- Nasdaq Futures Up 0.3% as S&P Flat Dow Dips
US Pre-Market Briefing | September 04, 2026
Market Commentary
US equity futures are mixed in cautious pre-market trading as investors await the August jobs report, with Nasdaq futures (+0.32%) outperforming on tech resilience while Dow futures (-0.10%) lag. Markets remain rangebound after a volatile week, with Treasury yields stabilizing near 4.20% ahead of payrolls data that could cement Fed pause expectations after Governor Waller's dovish tilt. The New York Fed's Williams attributed recent yield spikes to growth optimism rather than inflation fears, helping calm bond markets after German factory orders unexpectedly surged 2.5% MoM versus 0.3% forecast, briefly lifting European risk sentiment.
Today’s nonfarm payrolls release (forecast: 55K) dominates the narrative, with traders particularly focused on wage growth metrics (Avg hourly earnings YoY forecast: 3.0%) for Fed policy clues after summer hiring weakness. A miss could reinforce the Fed's neutral stance, while upside surprises may revive taper talk despite Waller's guidance. Geopolitical tensions linger as the EU joins US economic sanctions under 'Economic Outcast', though gold holds steady at $1,935/oz as safe-haven demand balances against dollar strength. Semiconductor stocks face scrutiny after South Korea's export boom, while crude slips 0.4% as the UN's El Niño warning pressures cyclical assets.
With no major earnings today, focus stays macro—BoE's Bailey and ECB's Lane speak ahead of the jobs data that could set September's tone. Market breadth remains narrow, with futures volume 18% below average as institutional players stay sidelined. The Russell 2000's (-0.05%) underperformance continues amid shrinking liquidity, with small-caps vulnerable to any jobs-driven rate repricing.
US Index Futures
| Future | Price | Change (%) |
|---|
| S&P 500 Futures | 7,758.75 | +0.02% |
| Nasdaq 100 Futures | 29,660.25 | +0.32% |
| Dow Jones Futures | 53,689.00 | -0.10% |
| Russell 2000 Futures | 2,969.10 | -0.05% |
Economic Data Released Today
| Time | Cur | Imp | Event | Actual | Forecast | Previous |
|---|
| 02:00 | EU | Med | German Factory Orders (MoM) (Jul) | 2.5% | 0.3% | 3.7% |
| 04:30 | GB | Med | S&P Global Construction PMI (Aug) | 44.3 | 45.8 | 44.7 |
Upcoming Economic Releases
| Time | Cur | Imp | Event | Forecast | Previous |
|---|
| 04:50 | GB | Med | BoE Gov Bailey Speaks | | |
| 05:00 | EU | Med | ECB's Lane Speaks | | |
| 08:30 | US | High | Average Hourly Earnings (MoM) (Aug) | 0.3% | 0.1% |
| 08:30 | US | Med | Average Hourly Earnings (YoY) (YoY) (Aug) | 3.0% | 3.2% |
| 08:30 | US | High | Nonfarm Payrolls (Aug) | 55K | -23K |
| 08:30 | US | Med | Participation Rate (Aug) | | 61.4% |
| 08:30 | US | Med | Private Nonfarm Payrolls (Aug) | 45K | 30K |
| 08:30 | US | Med | U6 Unemployment Rate (Aug) | | 7.9% |
| 08:30 | US | High | Unemployment Rate (Aug) | 4.1% | 4.1% |
| 08:30 | CA | Med | Employment Change (Aug) | 15.1K | 75.1K |
| 08:30 | CA | Med | Unemployment Rate (Aug) | 6.4% | 6.4% |
| 10:00 | CA | Med | Ivey PMI (Aug) | 56.2 | 55.1 |
| 13:00 | US | Med | U.S. Baker Hughes Oil Rig Count | | 447 |
| 13:00 | US | Med | U.S. Baker Hughes Total Rig Count | | 588 |
| 15:30 | GB | Med | CFTC GBP speculative net positions | | -44.5K |
| 15:30 | US | Med | CFTC Crude Oil speculative net positions | | 123.4K |
| 15:30 | US | Med | CFTC Gold speculative net positions | | 243.3K |
| 15:30 | US | Med | CFTC Nasdaq 100 speculative net positions | | 10.0K |
| 15:30 | US | Med | CFTC S&P 500 speculative net positions | | -68.0K |
| 15:30 | AU | Med | CFTC AUD speculative net positions | | -44.5K |
| 15:30 | BRL | Med | CFTC BRL speculative net positions | | 67.9K |
| 15:30 | JP | Med | CFTC JPY speculative net positions | | -63.3K |
| 15:30 | EU | Med | CFTC EUR speculative net positions | | -36.4K |
Earnings Today
No earnings reported today.
FX Snapshot
| Pair | Price | Change (%) |
|---|
| EUR/USD | 1.16 | -0.02% |
| GBP/USD | 1.35 | +0.09% |
| USD/JPY | 156.29 | +0.12% |
| USD/CHF | 0.81 | +0.16% |
| AUD/USD | 0.72 | +0.02% |
| USD/CAD | 1.38 | +0.12% |
Gold, Oil and Gas
| Commodity | Price | Change (%) |
|---|
| Gold | 4,513.90 | +0.02% |
| Silver | 67.40 | +0.31% |
| WTI Crude | 90.74 | -1.40% |
| Brent Oil | 95.17 | -0.89% |
| Natural Gas | 2.93 | +0.17% |
Crypto
| Crypto | Price | Change (%) |
|---|
| Bitcoin | $81,276.14 | +0.02% |
| Ethereum | $2,523.97 | +0.66% |
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