Market Review September 3: Tech Sector Lifted Wall Street, Yen Soared to a High, and Gold Returned Above $4,430
Today, September 3, 2026, global markets are attempting to recover after a recent sell-off in stocks and bonds. Weaker US employment data eased fears of aggressive Fed rate hikes, leading to lower yields...
Today, September 3, 2026, global markets are attempting to recover after a recent sell-off in stocks and bonds. Weaker US employment data eased fears of aggressive Fed rate hikes, causing bond yields to retreat from multi-year highs, the dollar to weaken, and gold to climb back above $4,430. However, it is too early to talk about a full return of risk appetite: oil remains above $95 per barrel due to the conflict between the US and Iran, maintaining inflationary pressure. The main event of the week will be Friday's US labor market report.
USA: Wall Street Recovered Thanks to Technology
Session summary: US indices closed higher driven by demand in the technology sector and chipmakers: Nvidia gained 3.2%, Micron 2.4%, Qualcomm 2%, and Dell Technologies soared 15.8% after raising its revenue forecast. Regional banks, airlines, and precious metals producers also rose, while the real estate sector closed lower.
Labor market and Fed: The ADP report showed minimal private job growth since January (+38K). Cooling employment eased fears of sharp Fed tightening: the probability of a 25 bps rate hike in September is now about 62%. Futures trade near flat awaiting fresh data.
Europe and Asia: Asian Rebound and ECB Preparation
Europe: The STOXX 600 fell 0.2% (to 645.94) due to pressure from high yields and expensive oil. Futures indicate a cautious rebound. Amid 3.3% inflation, the market prices in an ECB deposit rate hike to 2.5% at the September 10 meeting.
Asia: MSCI Asia-Pacific ex Japan gained 0.8%, supported by Wall Street’s rise. KOSPI rose 1.4%, Nikkei 0.2% thanks to falling bond yields and accelerating activity in Japan’s services sector to a five-month high.
Oil: Holding Above $95 per Barrel
Price action: Prices moved into a slight correction due to profit-taking: Brent holds near $95.07 (−0.6%), WTI near $90.62 (−0.4%).
Geopolitical risks: The geopolitical risk premium remains high due to ongoing US and Iran strikes and threats to shipping in the Strait of Hormuz. Oil prices above $90–95 fuel investors’ inflation concerns.
Bonds, Precious Metals, Currencies, and Cryptocurrencies
Currencies and bonds: The 10-year US Treasury yield fell to 4.78%, and the DXY index dropped to 99.4. The yen soared to a one-month high (USD/JPY 157.6) following Bank of Japan statements on the need for a sooner rate hike.
Gold and Crypto: Gold rose 1.1% to $4,435 amid dollar retreat and geopolitical tensions. Bitcoin consolidates in the $77,500–77,800 range, while Ethereum remains weak around $2,400 due to high macroeconomic uncertainty.
Key Events of the Day and Week:
Today releases include US unemployment claims and the ISM services index. The week's highlight is Friday's Nonfarm Payrolls report (September 4, 17:30 ALMT).
| Time / Date | Event |
|---|---|
| 17:30 ALMT (Sep 3) | US Unemployment Claims and Labor Productivity |
| 19:00 ALMT (Sep 3) | US ISM Services Business Activity Index |
| 17:30 ALMT (Sep 4) | Official US Employment Report (Nonfarm Payrolls) |
Summary: Weak ADP data temporarily lowered yields and gave the market a breather, bringing buyers back to the tech sector and gold. However, geopolitics and oil above $95 keep risks alive. The market’s direction through the end of the month will be determined by Friday’s NFP report: weak numbers will support growth stocks and precious metals, while strong figures will revive the dollar and yield rally.