Market Snapshot
| Index | Close | Change | % Change |
|---|---|---|---|
| S&P 500 | 7,673.52 | -45.08 | -0.58% |
| NASDAQ | 26,421.41 | -85.58 | -0.32% |
| DOW | 52,786.07 | -628.18 | -1.18% |
| Russell 2000 | 2,960.20 | -15.44 | -0.52% |
| VIX | 15.72 | +1.19 | +8.19% |
Markets reopened Tuesday after the Labor Day holiday; all changes are measured against Friday’s 2026-09-04 close.
Breaking News & Macro Events
Canada’s retaliatory tariffs worth $27.6 billion take effect — CNBC
Canada imposed counter-tariffs on $27.6 billion of American goods at 12:01 a.m. Tuesday, with duties ranging from 15% to 50% across hundreds of categories. Steel, aluminum and iron products face the top 50% rate, alongside furniture, motorcycles, clothing and certain beauty products — more than 300 metals products and derivatives in all. Ottawa framed the action as a “dollar for dollar” response to US Section 338 tariffs, matching each US rate on the corresponding good. The move follows the collapse of negotiations last month, when Prime Minister Mark Carney suspended talks over terms he called “unfair, uneconomic.” Industrials bore the brunt of the selling, and the Dow’s 1.18% decline more than doubled the Nasdaq’s.
Brent crude hits $98 after Iran’s Houthi allies attack Saudi energy facilities — CNBC
Iran-backed Houthi militants struck multiple Saudi energy facilities, wounding more than 70 people and prompting the Saudi energy ministry to halt operations at certain sites. Brent climbed to its highest level in six weeks, compounded by Iran’s statement that an agreement with Oman to manage shipping through the Strait of Hormuz is nearing completion — raising concerns about Tehran’s growing leverage over the waterway. The escalation follows US-Iran military exchanges over the weekend. Energy was the day’s clear winner; the inflation implications are the harder problem.
Markets see Warsh endorsing a rate hike in September — CNBC
Following Fed Chair Kevin Warsh’s Jackson Hole keynote — in which he said underlying inflation trends have not “meaningfully improved” and the Fed has “work to do” — CME FedWatch odds of a 25bp hike at the September 15–16 FOMC meeting jumped to roughly 66%, nearly double the 35% priced on August 27. A hiking Fed into a tariff-and-oil shock is a materially different regime than the one markets spent early 2026 positioning for.
Japanese yen strengthens on BoJ rate-hike outlook — FXStreet/MUFG
USD/JPY fell to its lowest level since February as overnight index swaps moved to more than fully price a 25bp Bank of Japan hike at the September 17–18 meeting. Hawkish comments from BoJ board member Hajime Takata, who argued the bank should move “nimbly” rather than adhere to a fixed semiannual pace, accelerated the move. The yen has gained roughly 3% over the past month, and carry-trade unwind risk is back on the table.
Gold moves lower following fresh escalations with Iran — Yahoo Finance
Gold fell despite the geopolitical bid as rising real yields overpowered a softer dollar, extending last week’s payroll-driven retreat. Bullion still holds a 4.1% month-over-month gain. A day where war headlines lift oil but sink gold is a day where rate risk, not haven demand, is setting the price.
Economic Calendar
Key Data:
| Indicator | Latest | Previous | As Of |
|---|---|---|---|
| Fed Funds Rate | 3.63% | 3.63% | 2026-08-01 |
| CPI (index) | 332.813 | 332.568 | 2026-07-01 |
| CPI (YoY) | +3.4% | — | 2026-07-01 |
| Core CPI (YoY) | +2.5% | — | 2026-07-01 |
| Unemployment | 4.1% | 4.1% | 2026-08-01 |
| 10Y Yield | 4.78% | 4.77% | 2026-09-04 |
| Breakeven Inflation | 2.35% | 2.35% | 2026-09-04 |
Next FOMC Meeting: 2026-09-15 to 09-16 (7 days away) ⚠️ — markets price ~66% odds of a 25bp hike
Upcoming Releases (Next 7 Days):
| Date | Event | Previous | Notes |
|---|---|---|---|
| 2026-09-09 | NFIB Small Business Optimism (Aug) | — | 6:00 ET |
| 2026-09-10 | PPI Final Demand (Aug) | +4.7% YoY (Jul) | 8:30 ET |
| 2026-09-10 | Initial Jobless Claims | 206,000 (wk. 8/29) | 8:30 ET |
| 2026-09-11 | CPI (Aug) | +3.4% YoY / +2.5% core | 8:30 ET — the week’s main event |
| 2026-09-15 | FOMC meeting begins | 3.50%–3.75% | Decision 09-16 |
Watchlist
Dividend Stocks
COST — Costco Wholesale ($910.18, -0.61%)
- Earnings: 2026-09-24 (16 days away)
- Ex-Dividend: 2026-07-23 (passed) | Yield: 0.64%
- 52W Range: $844.06 — $1,096.50
- News: August sales results — net sales $23.70B, +9.9%; total company comps +8.4% (US +9.0%); digitally-enabled sales +17.9%. FY2026 net sales closed at $297.3B, +10.2%. Management flagged a later Labor Day as a ~75bp drag on the monthly comp.
NKE — Nike Inc. ($38.10, -0.78%)
- Earnings: 2026-10-01 (23 days away)
- Ex-Dividend: 2026-08-31 (passed) | Yield: 4.27%
- 52W Range: $37.95 — $76.97 (0.4% above its 52-week low) ⚠️
- News: Nike booted from S&P 100 after nearly 18-year run — S&P Dow Jones Indices announced on Sept 4 that Nike exits the S&P 100 before the open on Sept 21, replaced by Dell, Palo Alto, Arista and SanDisk. It retains S&P 500 membership. The stock is down roughly 80% from its 2021 peak.
PFE — Pfizer Inc. ($27.79, -2.32%)
- Earnings: 2026-11-03 (56 days away)
- Ex-Dividend: 2026-07-23 (passed) | Yield: 6.05%
- 52W Range: $23.58 — $29.21 (within 5% of its 52-week high) ⚠️
UPS — United Parcel Service ($100.48, -1.77%)
- Earnings: 2026-10-27 (49 days away)
- Ex-Dividend: 2026-08-16 (passed) | Yield: 6.41%
- 52W Range: $82.00 — $122.41
- Note: Among the more exposed watchlist names to the Canadian counter-tariffs taking effect today.
Growth Stocks
AAPL — Apple Inc. ($316.22, -1.17%)
- Earnings: 2026-10-29 (51 days away)
- 52W Range: $225.95 — $344.57
- News: John Ternus became CEO on Sept 1, with Tim Cook moving to executive chairman. Ternus makes his debut at tomorrow’s “Surprise and Shine” event (Sept 9) — the first Apple iPhone launch in over a decade not fronted by Cook, and expected to include the iPhone 18 line plus Apple’s first foldable.
AMZN — Amazon.com Inc. ($256.97, -0.60%)
- Earnings: 2026-10-29 (51 days away)
- 52W Range: $196.00 — $287.20
CRCL — Circle Internet Group ($96.18, -5.75%) ⚠️
- Earnings: 2026-11-11 (64 days away)
- 52W Range: $49.90 — $159.47
- News: Crypto prices sliding as US-Iran fighting continues — bitcoin slipped below $79,000 amid ~$208M in liquidations, dragging crypto-levered equities with it. The day’s decline gave back Circle’s early-September push back above $100.
GOOG — Alphabet Inc. ($335.38, +0.02%)
- Earnings: 2026-10-28 (50 days away)
- 52W Range: $233.38 — $404.47
- The only megacap on the list to close green, if barely.
HIMS — Hims & Hers Health ($28.17, +1.66%)
- Earnings: 2026-11-09 (62 days away)
- 52W Range: $13.74 — $65.30
INTC — Intel Corporation ($104.47, +9.05%) ⚠️
- Earnings: 2026-10-22 (44 days away)
- 52W Range: $24.05 — $142.35
- News: Intel stock jumps 9% on chip price hike report — a supply-chain report indicated Intel will raise PC processor prices by roughly 10% in early October. Northland Securities upgraded to Outperform with a $120 target, citing turnaround progress and a server-processor shortage. Investors read the price hike as Intel defending per-chip margin rather than chasing volume. The US government’s 9.9% stake now sits on a paper gain of roughly $36B.
META — Meta Platforms ($613.48, -0.53%)
- Earnings: 2026-10-28 (50 days away)
- 52W Range: $520.26 — $790.80
MSTR — Strategy ($136.52, -4.40%) ⚠️
- Earnings: 2026-10-29 (51 days away)
- 52W Range: $81.81 — $365.21
- News: Fell with bitcoin’s slide below $79,000. A Form 8-K covering Aug 31–Sep 7 disclosed zero bitcoin purchases and zero ATM share sales; holdings are flat at ~845,050 BTC acquired for $63.73B (avg. $75,412/coin) — leaving the stock trading as pure beta to the coin.
NNE — Nano Nuclear Energy ($19.35, +9.20%) ⚠️
- Earnings: 2026-08-12 (reported)
- 52W Range: $14.71 — $60.87
- News: Part of a broad nuclear sector rally — see SMR below.
NVDA — NVIDIA Corporation ($225.73, -2.01%)
- Earnings: 2026-11-17 (70 days away)
- 52W Range: $164.27 — $236.54 (within 5% of its 52-week high) ⚠️
- News: Nvidia agreed to buy Hugging Face for almost $13 billion (definitive agreement Sept 2) — ~$11.9B to stockholders plus up to ~$1.0B in retention equity, closing expected in 1H 2027 subject to regulatory approval. It is Nvidia’s second-largest acquisition ever, behind the $20B Groq asset purchase.
OKLO — Oklo Inc. ($43.31, +4.94%) ⚠️
- Earnings: 2026-11-10 (63 days away)
- 52W Range: $36.61 — $193.84
- News: Rallied with the nuclear complex despite sitting near its 52-week low and down sharply on the year.
RKLB — Rocket Lab USA ($65.87, +2.51%)
- Earnings: 2026-11-09 (62 days away)
- 52W Range: $37.57 — $151.00
SMCI — Super Micro Computer ($40.26, +1.69%)
- Earnings: 2026-11-03 (56 days away)
- 52W Range: $19.48 — $58.78
SMR — NuScale Power ($11.18, +15.26%) ⚠️
- Earnings: 2026-11-05 (58 days away)
- 52W Range: $7.21 — $57.42
- News: Is the nuclear selloff finally exhausted? — small modular reactor names surged against a red tape, with no fresh sector-wide catalyst identified; the move reads as rotation and short-covering in heavily beaten-down momentum names. NuScale remains the only US NRC design-certified SMR developer. Worth keeping in perspective: SMR and OKLO are still down roughly 24% and 39% year-to-date.
SOFI — SoFi Technologies ($18.01, -1.15%)
- Earnings: 2026-10-27 (49 days away)
- 52W Range: $14.88 — $32.73
TEM — Tempus AI ($64.29, -0.51%)
- Earnings: 2026-11-03 (56 days away)
- 52W Range: $40.77 — $104.32
TSM — Taiwan Semiconductor ($439.00, +2.35%)
- Earnings: 2026-10-15 (37 days away)
- 52W Range: $246.93 — $479.00
- One of the few large-cap semis to close firmly higher, tracking Intel’s foundry-adjacent strength.
UNH — UnitedHealth Group ($400.84, +0.93%)
- Earnings: 2026-10-27 (49 days away)
- 52W Range: $255.97 — $461.62
Data note: LUNA (Luna Innovations) returned no price data again — the ticker has been delisted from Nasdaq and no longer quotes.
Commodities & FX
| Asset | Price | Change | % Change |
|---|---|---|---|
| Gold | $4,404.40 | -$72.20 | -1.61% |
| WTI Oil | $94.03 | +$2.55 | +2.79% |
| Brent Oil | $99.06 | +$2.78 | +2.89% |
| EUR/USD | 1.1627 | +0.0006 | +0.05% |
| USD/JPY | 154.01 | -2.22 | -1.42% |
| 10Y Yield | 4.81% | +0.03 | +3 bp |
| US Dollar (DXY) | 98.85 | -0.31 | -0.31% |
Notable Voices
The markets could rally ‘very strongly’ if the Fed holds rates in September — Tom Lee, Fundstrat, CNBC (2026-08-31)
Lee’s base case is that the Fed does not hike next week — a direct fade of the ~66% probability now embedded in fed funds futures. He argues the S&P 500 could surprise to the upside in September on a hold, and separately called bitcoin’s recent move the “first leg up” of a larger advance. His view was published before this week’s oil shock, which cuts against him.
Market Outlook
US equities reopened from the long weekend with a broad risk-off session, the Dow’s -1.18% slide leading the tape as Canada’s $27.6 billion in retaliatory tariffs took effect and a Houthi strike on Saudi energy facilities pushed Brent to a six-week high near $99. The combination is awkwardly timed: an energy-driven inflation impulse arriving one week before an FOMC meeting where futures already assign roughly 66% odds to a rate hike, and the market’s response — gold down 1.61% despite an active war premium, the 10-year up 3bp to 4.81% — tells you real-rate risk, not haven demand, is setting prices right now. Beneath the index-level weakness, capital rotated into idiosyncratic stories rather than broad beta: Intel +9.05% on a reported 10% processor price hike, NuScale +15.26% and Nano Nuclear +9.20% on a sector bounce with no fresh catalyst, while crypto-levered names like Circle -5.75% and Strategy -4.40% tracked bitcoin below $79,000. A VIX that jumped 8.19% to 15.72 while still sitting below 16 suggests hedging demand is rising from a genuinely complacent base, which warrants attention rather than alarm. Friday’s August CPI print is now the single most consequential number of the week — it will either validate the hawkish repricing or hand Tom Lee’s contrarian hold thesis a lifeline, and the tariff-plus-oil setup argues the risks to that print are skewed to the upside.
This digest is for informational purposes only and does not constitute financial advice.
References
- Canada’s retaliatory tariffs worth $27.6 billion take effect as trade rift with U.S. deepens, “CNBC,” 2026-09-08
- Brent oil hits $98 after Iran’s Houthi allies attack multiple Saudi energy facilities, “CNBC,” 2026-09-08
- Markets see Warsh endorsing a rate hike in September. Not everyone is convinced, “CNBC,” 2026-08-31
- Japanese Yen strengthens against US Dollar on BoJ outlook, “FXStreet/MUFG,” 2026-09-08
- Gold prices today: Gold moves lower following fresh escalations with Iran, “Yahoo Finance,” 2026-09-08
- Bitcoin and ethereum prices today: Crypto prices sliding as U.S.-Iran fighting continues, “Yahoo Finance,” 2026-09-08
- Costco Wholesale Corporation Reports August Sales Results, “Costco Investor Relations,” 2026-09-02
- Nike booted from S&P 100 after nearly 18-year run, “Seeking Alpha,” 2026-09-04
- Tim Cook to become Apple Executive Chairman, John Ternus to become Apple CEO, “Apple Newsroom,” 2026
- The world is about to meet Apple’s new CEO. Here are his biggest challenges, “CNN Business,” 2026-09-06
- Intel Stock Jumps 9% on Chip Price Hike Report, US Stake Gains $36 Billion, “Yahoo Finance,” 2026-09-08
- Why Intel Stock Rallied Tuesday Morning, “The Motley Fool,” 2026-09-08
- Nvidia agrees to buy Hugging Face for almost $13 billion in AI expansion, “CNBC,” 2026-09-03
- NuScale Power Spikes 13%, Oklo Climbs 7%: Is the Nuclear Selloff Finally Exhausted?, “24/7 Wall St.,” 2026-09-08
- Consumer Price Index Summary — July 2026, “U.S. Bureau of Labor Statistics,” 2026
- Producer Price Index Home, “U.S. Bureau of Labor Statistics,” 2026
- FOMC Meeting Calendars, “Board of Governors of the Federal Reserve System,” 2026
- The markets could rally ‘very strongly’ if the Fed holds rates in September, “CNBC,” 2026-08-31
- Tom Lee Sees ‘Very Strong’ September Market Rally If Fed Holds Rates, “Yahoo Finance,” 2026