Trade Secrets: Dailies 09.03.2026

US Stocks open flat to mixed on the penultimate session before the long Labor Day weekend as Snowflake's 24% surge and Dell's blowout echo across the software tape while Broadcom's guidance miss and HPE's margin warning weigh on hardware names — with Brent crude holding above $95, the 10-year yield near 4.78%, and Friday's August nonfarm payrolls the week's defining data event, with Lululemon and DocuSign reporting after today's close.

S&P 500 Index futures were little changed as of 7:53 a.m. ET and Nasdaq-100 futures edged modestly below the flatline, while Dow futures were mixed, as markets attempted to consolidate after Wednesday's session in which all three major indexes snapped their three-day losing streaks — the S&P 500 rose 0.46%, the Dow added 0.56%, and the Nasdaq gained 0.45% — aided by Treasury yields retreating from recent highs and oil edging lower. Polymarket showed roughly even odds of a higher or lower open as investors balanced the software earnings strength against persistent Iran and rate headwinds. Outplacement firm Challenger, Gray & Christmas reported just under 53,000 job cut announcements in August — the slowest August for layoffs since 2022 — with consumer products companies including Procter & Gamble and Estée Lauder behind more than 10,000 of the cuts and food producers following with nearly 8,000.
Snowflake (SNOW) surged 23–24% in premarket to $376.60 after posting Q2 adjusted EPS of $0.62 — beating the $0.45 estimate by 38% — on revenue of $1.55 billion versus $1.48 billion expected, with product revenue climbing 37% to $1.49 billion marking a third straight quarter of accelerating growth. The beat was read as direct confirmation that enterprise AI data cloud spending is accelerating in lockstep with the hyperscaler capex boom confirmed by Nvidia, Microsoft, Amazon, and Alphabet. Micron Technology (MU) edged up 0.1% to $956.79 in premarket, a rare pocket of chip stability amid the mixed hardware tape.
Broadcom (AVGO) slipped 3–4% in premarket despite reporting Q3 fiscal 2026 revenue of $29.59 billion — beating the $29.36 billion estimate — as its Q4 revenue forecast of $34.8 billion came in below the $35.03–$35.05 billion consensus and Q4 non-GAAP operating margin guidance of 66% missed the 66.5% estimate. Broadcom also forecast Q4 AI chip sales of $21.7 billion, slightly above estimates but insufficient to reverse the guidance-driven selloff. The stock is up just 6% in 2026, vastly underperforming the Philadelphia Semiconductor Index's 54% gain, with concerns over stretched AI spending and rising competition from Marvell Technology weighing throughout the year. Hewlett Packard Enterprise (HPE) fell nearly 3–5% despite posting adjusted EPS of $1.11 on revenue of $12.21 billion — both beating estimates — as investors focused on ongoing supply constraints and margin guidance, though CEO Antonio Neri called AI "a multi-year growth driver" and HPE expanded its Oracle collaboration.
Ultragenyx Pharmaceutical (RARE) plunged more than 44% in premarket after its drug apazunersen failed to meet its primary goal in a late-stage trial for Angelman syndrome, showing no meaningful improvement in cognitive ability or overall development versus placebo. The company said it is reviewing the future of the program — a setback that wipes out a significant portion of the company's market cap in a single session. Ciena (CIEN) gained 1.9% in after-hours trading after reporting Q3 results that beat analyst estimates of $1.73 EPS on $1.63 billion revenue.
New York Fed President John Williams told CNBC on Wednesday he sees higher Treasury yields as the result of solid economic prospects following record-breaking corporate profits in Q2 — a notably different framing from the inflation-fighting narrative Warsh delivered at Jackson Hole, and one that suggests the Fed board remains divided on the interpretation of rising rates. The 10-year Treasury yield briefly touched 4.818% on Wednesday — its highest since November 2023 — before pulling back to 4.78% and the 2-year hit 4.41%, its highest since January 2025. Both ended Wednesday off their highs but remain near multi-year peaks. Brent crude held above $95 per barrel and WTI hovered above $90 as Trump said the US carried out a "very heavy attack" against Iran — adding it "wouldn't take too long" — keeping the conflict's inflation premium firmly embedded in energy prices ahead of Friday's jobs report and the September 16 FOMC meeting.
DocuSign (DOCU) and Lululemon Athletica (LULU) report after today's close, alongside Ciena (CIEN) providing a further optical networking read. Weekly initial jobless claims print at 8:30 a.m. ET — a final labor market data point before Friday's August nonfarm payrolls, where economists are looking for a recovery toward 65,000 after July's -23,000 shock. The Federal Reserve's Beige Book released Wednesday noted uneven economic conditions across regions, with manufacturing softness in several districts but continued strength in services and AI-related technology spending. Markets are closed Monday September 7 for Labor Day, making Friday's jobs report the last major catalyst before the September 16 FOMC meeting — with rate hike odds still near 57–60% per CME FedWatch.
Japan's Nikkei 225 closed 2.85% lower at 64,325.64 Wednesday — its worst session in two weeks — while Thursday's Asian open showed tentative stabilization as oil's modest retreat from $95 provided some relief. South Korea's KOSPI fell 4% to 6,562.72 Wednesday as Samsung Electronics and SK Hynix both declined sharply on the combination of rising yields, Broadcom's guidance miss, and persistent Iran war risk — extending a volatile stretch that has seen the KOSPI post daily moves exceeding 3% in more than 40 sessions in 2026 alone. Australia's S&P/ASX 200 dropped 0.97% to 8,978.40 Wednesday and was flat to modestly lower Thursday morning. Hong Kong's Hang Seng was down 0.24% Wednesday in its final trading hour and China's CSI 300 closed 1.38% lower at 4,547.96, with mainland markets lagging on property sector concerns and the global risk-off mood. Europe's Stoxx 600 was trading cautiously in early London trade Thursday, with energy names providing partial offset to tech weakness.

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