Summary
Equities were little changed this week, with the S&P 500 and Dow both up +0.22% and the Nasdaq up +0.16%, while the 10-year Treasury yield climbed +9 basis points to 4.77%. On the economic data, the S&P Global Manufacturing PMI rose to 53.9 from 53.2 while the Services PMI came in at 56.5, with prices paid sticky in both. The labor picture softened as ADP showed the private sector added just +38,000 jobs in August, missing estimates. JOLTS openings edged up to 7.271 million. Construction spending fell −0.5% in July. Regarding policy, Fed Governor Christopher Waller said he would lean toward holding rates if inflation keeps showing progress, a dovish contrast to Chairman Kevin Warsh’s hawkish Jackson Hole tone, though markets are still pricing in 1 rate hike by the December meeting. On the corporate side, Dell (DELL) rose nearly +16% after a strong beat and a $25 billion raise to its revenue outlook on AI server demand, and Snowflake (SNOW) gained over +16% on rapid adoption of its CoCo coding agent, while Broadcom (AVGO) declined nearly −3% as its Q4 guidance came up short and Palo Alto (PANW) lost over −5% despite a beat, alongside its acquisition of AI startup Console. Commodities finished positive, with spot gold and silver up +0.40% and +0.90%, while WTI crude jumped +9.5% as Middle East tensions intensified around the Strait of Hormuz, Bitcoin rose +5.2%, and the dollar fell −0.80%.
10-Year Treasury Yield
- Current Rate: 4.77% (as of September 3, 2026)
- Week-to-Date Movement: +9bps (from 4.68% on August 27, 2026)
Major U.S. Equity Indices Performance
- S&P 500: 7,730.99 → 7,747.71 (+0.22% WTD)
- Dow Jones Industrial Avg: 53,569.44 → 53,686.11 (+0.22% WTD)
- Nasdaq Composite: 26,541.35 → 26,584.06 (+0.16% WTD)
Notable Market Events
Macroeconomic Data:
A final reading of the S&P Global Manufacturing PMI for August rose to 53.9 from 53.2. Prices paid in the sector stayed sticky on geopolitical tensions and tariff uncertainty, while employment softened to 51.2 from 52.8. Construction spending fell −0.5% in July, with declines in new single-family residential and nonresidential categories such as conservation and development, manufacturing, and public safety. JOLTS data showed 7.271 million job openings in July, up from 7.182 million the prior month. MBA mortgage applications rose +0.8% for the week ending August 28th, reversing the −1% drop the prior week. ADP payrolls showed the private sector added +38,000 jobs in August, down from +46,000 the prior month and below estimates, with hiring led by education and health services and leisure and hospitality. The S&P Global US Services PMI came in slightly under expectations at 56.5. Prices paid rose to 72.6 from 70.3, new orders jumped to 60.9 from 57.2, and employment rose to 47.8 from 47.4.
Economic Policy:
Fed Governor Christopher Waller said recent signs that inflation is coming back under control would incline him to support holding the federal funds rate at its current setting, provided the data continues to show progress in the coming weeks. Waller called July’s PCE weaker than expected and argued that underlying inflation is doing better than the core numbers suggest. His lean toward a hold contrasts with the more hawkish tone from Chairman Kevin Warsh at Jackson Hole. As of Thursday’s close, markets continue to price in 1 rate hike by the December meeting.
Business:
Shares of Broadcom (AVGO) declined nearly −3% on Thursday after its Q4 revenue guidance came in just shy of expectations and margins drew scrutiny, overshadowing a quarter where AI chip sales more than tripled. Dell (DELL) rose nearly +16% after reporting results and a forecast that cleared estimates on strong AI server demand, raising its full-year revenue outlook by $25 billion. Palo Alto Networks (PANW) lost over −5% despite beating quarterly estimates and acquiring AI agent startup Console to deepen its Cortex platform. Snowflake (SNOW) rose over +16% after a beat on both the top and bottom lines, driven by rapid adoption of its AI coding agent CoCo, which grew to 9,100 accounts.
Markets:
Commodities finished positive this week. Precious metals rose modestly, with spot gold and silver up +0.40% and +0.90%. WTI crude jumped +9.5% as Middle East tensions intensified, with renewed US-Iran hostilities and tanker attacks around the Strait of Hormuz reviving supply fears. Bitcoin rose +5.2% as rate hike worries eased, and the dollar fell −0.80%.
Stock Sector Performance
All performance figures and market events are sourced from Bloomberg as of market close 9/3/2026, using the prior Friday’s market open as the start date.
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