Morning Preview: September 01, 2026

Early Look

Tuesday, September 1, 2026

U.S. futures are sliding along with global stock markets, as another recent surge in Treasury yields, coupled with a further bounce in oil prices has markets on edge about rising inflation concerns. Wall Street kicks off one of the most historically weak trading months of the year lower after closing August with gains as the S&P 500 gained 2.62%, the Nasdaq climbed 3.93% (after falling -3.2% in July and -2.8% in June), and the Dow climbed 1.34%. A moderately busy day of economic data ahead and a few notable earnings results (DELL, MDT, PANW, MDB), but otherwise is likely to be quiet in this final trading week of the summer ahead of the long Labor Day holiday weekend. In Asian markets, The Nikkei Index fell -96 points to 66,215, the Shanghai Index dipped -6 points to 3,979, and the Hang Seng Index declined -237 points to 25,329. In Europe, the German DAX is down -237 points to 26,020, while the FTSE 100 falls -84 points to 10,739. Gold fell more than 1% to $4,430 an ounce, falling a third day, pressured by elevated U.S. Treasury yields, while markets awaited key U.S. labor market data for fresh signals on the Federal Reserve’s monetary policy outlook. Meanwhile U.S. Treasury yields rose to their highest since January 2025, with the 10-year yield approaching 4.8%, as rising tensions in the Middle East stoked inflation worries (lifting oil), and triggered a global bond selloff. Investors now turn their focus to the ADP employment report due on Wednesday and the nonfarm payrolls data on Friday for further economic policy clues. While stocks are pointing lower after slipping on Monday as well, fear still remains a non-factor for Wall Street as the CBOE Volatility index (VIX) closed below the 15 level yesterday for its lowest monthly close since November 2024 – though is up 6% this morning to 15.84.

• The Dow Jones Industrial Average fell -374.09 points, or 0.59%, to 53,185.90
• The Nasdaq Composite slipped -31.53 points, or 0.19%, to 26,370.89
• The Russell 2000 Index declined -15.93 points, or 0.54% to 2,956.44

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:45 AM ET S&P Global Manufacturing PMI, Aug-final…prior 53.5
• 10:00 AM ET                Construction Spending M/M for July…est. 0.0%
• 10:00 AM ET ISM Manufacturing PMI for August…est. 55.2 (prior 55.6)
• 10:00 AM ET                JOLTs Job Openings for July…est. 7.3M (prior 7.359M)
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: CRDO DELL GTLB MDB PANW SPWH ZEPP

• Russia downgraded oil output forecast for this year to a 17-year low and revised fuel exports outlook for 2026 and 2027 due to the war with Ukraine, according to a government draft forecast seen by Reuters. The forecasts, which are expected to be finalized at the end of September and are used in drafting the budget, reduced oil production estimates for 2026-2029 by between 16 million and 20 million tons compared to the previous outlook published in May.

• Magna International (MGA) is investing an additional $35M in Yuma Energy, increasing its stake from the 51% it took when the battery-swapping joint venture was formed, TechCrunch reported.
• Nio Inc. (NIO) posted 35,836 vehicle deliveries in August, marking a 14.5% y/y increase but representing a second consecutive monthly decline; the Onvo sub-brand experienced a sharp 46.4% y/y decline and dropped 13.2% compared to July figures. Analyst projections for Q2 point to revenues of $4.95 billion alongside an adjusted per-share loss of $0.02.
• Macau gross gaming revenue fell (-1.2%) y/y in August to 21.9B patacas ($2.7B), according to data from the Gaming Inspection and Coordination Bureau. However, the GGR tally was up 8.1% from the level seen in July. For the first eight months of 2026, Macau GGR is up 3.7% y/y to 169.1B patacas ($19.2B) – watch casinos WYNN, LVS, MGM, MLCO.
• Regis Corp (RGS) Q4 FY2026 Consolidated REV $56M, down $4.40M from Q4 FY2025; Q4 FY2026 ADJ diluted EPS $1.04 vs $0.74 Q4 FY2025; reducing our cost of debt remains priority.
• Retail giants including M&S and Tesco warn PM over Budget tax raid. Britain’s biggest supermarket chains and the shopworkers’ union Usdaw have told Andy Burnham that a rates hike for larger stores would “severely impact investment [and] employment” in a letter obtained by Sky News.
• XPENG (XPEV) delivered 39,107 vehicles in August 2026, up 4% y/y. In August, XPENG Robotaxi business validation gained further progress. The Company secured a permit to conduct remote testing of intelligent connected vehicles in Guangzhou, allowing road trials without an onboard safety operator on designated Level 1, 2 and 3 test roads across the city.

• Mirion Technologies (MIR) board approves $250M share repurchase program.

• GSK Plc (GSK) said a phase 2 probe of its mRNA flu vaccine candidate showed positive results and that phase 3 trials will start this month; said its flu vaccine candidate showed higher immune responses against all flu types compared with currently licensed vaccines.
• Medtronic (MDT) Q1 adj EPS $1.45 vs. est. $1.39; Q1 revs $9.76B vs. est. $9.55B; guides FY27 ADJ EPS $5.94 to $6.00 vs est. $5.95 and sees FY27 organic rev growth 7.25% to 7.75%; guides outlook FY27 adj revs about $38.9B to $39.2B vs est. $38.83B.
• Novartis (NVS) announced that its oral BTK inhibitor remibrutinib met primary endpoints in two Phase III trials (REMODEL-1 and REMODEL-2) for relapsing multiple sclerosis. Remibrutinib significantly reduced annualized relapse rates compared to teriflunomide and demonstrated superiority across key secondary metrics.
• PMV Pharmaceuticals (PMVP) announced updated interim ovarian cancer data from the Phase 2 pivotal portion of the PYNNACLE clinical trial. The multicenter, single-arm, registrational Phase 2 trial is assessing rezatapopt as monotherapy at a dose of 2000 mg once-daily in patients with TP53 Y220C advanced solid tumors.
• Simcere Pharmaceutical signed a licensing agreement with Roche (RHHBY), granting the Swiss pharmaceutical company exclusive global rights to develop, manufacture and commercialize SIM0660, an antibody targeting B-cell cancers. As per deal terms, Simcere is eligible to receive $75 million of upfront payment and up to $1.46 billion in milestone payments.
• Tempus AI (TEM) was upgraded to Overweight from Neutral at Piper Sandler and raised the tgt to $76 from $56 saying the pending acquisition of Personalis (PSNL) gives Tempus ownership of a differentiated tumor-informed molecular residual disease platform. Piper adds that the positive INTerpath-001 readout increases the strategic value of Personalis’ and Tempus AI’s role as the tumor sequencing provider for potentially a new therapeutic class.

• Akamai (AKAM) upgraded to Overweight at Piper Sandler saying the Compute segment is about to show a material inflection and should show an acceleration as Akamai can show it is benefitting from AI builds and the pipeline is robust.
• Charter Communications (CHTR) announced that Jessica Fischer will step down from her current position as the company’s CFO on October 15, to relocate for another professional opportunity. The company will begin a comprehensive search for her replacement immediately.
• Chinese memory-chip maker CXMT has started producing small quantities of HBM3E, an advanced memory used in AI chips, The Information reported. CXMT plans to expand production in 2027, while Alibaba’s T-Head and Cambricon Technologies are testing the memory for potential use in products as early as next year.