this month. This morning the August ADP private payrolls data came in below expectations showing a still fragile jobs market and comes ahead of Friday’s nonfarm payroll report. A few notable movers on earnings with DELL, GTLB rising on results while CRDO, MDB, PANW slide on results in tech. Oil prices fell after climbing to more than one-month highs earlier in the session, with traders weighing the risk of supply disruptions following overnight strikes by the U.S. and Iran against signs that crude supplies continue to reach the market. Precious metals reverse overnight declines, bouncing after its recent tumble for gold/silver.

• U.S. July factory orders rose +0.9% topping consensus +0.6% and vs June -0.2%; July factory orders ex-transportation +0.6% vs June -0.1% (prev -0.4%); July factory orders ex-defense +1.0% vs June -0.3%; U.S. July Durables orders unrevised at +1.1% and U.S. July nondurables orders +0.7% vs June -0.9%.

• Auto sector: TSLA sold 86,166 China-made Model 3/Y vehicles in August, up 3.6% y/y but slowing sharply from +38% in July while sales fell -7.9% m/m. NIO was downgraded to Neutral at JP Morgan and cut its tgt to $4.50 from $7 saying Q2 results were moderately ahead though in line with management guidance and noted mgmt lukewarm anticipation on 2H26 vehicle delivery. Ford (F) reported total August U.S. vehicle sales 170,681 units and total electrified vehicles sales 17,237 units. UBER to cut 3,300 jobs in company overhaul to reduce management layers, Bloomberg reported and said will reduce number of managers by 20%.

• GTLB +14%; shares jumped after reported a solid quarter with revs $286.3M beating the $273M estimate on better earnings driven by broad based strength across enterprise accounts, first order traction, and early success with various consumption-based products.
• SIRI +5%; was upgraded to Buy from Hold at Deutsche Bank and raise PT to $45 driven by their higher revenue, EBITDA and FCF estimates, as well as an improved terminal value picture based on the growth outlook for digital audio advertising and stability in the SiriusXM subscription radio segment.
• SPWH +9%; shares rose on results as Q2 adj EPS loss (-$0.08) better than est. loss (-$0.11) on in-line revs $295.58M and said gross margin rose 0.5% to 32.5%, helped by lower freight from tighter inventory management and a one-time tariff benefit; Q2 adj EBITDA rose to $8.7M from $8.3M.
• UBER +2%; to cut 3,300 jobs in company overhaul to reduce management layers, Bloomberg reported and said will reduce number of managers by 20%.

• FCEL -11%; after Q3 revs fell -29% y/y to $33M missing the $38.8M estimate and its adj Ebitda loss for Q3 widened to -$36.74M) and missed analyst expectations of (-$11.7M) as revenue drop was mainly due to fewer module deliveries to customers in Korea.
• GIII -3%; mixed Q2 results as EPS topped consensus but sales of $554M missed the $570M consensus while guided Q3 EPS $1.35-$1.45 also missing the consensus $1.74 on revs $870M vs. est. $898.9M.
• MDB -14%; shares slid on mixed results/guide as reported strong Q2 results, beating across all metrics and raising the FY27 guide but shares fell as Atlas growth which grew 29% for Q2 (flat) and sequential deceleration in Atlas growth in FQ3 and FQ4.
• PANW -8%; delivered a strong Q4 print, with bookings accelerating for the second consecutive quarter, all metrics above guidance and consensus expectations, and with most metrics generally in line to above elevated expectations heading into the print. Notable, its 3% NGS ARR beat fell short of expectations.
• PCG -9%; after saying it will defer about $2B in spending for next year (to $11.4B from $13.4B) and launched a strategic review, after an amended state Senate bill raised concerns around wildfire liability costs; the company faces renewed uncertainty over liability costs after a California Senate bill amendment did little to reduce utilities’ exposure to expenses related to the fires.