Morning Preview: September 02, 2026

Early Look

Wednesday, September 2, 2026

The global bond rout resumes, taking yields higher and once again pressuring global stock markets, as the benchmark 10-yr yield rises around 2 bps at 4.814% and the 30-yr yield rose over 5.28% (highest since 2008), the level seen before Treasury Secretary Scott Bessent shocked markets last month by expanding a buyback program in an effort to halt the rise on August 19. The move higher for yields shows it is going to take more than some intervention to soothe investors worried about the surging national debt and persistently elevated inflation. Meanwhile, WTI crude oil surged 5% above $90 per barrel on Thursday, its highest level in about three months, following additional U.S. strikes on Iran, and is holding steady this morning. The U.S. dollar hits 2-week highs and the recent rally in August for precious metals has come under pressure the last 4 days and down at 3 week lows. Despite strong earnings and guidance from Dell Inc (DELL) last night, lifting shares up 9%, Nasdaq futures are down roughly -0.5%. In Asian markets, The Nikkei Index declined -1,889 points or 2.85% to 64,325, the Shanghai Index fell -38 points to 3,941, and the Hang Seng Index slipped -18 points to 25,311. In Europe, the German DAX is down -212 points to 25,757, while the FTSE 100 is down -65 points to 10,723.

Stocks closed lower for a third day on Tuesday as the week’s dominant themes remained higher Treasury yields, surging oil prices, and escalating US-Iran hostilities. US strikes on Iranian targets near the Strait of Hormuz followed Iranian attacks on tankers, while Trump warned Iran would face a much stronger response if it retaliates. Oil settled more than $4 higher, pushing yields to fresh YTD highs and weighing on equities. Softer-than-expected ISM Manufacturing and JOLTS data took a back seat as geopolitical and inflation concerns dominated the session.

• The Dow Jones Industrial Average fell -418.97 points, or 0.79%, to 52,766.93
• The Nasdaq Composite tumbled -271.12 points, or 1.03%, to 26,099.77
• The Russell 2000 Index declined -36.32 points, or 1.23% to 2,920.13

• 8:15 AM ET ADP Private Payrolls for August…est. +48K
• 10:00 AM ET                Durable Goods Orders M/M for July
• 10:00 AM ET                Factory orders M/M for July…est. +0.6%
• 10:30 AM ET                Weekly EIA Inventory Data

• Earnings After the Close: AGX AI AVGO CHPT FIVE GOLD HPE MTRK NTAP NTSK PHR PVH SNOW TLYS WOOF

• The Bank of Canada will publish its latest interest rate decision at 9:45 a.m. ET on Wednesday. Canadian GDP growth accelerated in the second quarter, but inflation is on the rise.
• US diesel advanced to the highest price since hitting a peak in April during the initial phase of the US-Iran war. The nationwide average retail price reached $5.688 a gallon on Tuesday, according to the American Automobile Association.

• Sportsman’s Warehouse (SPWH) Q2 adj EPS loss (-$0.08) vs. est. loss (-$0.11); Q2 revs rose +0.6% y/y to $295.58M vs. est. $295.17M; same store sales were flat for Q2; 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; hunting and shooting sports same-store sales gained 6.7%; reaffirms year comp sales.
• Tesla’s (TSLA) China-made electric vehicle sales slowed to a gain of 3.6% y/y in August, down sharply from the prior month. Sales of Model 3 and Model Y vehicles from its Shanghai factory, including exports to Europe, Asia Pacific and Canada, rose to 86,166 units from the year earlier, down -38% y/y.
• Tesla (TSLA) is set to hold an event for its purpose-built robotaxi Cybercab in Austin, Texas, on Thursday, as well as questions about regulatory hurdles and safety of the technology. Tesla has not announced a time for the event. Tesla usually livestreams major events, but it has not officially confirmed whether it will do so.
• The FBI’s National Instant Criminal Background Check System reported that firearm background checks were up 16.5% year over year to 2,111,146 checks in August to mark the third month in a row of year-over-year gains. Firearm background checks have been over the 2M level for 7 out of 8 months in 2026.

• Matador (MTDR) upgraded to Overweight from Equal Weight at Wells Fargo noting Matador has been one of the most active E&Ps on the M&A front this year. While the deals have weighed on shares, Wells believes it has created an attractive entry point with shares.

• Deutsche Bank (DB) was upgraded to Buy from Neutral at Goldman Sachs saying the company is entering an era of higher profitability, driven by improving revenue momentum and positive operating leverage, in turn driving a roughly 300 basis point improvement in return on tangible equity over three years.

• Dell Inc. (DELL) shares rise; Q2 adjusted EPS $7.04 tops consensus $4.92; Q2 revs surged 58% y/y to $47B vs. consensus $44.89B; Q2 Revenue from AI-optimized servers doubled to $16.4B, while traditional servers and networking revenue surged 122% to $10.53B and storage revenue rose 26% to $4.85B; Q2 AI servers business ended the quarter with a backlog of $95B; sees Q3 adj EPS $6.50/$49B well above consensus $4.57/$41.36B; Raises FY27 revenue view to $192B at midpoint from $167B at midpoint, vs. consensus $173.33B.
• GitLab Inc. (GTLB) Q2 adj EPS $0.25 vs est $0.18 on revs $286.3Mm vs est $273.12Mm, adj gr mgn 86%; guides Q3 revs $281-283Mm vs est $281Mm and adj EPS $0.19-0.20 vs est $0.18; sees FY revs $1.129-1.133B vs est $1.116B and adj EPS $0.85-0.87 vs est $0.81.
• MongoDB Inc. (MDB) shares fall; Q2 adj EPS $1.90 vs est $1.61 on revs $771.8Mm vs est $733.68Mm; guides Q3 adj EPS $1.57-1.61 vs est $1.54, adj operating Income $152-156Mm vs est $148.74Mm and revs $756-761Mm vs est $745.38Mm; sees FY adj EPS $6.39-6.58 vs est $6.13 and revs $2.99-3.03B vs est $2.954B; says FY guidance with H2 raise mainly due to Atlas
• Nvidia Corp. (NVDA) is in advanced talks to acquire artificial Intelligence startup Hugging Face in a transaction that may total about $14B, according to people familiar with the matter – Bloomberg.
• Palo Alto Networks (PANW) shares rise; Q4 adj EPS $1.02 vs est $0.98 on revs $3.41B vs est $3.352B; guides Q1 adj EPS $0.96-0.98 vs est $0.93 and revs $3.3-3.31B vs est $3.22B; sees FY adj EPS $4.16-4.19 vs est $4.11 and revs $14.1-14.2B vs est $13.788B
• Taiwan Semi (TSM) says its estimate for quarterly chipmaking-equipment purchases is now ~1.9x what it projected in December as it races to add capacity for AI demand. The company is currently building and outfitting about 20 factories globally, versus a typical pace of just 4-5 at once, while also dealing with a shortage of experienced construction workers in Taiwan.
• Rubrik (RBRK) entered a partnership with Crowdstrike (CRWD) to deliver an agentic identity-attack resilience workflow orchestrated by Charlotte Agentic SOAR. Integration links Falcon Next-Gen Identity Security detection with Rubrik Identity Resilience recovery to cut identity provider recovery time to hours.
• Vertiv (VRT) announces agreement to acquire UtilityInnovation group to accelerate time to power for Ai data Centers in a deal valued at $1.45B cash plus up to $1.15B earnout.