Market Review September 4: Hot Friday Before NFP, Nvidia Buys Hugging Face for $12.9 Billion, and Yen Surges
Today, September 4, 2026, global markets approach the week's main event — the US employment report (NFP). On the eve, comments from Fed's Christopher Waller sharply lowered expectations for a September rate hike, triggering a rally on Wall Street, supporting bonds and gold, and weakening the dollar.
Today, September 4, 2026, global markets are approaching the main event of the week — the US employment report (NFP). On the eve, comments from Federal Reserve Board member Christopher Waller sharply lowered expectations for a September rate hike, triggering a rally on Wall Street, supporting bonds and gold, and weakening the dollar. However, calm remains fragile: oil rose above $96 per barrel due to escalation between the US and Iran, while the US services sector showed the highest growth in purchasing prices since October 2022.
USA: Wall Street Soars, Nvidia Acquires Hugging Face
Session summary: US indices rose more than 1% after Federal Reserve Board member Christopher Waller expressed readiness to support holding the rate steady amid easing inflation pressures. The probability of a September Fed rate hike dropped from 63% to 50%.
Corporate sector: Nvidia shares rose 1.8% after announcing the acquisition of the Hugging Face platform for $12.9 billion. Snowflake surged 16.6% on a strong forecast, and crypto companies (Coinbase +10.1%, Strategy +17.6%) rose following Bitcoin. Meanwhile, Broadcom fell 2.7% due to high market expectations for the AI sector. Initial jobless claims rose slightly (+2,000 to 206,000).
Europe and Asia: Technology Sector Lifts Markets
Europe: Futures trade near flat. European investors remain cautious ahead of US data, as high oil and gas prices pose risks of core inflation and increase the likelihood of ECB tightening at the September meeting.
Asia: Most markets rise amid the Wall Street rally: MSCI Asia-Pacific +1%, KOSPI +1.1%, CSI 300 +1%, Nikkei 225 +0.8%. However, indices remain down for the week due to concerns over a Bank of Japan rate hike and the impact of expensive oil.
Oil: Brent Breaks $96 per Barrel
Weekly rally: Oil prices show the strongest weekly gain since mid-July (Brent +7.6%, WTI +10.4% for the week) amid a deadlock in US-Iran negotiations and threats to shipping in the Strait of Hormuz.
Forecasts: ANZ analysts raised the short-term Brent target to $95 with risks of further increases, as rising exports from Iraq have yet to offset the geopolitical premium.
Currencies, Yen, Gold, Bonds, and Bitcoin
Currencies and Yen: The 10-year US Treasury yield fell to 4.76%, lowering the dollar index DXY to 99 points. The week's main winner is the Japanese yen, which strengthened 2.5% (USD/JPY 155.7) on expectations of a Bank of Japan rate hike in September with a 75% probability.
Gold and Crypto: Gold holds near $1,468 per ounce after a 2% rise the day before. Bitcoin returned above $81,000, recovering along with risk assets, but today's outcome depends on the dollar's reaction to the NFP.
Main Event of the Day: US Employment Report (NFP)
Consensus expects a nonfarm payroll increase of 56,000 jobs (after -23,000 in July) and unemployment at 4.1%.
| NFP Scenario | Market Reaction |
|---|---|
| Weak data (<56k) | Dollar and yields fall; stocks, gold, and cryptocurrencies rise |
| Strong data (>56k) | Dollar and yields rally; profit-taking in stocks and metals |
Summary: Christopher Waller's statements restored optimism in the markets, lifting Wall Street, gold, and BTC. However, Brent above $96 and price pressures in the service sector keep inflation risks high. The NFP release at 17:30 ALMT will be the key trigger: a weak report will confirm the Fed's pause, while a strong one will bring back rate hike expectations.