Cloudflare, Inc.

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Слабый индекс, значительно упал. Медведи сохранили, но ослабили уверенность в своих позициях.

Weak index, significantly down. The bears retained but weakened their confidence in their positions.

Сильный индекс, незначительно вырос. Нейтральный рынок.

Strong index, slightly up. Neutral market.

Сильный индекс, без изменений. Нейтральный рынок.

Слабый индекс, незначительно вырос

Слабый индекс, незначительно вырос. Увеличился приток средств в шорты.

Weak index, slightly up. The inflow of funds into shorts has increased.

What separates a capable CEO from a great one? It’s not just vision or great timing. When you look closely at the architects of some of the biggest businesses, distinct patterns of greatness begin to emerge. Four Fools — two from Team Rule Breakers, two from Team Hidden Gems — each named one CEO they believe best exemplifies this rare tier of leadership.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
None of these CEOs shares the same playbook. Yet, beneath their varying styles, all share something in common: ruthless execution, fanatic focus on moats, and the conviction to make big, contrarian bets.
Value in the Cloud(flare)
Cloudflare (NYSE: NET) co-founder and CEO Matthew Prince is not one to keep his opinions to himself. He is often seen as a polarizing figure in the tech world. I see him as a passionate leader who believes deeply in Cloudflare’s potential.
Here’s a fun fact: Prince wrote his first computer program at the ripe old age of seven! So, to say tech is in his blood would be an understatement. That early spark eventually led to 2009, when Prince teamed up with colleagues Michelle Zatlyn and Lee Holloway to found Cloudflare with the mission “to help build a better internet.”
One thing that stands out is Prince’s forward-thinking and competitive drive. He reminds me a lot of Jeff Bezos, as he’s equally relentless in his pursuit of the company’s mission.
Prince owns 75% of the company’s class B shares, giving him 39% total voting power. We Fools love to see leaders with skin in the game. It doesn’t mean an investment will always work out, but it signals leadership’s incentive to steer the business in the right direction. So far, it’s working out well for long-term owners of the stock; shares are up over 1,500% since its IPO in September 2019.
Adaptability Is Core to Greatness
Adaptability is necessary for longevity, and a long, effective tenure is essential for greatness. Ted Sarandos has helped create many millionaires in his 26 years at Netflix (NASDAQ: NFLX).
He spent the first 20 years leading Netflix’s content operations, and he’s been co-CEO for the last six years. Four major strategic shifts have defined Netflix under Sarandos:
From bulk DVD by mail to streaming licensed content.
From streaming licensed content to producing original content, ushering in “binge watching” in the process.
From a regional U.S. streamer to a global provider with content in local languages.
From subscription-only to on-demand streaming subscription plus ads, including live events.
Netflix has faced dire competitive threats at every stage of its life. Sarandos has been around for most of them, and he’s on the hook again now.
Competition for attention has never been greater. It’s possible we’ll see another Sarandos-led Netflix pivot in light of this. If so, it would be fitting.
Ted Sarandos has adapted faster and more frequently than most of his peers in the entertainment industry when under threat. That’s what makes him great, and I expect him to prove it again.
A Steady Hand in Any Market
Michael Kehoe left a stable job as CEO of James River Insurance (a predecessor of James River Group (NASDAQ: JRVR)) because he saw an opportunity to use technology to reboot the insurance industry. He traded near-term stability for start-up chaos, betting that his conviction would pay off in the long term. It is a mindset that continues to guide Kinsale Capital Group (NYSE: KNSL) 17 years after its founding.
The numbers speak for themselves: Kinsale shares are up 1,870% since its 2016 IPO. (For the record, James River is down 88% during that time.) Kehoe built Kinsale by moving at his own pace, not the pace demanded from an established incumbent, and by thinking in terms of decades instead of quarters.
The mindset continues to this day. Kinsale is down 20% over the last year. A period of rising rates and few hurricanes or other natural disasters has led to a flood of insurer interest in Kinsale’s niche. Kehoe has refused to fight pricing battles, and as a result, new business has slowed.
As a shareholder, I hate to see my stock underperform. But I believe Kehoe’s strategy will pay off in the long term, and I have nearly two decades of results to back up that belief. No one plays the long game better than Mike Kehoe.
The Visionary Architect
When discussing leaders who prioritize decades over quarters, Jensen Huang of Nvidia (NASDAQ: NVDA) stands in a league of his own.
For years, he directed resources toward accelerated computing and AI architecture long before the rest of the world realized its potential. This was not a gamble on a trend but a fundamental belief in the future of computing. He has successfully navigated market cycles by focusing on a singular, massive vision.
Huang’s mastery of the long game is evident in how he builds ecosystems rather than just products. By creating a software layer that developers rely on, he has built a moat that’s incredibly difficult to cross.
Foolish Final Thoughts
Did you notice a pattern? Four leaders, one phrase circled again and again: decades over quarters. Three founded the companies they run; the fourth has spent 26 years at his. Each placed a bet long before the payoff arrived, then held it while the doubters got loud.
Which CEO would you add to this great lineup, and what’s their claim to greatness?
Debate with friends and family, or become a member to hear what your fellow Fools are saying!
Where to invest $1,000 right now
When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor’s total average return is 942%* — a market-crushing outperformance compared to 211% for the S&P 500.
They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor.
*Stock Advisor returns as of September 12, 2026.
Jason Moser has positions in Cloudflare. Lou Whiteman has positions in Cloudflare and Kinsale Capital Group. Rachel Warren has no position in any of the stocks mentioned. Tim Beyers has positions in Netflix. The Motley Fool has positions in and recommends Cloudflare, Kinsale Capital Group, Netflix, and Nvidia. The Motley Fool has a disclosure policy.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Breakfast News: 4 CEOs Playing the Long Game

Key Points
Meta unveiled its Muse personalized agent yesterday.
Along with Meta, Cloudflare rallied even more.
A surge in agentic web traffic and transactions should give another boost to Cloudflare's already robust revenue growth.
Shares of Cloudflare (NYSE: NET) rallied on Wednesday, up 10.5% on the trading day.
While Cloudflare didnt reportany company-specific news today, investors may be appreciating it as an ancillary beneficiary of Meta Platforms' (NASDAQ: META) new Muse AI agent.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Muse was introduced late yesterday, and Meta stock is rallying today. However, Cloudflare rallied even more, as it provides low-latency, distributed, secure computing infrastructure and should therefore be an ancillary beneficiary, as it will handle increased edge computing demand from personalized consumer agents going forward.
Cloudflare operates the "pipes" for edge AI
Cloudflare's distributed infrastructure helps consumers route, secure, and optimize web traffic. As such, anything that drives increased web traffic or places a premium on enhancing security for that traffic will benefit Cloudflare.
Yesterday, Meta unveiled Muse, a personalized agent that can securely execute tasks for consumers. It was a big unveiling, with CEO Mark Zuckerberg taking to social media to emphasize Meta's security safeguards around personal data when using the new personal agent.
Muse is built from the ground up for privacy and security. Your data and credentials live on the Muse Secure VM -- an isolated linux computer with a browser, CPU, memory, and storage.
-- Mark Zuckerberg (@finkd) September 8, 2026
Meta has been spending massive amounts on artificial intelligence infrastructure lately, and Muse is its first major AI-first product, aside from the AI improvements to Meta's core Facebook and Instagram social media platforms.
Meta's social media platforms have an enormous 3.6 billion daily active users. Needless to say, if even a small portion of those users begin using highly personalized Muse agents to execute day-to-day tasks across the web, that should greatly increase web traffic. That means more and more business for Cloudflare.
Cloudflare had already partnered with Meta on AI as far back as 2025, when Meta deployed its Llama open-source model across Cloudflare's Workers AI platform, which enables local inference for AI developers. Last quarter, Cloudflare's CEO, Matthew Prince, noted that, for the first time in its history, over 50% of the traffic on Cloudflare's network was non-human, agentic traffic. Cloudflare also recently announced Wallet, which enables trusted and secure commerce transactions between agents and merchants. It appears Muse will likely make extensive use of these capabilities.
Cloudflare is an all-star growth stock
Cloudflare appears to be firing on all cylinders now, having successfully pivoted from the internet era to the AI era, with early investments in edge GPU computing and security.
Cloudflare's stock does look extremely expensive, trading around 40 times sales and 114 times this year's forward earnings estimates. Nevertheless, Cloudflare has always "looked" expensive, but has nevertheless been a long-term outperformer. The stock should be on the watch list for every tech-focused growth investor, at a minimum.
Should you buy stock in Cloudflare right now?
Before you buy stock in Cloudflare, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cloudflare wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $414,015!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,385,459!*
Now, it’s worth noting Stock Advisor’s total average return is 960% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
Billy Duberstein and/or his clients have positions in Meta Platforms. The Motley Fool has positions in and recommends Cloudflare and Meta Platforms. The Motley Fool has a disclosure policy.

Why Cloudflare Rallied Today

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in CloudFlare Inc (Symbol: NET), where a total volume of 32,851 contracts has been traded thus far today, a contract volume which is representative of approximately 3.3 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 103.8% of NET's average daily trading volume over the past month, of 3.2 million shares. Especially high volume was seen for the $350 strike call option expiring September 18, 2026, with 3,125 contracts trading so far today, representing approximately 312,500 underlying shares of NET. Below is a chart showing NET's trailing twelve month trading history, with the $350 strike highlighted in orange:
Shake Shack Inc (Symbol: SHAK) options are showing a volume of 10,423 contracts thus far today. That number of contracts represents approximately 1.0 million underlying shares, working out to a sizeable 101.8% of SHAK's average daily trading volume over the past month, of 1.0 million shares. Especially high volume was seen for the $60 strike put option expiring September 18, 2026, with 4,021 contracts trading so far today, representing approximately 402,100 underlying shares of SHAK. Below is a chart showing SHAK's trailing twelve month trading history, with the $60 strike highlighted in orange:
And Elemental Royalty Corp (Symbol: ELE) saw options trading volume of 2,692 contracts, representing approximately 269,200 underlying shares or approximately 95.7% of ELE's average daily trading volume over the past month, of 281,315 shares. Particularly high volume was seen for the $22.50 strike call option expiring September 18, 2026, with 2,253 contracts trading so far today, representing approximately 225,300 underlying shares of ELE. Below is a chart showing ELE's trailing twelve month trading history, with the $22.50 strike highlighted in orange:
For the various different available expirations for NET options, SHAK options, or ELE options, visit StockOptionsChannel.com.
Further NET Research:

Notable Wednesday Option Activity: NET, SHAK, ELE

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Vanguard Information Technology ETF (Symbol: VGT) where we have detected an approximate $176.2 million dollar outflow -- that's a 0.1% decrease week over week (from 1,226,417,322 to 1,224,961,969). Among the largest underlying components of VGT, in trading today Dell Technologies Inc (Symbol: DELL) is up about 4.3%, Cadence Design Systems Inc (Symbol: CDNS) is up about 0.1%, and CloudFlare Inc (Symbol: NET) is up by about 8.1%. For a complete list of holdings, visit the VGT Holdings page » The chart below shows the one year price performance of VGT, versus its 200 day moving average:
Looking at the chart above, VGT's low point in its 52 week range is $83.0903 per share, with $126 as the 52 week high point — that compares with a last trade of $121.04. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further VGT Research:

VGT, DELL, CDNS, NET: ETF Outflow Alert

The S&P 500 Index ($SPX) (SPY) closed up by +0.46% on Wednesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +0.56%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +0.23%. E-mini S&P futures (ESU26) rose +0.46%, and September E-mini Nasdaq futures (NQU26) rose +0.23%.
Stocks settled higher on Wednesday as T-note yields stabilized. The 10-year T-note yield finished little changed at 4.79% on Wednesday after a weaker-than-expected Aug ADP employment report eased Fed rate hike expectations slightly, boosting stocks. Stock gains accelerated on dovish comments from New York Fed President Williams, who said inflation is continuing to trend down.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Wednesday’s US economic news was mixed for stocks after July factory orders rose more than expected, but the Aug ADP employment change rose less than expected.
Stock index futures initially moved lower in overnight trade as US-Iran hostilities pushed crude oil prices to a 6-week high and the 10-year T-note yield up to a 2.75-year high of 4.82%.
The global bond sell-off generally continued on Wednesday, pushing bond yields to multi-year highs and undercutting stocks. The UK 10-year gilt yield surged to a 19-year high of 5.29%, the German 10-year bund yield jumped to a 15-year high of 3.39%, the Japanese 10-year JGB bond yield surged to a 30-year high of 3.04%, and the 10-year T-note yield rose to a 2.75-year high of 4.82%.
US MBA mortgage applications rose +0.8% in the week ended August 28, with the purchase mortgage sub-index up +2.2% and the refinancing mortgage sub-index down -1.1%. The average 30-year fixed-rate mortgage rose +1 bp to 6.79% from 6.78% in the prior week.
The US Aug ADP employment change rose by +38,000, showing a slightly weaker labor market than expectations of +47,000.
US July factory orders rose +0.9% m/m, stronger than expectations of +0.7% m/m. Also, July factory orders ex-transportation rose +0.6% m/m, stronger than expectations of +0.4% m/m.
New York Fed President John Williams said, "The data recently has been encouraging. I am actually seeing the trend in inflation moving slowly down as some of the effects of the tariffs move into the rearview mirror."
The Fed Beige Book was positive for stocks as it stated that economic activity in the Fed's 12 districts in the period through August 24 "increased modestly," with prices accelerating moderately in most districts. Also, “healthy labor demand was seen most frequently in manufacturing, construction and some service sectors, while retail and hospitality sectors saw falling labor demand."
Oct WTI crude oil prices (CLV26) climbed to a fresh 6-week high on Wednesday as fighting intensified between the US and Iran. The US carried out a second round of strikes in three days overnight, targeting radar systems and mine-laying capabilities along Iran's southern coast. Iran retaliated with drone and missile attacks on US bases across the Middle East. Also, Axios reported that the US attacked two Iranian tankers anchored off Iran’s north coast under a new “tanker for tanker” policy approved by President Trump to further deter Iranian attacks on tankers that move through the Strait of Hormuz. Gains in crude were limited as supply concerns abated slightly after US Energy Secretary Wright said that over 17 million bbl of oil went through the Strait of Hormuz on Monday.
Q2 earnings results are a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 489 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 60% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets settled lower on Wednesday. The Euro Stoxx 50 dropped to a 1-month low and closed down -0.11%. China's Shanghai Composite closed down -0.97%. Japan's Nikkei-225 Stock Average fell to a 4-week low and closed down -2.85%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +1 tick on Wednesday. The 10-year T-note yield fell -0.4 bp to 4.794%. T-notes recovered from a 1.75-year nearest-futures low today and turned higher, and the 10-year T-note yield fell from a 2.75-year high of 4.816% and moved lower. Short covering emerged and pushed T-notes higher after the Aug ADP employment change rose less than expected, and after New York Fed President Williams said inflation is continuing to trend down. Gains in T-notes were limited after WTI crude oil climbed to a 6-week high, which boosted inflation expectations and is hawkish for Fed policy.
European government bond yields moved higher on Wednesday. The 10-year German bund yield climbed to a 15-year high of 3.395% and finished up +3.2 bp to 3.376%. The 10-year UK gilt yield jumped to a 19-year high of 5.289% and finished up +1.0 bp to 5.230%.
ECB Governing Council member and Bundesbank President Joachim Nagel warned that "inflation isn't close to our medium-term target" and said, "markets are pricing in a probability of more than 95% that we'll raise interest rates at our September meeting, and I'd say that the markets have a rather good understanding of how we're likely to respond at this stage."
Markets are discounting a 99% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Strength in chipmakers on Wednesday supported the broader market. Nvidia (NVDA) closed up more than +3% to lead gainers in the Dow Jones Industrials. Also, NXP Semiconductors (NXPI), Micron Technology (MU), and Qualcomm (QCOM) closed up more than +2%. In addition, Intel (INTC), Microchip Technology (MCHP), and ASML Holding NV (ASML) closed up more than 1%.
Airlines and cruise line operators moved higher on Wednesday after crude oil prices stabilized. United Airlines Holdings (UAL) closed up more than +3%, and Alaska Air Group (ALK), Delta Air Lines (DAL), Southwest Airlines (LUV), and Carnival (CCL) closed up more than +2%. Also, American Airlines Group (AAL) and Norwegian Cruise Line Holdings (NCLH) closed up more than +1%.
Palo Alto Networks (PANW) closed down more than -9% to lead cybersecurity stocks lower and losers in the S&P 500 and Nasdaq 100 after reporting Q4 subscription and support revenue of $2.67 billion, below the consensus of $2.68 billion. Also, CrowdStrike Holdings (CRWD) closed down more than -5%, and Cloudflare (NET), SentinelOne (S), and Fortinet (FTNT) closed down more than -4%. In addition, Zscaler (ZS) closed down more than -3% and Okta (OKTA) closed down more than -2%.
Dell Technologies (DELL) closed up more than +15% to lead gainers in the S&P 500 after reporting Q2 total net revenue of $46.97 billion, well above the consensus of $44,78 billion, and raising its 2027 revenue forecast to $192 billion from a previous forecast of $165 billion to $169 billion, stronger than the consensus of $173.76 billion.
Gitlab (GTLB) closed up more than +9% after boosting its 2027 revenue forecast to $1.13 billion from a previous forecast of $1.11 billion to $1.12 billion, better than the consensus of $1.12 billion.
SiriusXM (SIRI) closed up more than +7% after Deutsche Bank upgraded the stock to buy from hold with a price target of $45.
Brown-Forman (BF.B) closed up more than +3% after reporting a Q1 gross margin of 60.2%, better than the consensus of 58.6%.
Credo Technology (CRDO) closed down more than -20% despite reporting better-than-expected Q EPS as the company failed to exceed its Q1 adjusted gross margin estimate of 68%.
MongoDB (MDB) closed down more than -13% despite reporting better-than-expected Q2 EPS as revenue growth in the company’s Atlas product didn’t accelerate in Q2 versus Q1.
G-III Apparel Group Ltd (GIII) closed down more than -11% after reporting Q2 net sales of $554.1 million, weaker than the consensus of $570.3 million, and forecasting Q3 net sales of about $870 million, below the consensus of $899 million.
Edison International (EIX) closed down more than -6%, and PG&E (PCG) closed down more than -5% after analysts said it is unlikely that California legislators will hold a special session to pass a wildfire liability bill favorable to utilities.
Earnings Reports (9/3/2026)
Campbell's Company/The (CPB), Ciena Corp (CIEN), DocuSign Inc (DOCU), Guidewire Software Inc (GWRE), Lululemon Athletica Inc (LULU), Planet Labs PBC (PL), Samsara Inc (IOT), Toro Co/The (TTC), UiPath Inc (PATH), Zscaler Inc (ZS).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart

Stocks Settle Higher as Bond Yields Stabilize

The S&P 500 Index ($SPX) (SPY) is up by +0.50% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.79%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.17%. E-mini S&P futures (ESU26) are up +0.49%, and September E-mini Nasdaq futures (NQU26) are up +0.15%.
Stock index futures recovered from overnight losses and are moving higher today as a retreat in crude oil prices knocked bond yields lower. Crude oil prices gave up an overnight advance and turned lower today when US Energy Secretary Wright said that over 17 million bbl of oil went through the Strait of Hormuz on Monday, easing supply concerns. That knocked the 10-year T-note yield down -1 bp to 4.79%, benefiting stocks. Gains in stocks accelerated on dovish comments for New York Fed President Williams, who said inflation is continuing to trend down.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Today’s US economic news was mixed for stocks after July factory orders rose more than expected, but the Aug ADP employment change rose less than expected.
Stock index futures initially moved lower in overnight trade as US-Iran hostilities pushed crude oil prices to a 6-week high and the 10-year T-note yield up to a 2.75-year high of 4.82%. Stocks were under pressure as global bond yields stayed elevated on US-Iran hostilities, which extended crude oil’s advance and threatened to worsen the inflation outlook.
The global bond sell-off generally continued today, pushing bond yields to multi-year highs and undercutting stocks. The UK 10-year gilt yield surged to a 19-year high of 5.29%, the German 10-year bund yield jumped to a 15-year high of 3.39%, the Japanese 10-year JGB bond yield surged to a 30-year high of 3.04%, and the 10-year T-note yield rose to a 2.75-year high of 4.82%.
US MBA mortgage applications rose +0.8% in the week ended August 28, with the purchase mortgage sub-index up +2.2% and the refinancing mortgage sub-index down -1.1%. The average 30-year fixed-rate mortgage rose +1 bp to 6.79% from 6.78% in the prior week.
The US Aug ADP employment change rose by +38,000, showing a slightly weaker labor market than expectations of +47,000.
US July factory orders rose +0.9% m/m, stronger than expectations of +0.7% m/m. Also, July factory orders ex-transportation rose +0.6% m/m, stronger than expectations of +0.4% m/m.
New York Fed President John Williams said, "The data recently has been encouraging. I am actually seeing the trend in inflation moving slowly down as some of the effects of the tariffs move into the rearview mirror."
Oct WTI crude oil prices (CLV26) fell from a 6-week high today and turned lower as supply concerns abated after US Energy Secretary Wright said that over 17 million bbl of oil went through the Strait of Hormuz on Monday. Crude prices initially rallied in overnight trade as fighting intensified between the US and Iran. The US carried out a second round of strikes in three days overnight, targeting radar systems and mine-laying capabilities along Iran's southern coast. Iran retaliated with drone and missile attacks on US bases across the Middle East. Also, Axios reported that the US attacked two Iranian tankers anchored off Iran’s north coast under a new “tanker for tanker” policy approved by President Trump to further deter Iranian attacks on tankers that move through the Strait of Hormuz.
Q2 earnings results are a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 489 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 67% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are lower today. The Euro Stoxx 50 dropped to a 1-month low and is down -0.01%. China's Shanghai Composite closed down -0.97%. Japan's Nikkei-225 Stock Average fell to a 4-week low and closed down -2.85%.
Interest Rates
December 10-year T-notes (ZNZ6) are up by +2 ticks today. The 10-year T-note yield is down -0.4 bp to 4.794%. T-notes recovered from a 1.75-year nearest-futures low today and turned higher, and the 10-year T-note yield fell from a 2.75-year high of 4.816% and moved lower. Short covering emerged and pushed T-notes higher after WTI crude fell from a 6-week high and turned lower, easing inflation expectations. T-notes remained slightly higher after the Aug ADP employment change rose less than expected, and after New York Fed President Williams said inflation is continuing to trend down.
European government bond yields are moving higher today. The 10-year German bund yield climbed to a 15-year high of 3.395% and is up +3.3 bp to 3.376%. The 10-year UK gilt yield jumped to a 19-year high of 5.289% and is up +1.4 bp to 5.234%.
ECB Governing Council member and Bundesbank President Joachim Nagel warned that "inflation isn't close to our medium-term target" and said, "markets are pricing in a probability of more than 95% that we'll raise interest rates at our September meeting, and I'd say that the markets have a rather good understanding of how we're likely to respond at this stage."
Markets are discounting a 99% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Strength in chipmakers today is providing support to the broader market. Nvidia (NVDA) is up more than +3% to lead gainers in the Nasdaq 100 and Dow Jones Industrials. Also, NXP Semiconductors (NXPI) is up more than +2%, and Microchip Technology (MCHP), Analog Devices (ADI), Qualcomm (QCOM), and Texas Instruments (TXN) are up more than 1%.
Airlines and cruise line operators are moving higher today after crude oil prices turned lower, a positive factor for the companies’ profitability. United Airlines Holdings (UAL) is up more than +4%, and Alaska Air Group (ALK) is up more than +3%. Also, American Airlines Group (AAL), Delta Air Lines (DAL), Southwest Airlines (LUV), and Norwegian Cruise Line Holdings (NCLH) are up more than +2%. In addition, Carnival (CCL) and Royal Caribbean Cruises (RCL) are up more than +1%.
Palo Alto Networks (PANW) is down more than -7% to lead cybersecurity stocks lower and lead losers in the Nasdaq 100 after reporting Q4 subscription and support revenue of $2.67 billion, below the consensus of $2.68 billion. Also, CrowdStrike Holdings (CRWD) and Fortinet (FTNT) are down more than -4%, and Okta (OKTA) is down more than +3%. In addition, Cloudflare (NET) and SentinelOne (S) are down more tan -2%, and Zscaler (ZS) is down more than -1%.
Gitlab (GTLB) is up more than +16% after boosting its 2027 revenue forecast to $1.13 billion from a previous forecast of $1.11 billion to $1.12 billion, better than the consensus of $1.12 billion.
SiriusXM (SIRI) is up more than +5% after Deutsche Bank upgraded the stock to buy from hold with a price target of $45.
Dell Technologies (DELL) is up more than +4% after reporting Q2 total net revenue of $46.97 billion, well above the consensus of $44,78 billion, and raising its 2027 revenue forecast to $192 billion from a previous forecast of $165 billion to $169 billion, stronger than the consensus of $173.76 billion.
Brown-Forman (BF.B) is up more than +3% after reporting a Q1 gross margin of 60.2%, better than the consensus of 58.6%.
Credo Technology (CRDO) is down more than -18% despite reporting better-than-expected Q EPS as the company failed to exceed its Q1 adjusted gross margin estimate of 68%.
MongoDB (MDB) is down more than -9% despite reporting better-than-expected Q2 EPS as revenue growth in the company’s Atlas product didn’t accelerate in Q2 versus Q1.
PG&E (PCG) is down more than -8% to lead losers in the S&P 500, and Edison International (EIX) is down more than -6% after analysts said it is unlikely that California legislators will hold a special session to pass a wildfire liability bill favorable to utilities.
G-III Apparel Group Ltd (GIII) is down more than -7% after reporting Q2 net sales of $554.1 million, weaker than the consensus of $570.3 million, and forecasting Q3 net sales of about $870 million, below the consensus of $899 million.
Earnings Reports (9/2/2026)
Broadcom Inc (AVGO), Brown-Forman Corp (BF/B), Five Below Inc (FIVE), Hewlett Packard Enterprise Co (HPE), NetApp Inc (NTAP), Ollie's Bargain Outlet Holding (OLLI), PVH Corp (PVH), Snowflake Inc (SNOW).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Push Higher as Crude Oil and Bond Yields Stabilize

The S&P 500 Index ($SPX) (SPY) is up by +0.16% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.42%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.20%. E-mini S&P futures (ESU26) are up +0.10%, and September E-mini Nasdaq futures (NQU26) are down -0.25%.
Stock index futures recovered from overnight losses and are mostly higher today as a retreat in crude oil prices knocked bond yields lower. Crude oil prices gave up an overnight advance and turned lower today when US Energy Secretary Wright said that over 17 million bbl of oil went through the Strait of Hormuz on Monday, easing supply concerns. That knocked the 10-year T-note yield down -1 bp to 4.79%, benefiting stocks. Bond yields also remained lower after the Aug ADP employment change rose less than expected.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stock index futures initially moved lower in overnight trade as US-Iran hostilities pushed crude oil prices to a 6-week high and the 10-year T-note yield up to a 2.75-year high of 4.82%. Stocks were under pressure as global bond yields stayed elevated on US-Iran hostilities, which extended crude oil’s advance and threatened to worsen the inflation outlook.
Weakness in cybersecurity stocks today is weighing on the Nasdaq 100.
The global bond sell-off generally continued today, pushing bond yields to multi-year highs and undercutting stocks. The UK 10-year gilt yield surged to a 19-year high of 5.29%, the German 10-year bund yield jumped to a 15-year high of 3.39%, the Japanese 10-year JGB bond yield surged to a 30-year high of 3.04%, and the 10-year T-note yield rose to a 2.75-year high of 4.82%.
US MBA mortgage applications rose +0.8% in the week ended August 28, with the purchase mortgage sub-index up +2.2% and the refinancing mortgage sub-index down -1.1%. The average 30-year fixed-rate mortgage rose +1 bp to 6.79% from 6.78% in the prior week.
The US Aug ADP employment change rose by +38,000, showing a slightly weaker labor market than expectations of +47,000.
Oct WTI crude oil prices (CLV26) fell from a 6-week high today and turned lower as supply concerns abated after US Energy Secretary Wright said that over 17 million bbl of oil went through the Strait of Hormuz on Monday. Crude prices initially rallied in overnight trade as fighting intensified between the US and Iran. The US carried out a second round of strikes in three days overnight, targeting radar systems and mine-laying capabilities along Iran's southern coast. Iran retaliated with drone and missile attacks on US bases across the Middle East. Also, Axios reported that the US attacked two Iranian tankers anchored off Iran’s north coast under a new “tanker for tanker” policy approved by President Trump to further deter Iranian attacks on tankers that move through the Strait of Hormuz.
Q2 earnings results are a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 489 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 63% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are lower today. The Euro Stoxx 50 dropped to a 1-month low and is down -0.08%. China's Shanghai Composite closed down -0.97%. Japan's Nikkei-225 Stock Average fell to a 4-week low and closed down -2.85%.
Interest Rates
December 10-year T-notes (ZNZ6) are up by +2 ticks today. The 10-year T-note yield is down -0.8 bp to 4.790%. T-notes recovered from a 1.75-year nearest-futures low today and turned higher, and the 10-year T-note yield fell from a 2.75-year high of 4.816% and moved lower. Short covering emerged and pushed T-notes higher after WTI crude fell from a 6-week high and turned lower, easing inflation expectations. T-notes added to their gains today when the Aug ADP employment change rose less than expected, a dovish factor for Fed policy.
European government bond yields are moving higher today. The 10-year German bund yield climbed to a 15-year high of 3.395% and is up +3.1 bp to 3.374%. The 10-year UK gilt yield jumped to a 19-year high of 5.289% and is up +0.9 bp to 5.229%.
ECB Governing Council member and Bundesbank President Joachim Nagel warned that "inflation isn't close to our medium-term target" and said, "markets are pricing in a probability of more than 95% that we'll raise interest rates at our September meeting, and I'd say that the markets have a rather good understanding of how we're likely to respond at this stage."
Markets are discounting a 99% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Palo Alto Networks (PANW) is down more than -8% to lead cybersecurity stocks lower and lead losers in the Nasdaq 100 after reporting Q4 subscription and support revenue of $2.67 billion, below the consensus of $2.68 billion. Also, CrowdStrike Holdings (CRWD) is down more than -3%, and Cloudflare (NET), SentinelOne (S), Fortinet (FTNT), and Zscaler (ZS) are down more than -2%. In addition, Okta (OKTA) is down more than +1%.
Credo Technology (CRDO) is down more than -16% despite reporting better-than-expected Q EPS as the company failed to exceed its Q1 adjusted gross margin estimate of 68%.
MongoDB (MDB) is down more than -13% despite reporting better-than-expected Q2 EPS as revenue growth in the company’s Atlas product didn’t accelerate in Q2 versus Q1.
PG&E (PCG) is down more than -9% to lead losers in the S&P 500, and Edison International (EIX) is down more than -7% after analysts said it is unlikely that California legislators will hold a special session to pass a wildfire liability bill favorable to utilities.
G-III Apparel Group Ltd (GIII) is down more than -3% after reporting Q2 net sales of $554.1 million, weaker than the consensus of $570.3 million, and forecasting Q3 net sales of about $870 million, below the consensus of $899 million.
Gitlab (GTLB) is up more than +14% after boosting its 2027 revenue forecast to $1.13 billion from a previous forecast of $1.11 billion to $1.12 billion, better than the consensus of $1.12 billion.
Dell Technologies (DELL) is up more than +5% to lead gainers in the S&P 500 after reporting Q2 total net revenue of $46.97 billion, well above the consensus of $44,78 billion, and raising its 2027 revenue forecast to $192 billion from a previous forecast of $165 billion to $169 billion, stronger than the consensus of $173.76 billion.
Brown-Forman (BF.B) is up more than +5% after reporting a Q1 gross margin of 60.2%, better than the consensus of 58.6%.
SiriusXM (SIRI) is up more than +5% after Deutsche Bank upgraded the stock to buy from hold with a price target of $45.
Johnson & Johnson (JNJ) is up more than +3% to lead gainers in the Dow Jones Industrials after UBS raised its price target on the stock to $320 from $280.
Earnings Reports (9/2/2026)
Broadcom Inc (AVGO), Brown-Forman Corp (BF/B), Five Below Inc (FIVE), Hewlett Packard Enterprise Co (HPE), NetApp Inc (NTAP), Ollie's Bargain Outlet Holding (OLLI), PVH Corp (PVH), Snowflake Inc (SNOW).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Stabilize as Crude Oil Prices and Bond Yields Ease

The S&P 500 Index ($SPX) (SPY) closed down by -0.71% on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.79%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -1.29%. E-mini S&P futures (ESU26) fell -0.71%, and September E-mini Nasdaq futures (NQU26) fell -1.25%.
Stock indices retreated on Tuesday, with the S&P 500 falling to a 4-week low, the Dow Jones Industrials sliding to a 1-month low, and the Nasdaq 100 posting a 1-week low. Stocks fell as surging oil prices boosted inflation expectations and bond yields and ramped up expectations that global central banks will keep raising interest rates. Investors are demanding higher yields to hold bonds as concerns intensify over persistent inflation, government spending, and surging corporate borrowing to finance the AI buildout. The higher bond yields sparked a retreat in chipmakers and AI-infrastructure stocks on Tuesday.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Tuesday’s global bond sell-off pushed bond yields to multi-year highs and undercut stocks. The UK 10-year Gilt yield soared to an 18-year high of 5.25%, the German 10-year Bund yield jumped to a 15-year high of 3.36%, the Japanese 10-year JGB bond yield surged to a 30-year high of 3.00%, and the 10-year T-note yield rose to a 1.75-year high of 4.80%.
Stocks maintained their losses on Tuesday amid weaker-than-expected US economic news, including Aug ISM manufacturing, July construction spending, and July JOLTS job openings.
The US Aug ISM manufacturing index fell -1.0 to 54.6, weaker than expectations of 55.2. The Aug ISM prices paid sub-index was unchanged at 71.1, stronger than expectations of a decline to 70.8.
US July construction spending fell by -0.5% m/m, weaker than expectations of no change.
The US July JOLTS job openings unexpectedly rose +89,000 to 7.271 million from a downward-revised 7.182 million in June, weaker than expectations of 7.313 million.
Hawkish comments on Tuesday from Fed Governor Michael Barr were bearish for stocks and bonds when he said, "If inflation appears not to be moderating sufficiently, then I think we should act decisively to raise interest rates."
Oct WTI crude oil prices (CLV26) surged more than +5% on Tuesday to a 6-week high as Middle East hostilities escalated. Late Monday, two oil supertankers were struck by projectiles while attempting to exit the Strait of Hormuz. Also on Monday, the US struck Iranian rocket launchers preparing to send mines into the Strait of Hormuz, and Iran retaliated by firing missiles and drones at US air bases in Jordan, while the United Arab Emirates said it intercepted drones from Iran.
Crude prices raced to their highs Tuesday afternoon when the US launched a fresh wave of strikes against targets in Iran in retaliation for Iran trying to put mines in the Strait of Hormuz and for earlier strikes on a US military base in Jordan. Iran said it retaliated with a “decisive operation” against US bases in the Middle East.
Q2 earnings results are a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 487 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 69% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets settled lower on Tuesday. The Euro Stoxx 50 fell to a 1-month low and closed down -0.80%. China's Shanghai Composite fell from a 7-week high and closed down -0.16%. Japan's Nikkei-225 Stock Average closed down -0.15%.
Interest Rates
December 10-year T-notes (ZNZ6) closed down by -9 ticks on Tuesday. The 10-year T-note yield rose +4.2 bp to 4.792%. T-notes dropped to a 1.75-year nearest-futures low on Tuesday, and the 10-year T-note yield rose to a 1.75-year high of 4.798%. T-notes were under pressure from Tuesday’s +5% surge in WTI crude oil prices to a 6-week high, which boosted inflation expectations and is hawkish for Fed policy. The 10-year breakeven inflation rate rose to a 1.5-week high of 2.360% on Tuesday. T-notes are also being pressured by negative carryover from last Friday, when hawkish comments from Fed Chair Warsh pushed the chances of a Fed rate hike at next month’s FOMC meeting up to 69% on Tuesday from 36% before he spoke.
Losses in T-notes were limited on Tuesday amid weaker-than-expected US economic news on Aug ISM manufacturing, July construction spending, and July JOLTS job openings that sparked some short covering in T-notes.
European government bond yields moved higher on Tuesday. The 10-year German bund yield rose to a 15-year high of 3.364% and finished up +2.0 bp to 3.344%. The 10-year UK gilt yield surged to an 18-year high of 5.250% and finished up +15.7 bp to 5.220%.
The Eurozone Aug CPI rose +3.3% y/y, in line with expectations and the largest increase in nearly 3 years. Aug core CPI rose +2.4% y/y, weaker than expectations of +2.5% y/y.
The Eurozone July unemployment rate was unchanged at 6.4%, showing a slightly weaker labor market than expectations of 6.3%.
The Eurozone Aug S&P manufacturing PMI was revised downward by -0.1 to 52.7 from the previously reported 52.8.
German July retail sales unexpectedly fell by -3.4% m/m, weaker than expectations of +0.5% m/m and the biggest decline in 5 years.
ECB Governing Council member Martin Kocher said, "Upside risks to inflation have increased again recently. If this picture is confirmed in the ECB's new forecast, I believe another interest rate hike will be necessary in the near future."
The UK Aug S&P manufacturing PMI was revised upward by +0.2 to 51.7 from the previously reported 51.5.
Markets are discounting a 99% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks retreated on Tuesday amid the surge in bond yields. Lam Research (LRCX), Applied Materials (AMAT), KLA Corp (KLAC), ARM Holdings Plc (ARM), and Texas Instruments (TXN) closed down more than -3%. Also, Advanced Micro Devices (AMD), Microchip Technology (MCHP), ASML Holding NV (ASML), Micron Technology (MU), Analog Devices (ADI), and Qualcomm (QCOM) closed down more than -2%.
Cybersecurity stocks sold off on Tuesday, weighing on the broader market. CrowdStrike Holdings (CRWD) closed down more than -7%, and Cloudflare (NET) and SentinelOne (S) closed down more than -6%. Also, Palo Alto Networks (PANW), Fortinet (FTNT), and Zscaler (ZS) closed down more than -5%, and Okta (OKTA) closed down more than +4%.
Cryptocurrency stocks moved lower on Tuesday after Bitcoin (^BTCUSD) fell more than -2%. Circle Internet Group (CRCL), Strategy (MSTR), Riot Platforms (RIOT), and Coinbase Global (COIN) closed down more than -6%. Also, MARA Holdings (MARA) and Galaxy Digital Holdings (GLXY) closed down more than -4%.
Mining stocks fell on Tuesday as gold, silver, and copper prices slumped. Freeport-McMoRan (FCX) closed down more than -4%, and Hecla Mining (HL), Anglogold Ashanti (AU), Barrick Mining (B), and Southern Copper (SCCO) closed down more than -3%. Also, Coeur Mining (CDE) and Newmont Corp (NEM) closed down more than -2%.
Home builders and home supplies fell on Tuesday after the 10-year T-note yield rose to a 1.75-year high, raising mortgage rates and weighing on housing demand. Builders Firstsource (BLDR) closed down more than -5%, and DR Horton (DHI), Pulte Group (PHM), KB Home (KBH), Toll Brothers (TOL), and Home Depot (HD) closed down more than -2%. Also, Lennar (LEN) closed down more than -1%.
Defensive health insurance stocks moved higher on Tuesday, with the slump in the broader market. Humana (HUM) and CVS Health Corp (CVS) closed up more than +3%, and Elevance Health (ELV), Cardinal Health (CAH), the Cigna Group (CI), and Molina Healthcare (MOH) closed up more than +2%. Also, UnitedHealth Group (UNH) and Centene (CNC) closed up more than +1%.
Fervo Energy (FRVO) closed up more than +28% on a Wall Street Journal report that said the company has signed a deal to sell power to Alphabet’s Google.
Duolingo (DUOL) closed up more than +7% after Evercore ISI upgraded the stock to outperform from in line with a price target of $210.
Howmet Aerospace (HWM) closed up more than +4% after Citigroup said Monday’s selloff in the stock was “overblown,” and maintains its buy rating on the stock.
Earnings Reports (9/2/2026)
Broadcom Inc (AVGO), Brown-Forman Corp (BF/B), Five Below Inc (FIVE), Hewlett Packard Enterprise Co (HPE), NetApp Inc (NTAP), Ollie's Bargain Outlet Holding (OLLI), PVH Corp (PVH), Snowflake Inc (SNOW).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Settle Lower as Bond Yields Surge

The S&P 500 Index ($SPX) (SPY) is down by -0.44% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.34%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.96%. E-mini S&P futures (ESU26) are down -0.46%, and September E-mini Nasdaq futures (NQU26) are down -0.98%.
Stock indices are trading lower today, with the S&P 500 falling to a 4-week low and the Dow Jones Industrials and the Nasdaq 100 posting 1-week lows. Stocks are sliding as rising oil prices boost inflation expectations and ramp up expectations that global central banks will keep raising interest rates. Investors are demanding higher yields to hold bonds as concerns intensify about persistent inflation, government spending, and surging corporate borrowing to finance the AI buildout. The higher bond yields have sparked a retreat in chipmakers and AI-infrastructure stocks today.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Today’s global bond sell-off has pushed bond yields to multi-year highs and is undercutting stocks. The UK 10-year Gilt yield soared to an 18-year high of 5.25%, the German 10-year Bund yield jumped to a 15-year high of 3.36%, the Japanese 10-year JGB bond yield surged to a 30-year high of 3.00%, and the 10-year T-note yield rose to a 1.75-year high of 4.80%.
Stocks maintained their losses today on weaker-than-expected US economic news, including Aug ISM manufacturing, July construction spending, and July JOLTS job openings.
The US Aug ISM manufacturing index fell -1.0 to 54.6, weaker than expectations of 55.2. The Aug ISM prices paid sub-index was unchanged at 71.1, stronger than expectations of a decline to 70.8.
US July construction spending fell -0.5% m/m, weaker than expectations of no change.
The US July JOLTS job openings unexpectedly rose +89,000 to 7.271 million from a downward revised 7.182 million in June, weaker than expectations of 7.313 million.
Hawkish comments today from Fed Governor Michael Barr were bearish for stocks and bonds when he said, "If inflation appears not to be moderating sufficiently, then I think we should act decisively to raise interest rates."
Oct WTI crude oil prices (CLV26) are up more than +2% today to a 6-week high as Middle East hostilities escalate. Late Monday, two oil supertankers were struck by projectiles while attempting to exit the Strait of Hormuz. Also on Monday, the US struck Iranian rocket launchers preparing to send mines into the Strait of Hormuz, and Iran retaliated by firing missiles and drones at US air bases in Jordan, while the United Arab Emirates said it intercepted drones from Iran. Axios reported that President Trump is weighing limited strikes against Iran to prevent it from reconstituting its radar and missile capabilities to attack ships in the Strait of Hormuz.
Q2 earnings results are a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 486 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 65% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are lower today. The Euro Stoxx 50 fell to a 1-month low and is down -0.73%. China's Shanghai Composite fell from a 7-week high and closed down -0.16%. Japan's Nikkei-225 Stock Average closed down -0.15%.
Interest Rates
December 10-year T-notes (ZNZ6) are down -4 ticks today. The 10-year T-note yield is up +1.2 bp to 4.762%. T-notes dropped to a 1.75-year nearest-futures low today, and the 10-year T-note yield rose to a 1.75-year high of 4.796%. T-notes are under pressure from today’s +2% jump in WTI crude oil prices to a 6-week high, which boosts inflation expectations and is hawkish for Fed policy. T-notes are also being pressured by negative carryover from last Friday, when hawkish comments from Fed Chair Warsh pushed the chances of a Fed rate hike at next month’s FOMC meeting up to 65% today from 36% before he spoke.
T-notes recovered from their worst level today after weaker-than-expected US economic news on Aug ISM manufacturing, July construction spending, and July JOLTS job openings sparked short covering in T-notes.
European government bond yields are moving higher today. The 10-year German bund yield rose to a 15-year high of 3.364% and is up +0.8 bp to 3.332%. The 10-year UK gilt yield surged to an 18-year high of 5.250% and is up +13.6 bp to 5.199%.
The Eurozone Aug CPI rose +3.3% y/y, in line with expectations and the largest increase in nearly 3 years. Aug core CPI rose +2.4% y/y, weaker than expectations of +2.5% y/y.
The Eurozone July unemployment rate was unchanged at 6.4%, showing a slightly weaker labor market than expectations of 6.3%.
The Eurozone Aug S&P manufacturing PMI was revised downward by -0.1 to 52.7 from the previously reported 52.8.
German July retail sales unexpectedly fell by -3.4% m/m, weaker than expectations of +0.5% m/m and the biggest decline in 5 years.
ECB Governing Council member Martin Kocher said, "Upside risks to inflation have increased again recently. If this picture is confirmed in the ECB's new forecast, I believe another interest rate hike will be necessary in the near future."
The UK Aug S&P manufacturing PMI was revised upward by +0.2 to 51.7 from the previously reported 51.5.
Markets are discounting a 98% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are retreating today amid the surge in bond yields. Qualcomm (QCOM), Lam Research (LRCX), Advanced Micro Devices (AMD), and KLA Corp (KLAC) are down more than -3%, and Applied Materials (AMAT), Analog Devices (ADI), Microchip Technology (MCHP), Marvel Technology (MRVL), ASML Holding NV (ASML), and Texas Instruments (TXN) are down more than -2%.
Cybersecurity stocks are weaker today, weighing on the broader market. CrowdStrike Holdings (CRWD) is down more than -6% to lead losers in the S&P 500 and the Nasdaq 100. Also, Palo Alto Networks (PANW) and SentinelOne (S) are down more than -5%, and Okta (OKTA), Fortinet (FTNT), and Zscaler (ZS) are down more than -4%, and Cloudflare (NET) is down more than +3%.
Cryptocurrency stocks are sliding today, with Bitcoin (^BTCUSD) down nearly -1%. Riot Platforms (RIOT) is down more than -5%, and Circle Internet Group (CRCL) and MARA Holdings (MARA) are down more than -3%. Also, Coinbase Global (COIN), Galaxy Digital Holdings (GLXY), Strategy (MSTR), and Iren Ltd (IREN) are down more than -2%.
Defensive health insurance stocks are climbing today, with the slump in the broader market. Humana (HUM) and CVS Health Corp (CVS) are up more than +3%, and Elevance Health (ELV), Centene (CNC), Cardinal Health (CAH), the Cigna Group (CI), and Molina Healthcare (MOH) are up more than +2%. Also, UnitedHealth Group (UNH) and Universal Health Services (UHS) are up more than +1%.
Amazon.com (AMZN) is down more than -2% to lead losers in the Dow Jones Industrials after the US Federal Trade Commission and a group of US states sued the company over claims it overcharged advertisers by more than $20 billion since 2019.
Fervo Energy (FRVO) is up more than +23% on a Wall Street Journal report that said the company has signed a deal to sell power to Alphabet’s Google.
Duolingo (DUOL) is up more than +5% after Evercore ISI upgraded the stock to outperform from in line with a price target of $210.
Howmet Aerospace (HWM) is up more than +3% to lead gainers in the S&P 500 after Citigroup said Monday’s selloff in the stock was “overblown,” and maintains its buy rating on the stock.
Earnings Reports (9/1/2026)
Credo Technology Group Holding (CRDO), Dell Technologies Inc (DELL), Gitlab Inc (GTLB), Medtronic PLC (MDT), MongoDB Inc (MDB), Palo Alto Networks Inc (PANW).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart

Global Bond Selloff Weighs on Stocks

The S&P 500 Index ($SPX) (SPY) is down by -0.66% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.43%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -1.30%. E-mini S&P futures (ESU26) are down -0.66%, and September E-mini Nasdaq futures (NQU26) are down -1.26%.
Stock indices are trading lower today, with the S&P 500 falling to a 4-week low and the Dow Jones Industrials and the Nasdaq 100 posting 1-week lows. Stocks are sliding as rising oil prices boost inflation expectations and ramp up expectations that global central banks will keep raising interest rates. Investors are demanding higher yields to hold bonds as concerns intensify about persistent inflation, government spending, and surging corporate borrowing to finance the AI buildout. The higher bond yields have sparked a retreat in chipmakers and AI-infrastructure stocks today.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Today’s global bond sell-off has pushed bond yields to multi-year highs and is undercutting stocks. The UK 10-year Gilt yield soared to an 18-year high of 5.25%, the German 10-year Bund yield jumped to a 15-year high of 3.36%, the Japanese 10-year JGB bond yield surged to a 30-year high of 3.00%, and the 10-year T-note yield rose to a 1.75-year high of 4.80%.
Oct WTI crude oil prices (CLV26) are up more than +2% today to a 6-week high as Middle East hostilities escalate. Late Monday, two oil supertankers were struck by projectiles while attempting to exit the Strait of Hormuz. Also on Monday, the US struck Iranian rocket launchers preparing to send mines into the Strait of Hormuz, and Iran retaliated by firing missiles and drones at US air bases in Jordan, while the United Arab Emirates said it intercepted drones from Iran. Axios reported that President Trump is weighing limited strikes against Iran to prevent it from reconstituting its radar and missile capabilities to attack ships in the Strait of Hormuz.
Q2 earnings results are a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 486 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 65% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are lower today. The Euro Stoxx 50 fell to a 1-month low and is down -0.61%. China's Shanghai Composite fell from a 7-week high and closed down -0.16%. Japan's Nikkei-225 Stock Average closed down -0.15%.
Interest Rates
December 10-year T-notes (ZNZ6) are down -7 ticks today. The 10-year T-note yield is up +3.2 bp to 4.782%. T-notes dropped to a 1.75-year nearest-futures low today, and the 10-year T-note yield rose to a 1.75-year high of 4.796%. T-notes are under pressure from today’s +2% jump in WTI crude oil prices to a 6-week high, which boosts inflation expectations and is hawkish for Fed policy. T-notes are also being pressured by negative carryover from last Friday, when hawkish comments from Fed Chair Warsh pushed the chances of a Fed rate hike at next month’s FOMC meeting up to 65% today from 36% before he spoke.
European government bond yields are moving higher today. The 10-year German bund yield rose to a 15-year high of 3.364% and is up +1.7 bp to 3.341%. The 10-year UK gilt yield surged to an 18-year high of 5.250% and is up +15.4 bp to 5.217%.
The Eurozone Aug CPI rose +3.3% y/y, in line with expectations and the largest increase in nearly 3 years. Aug core CPI rose +2.4% y/y, weaker than expectations of +2.5% y/y.
The Eurozone July unemployment rate was unchanged at 6.4%, showing a slightly weaker labor market than expectations of 6.3%.
The Eurozone Aug S&P manufacturing PMI was revised downward by -0.1 to 52.7 from the previously reported 52.8.
German July retail sales unexpectedly fell by -3.4% m/m, weaker than expectations of +0.5% m/m and the biggest decline in 5 years.
ECB Governing Council member Martin Kocher said, "Upside risks to inflation have increased again recently. If this picture is confirmed in the ECB's new forecast, I believe another interest rate hike will be necessary in the near future."
The UK Aug S&P manufacturing PMI was revised upward by +0.2 to 51.7 from the previously reported 51.5.
Markets are discounting a 98% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are retreating today amid the surge in bond yields. Qualcomm (QCOM) is down more than -4%, and Marvel Technology (MRVL) and Intel (INTC) are down more than -3%. Also, Advanced Micro Devices (AMD), Applied Materials (AMAT), Analog Devices (ADI), Lam Research (LRCX), Microchip Technology (MCHP), NXP Semiconductors (NXPI), Broadcom (AVGO), KLA Corp (KLAC), Micron Technology (MU), and Texas Instruments (TXN) are down more than -2%. In addition, Nvidia (NVDA) is down more than -2% to lead losers in the Dow Jones Industrials.
Mining stocks are falling today, with the slump in gold, silver, and copper prices. Hecla Mining (HL) is down more than -4%, and Coeur Mining (CDE) is down more than -3%. Also, Newmont Corp (NEM), Anglogold Ashanti (AU), Barrick Mining (B), and Freeport-McMoRan (FCX) are down more than -2%, and Southern Copper (SCCO) is down more than -1%.
Cryptocurrency stocks are sliding today, with Bitcoin (^BTCUSD) down more than -1%. Circle Internet Group (CRCL) is down more than -69%, and Coinbase Global (COIN), Galaxy Digital Holdings (GLXY), Strategy (MSTR), Iren Ltd (IREN), MARA Holdings (MARA), and Riot Platforms (RIOT) are down more than -5%.
Cybersecurity stocks are weaker today, weighing on the broader market. Palo Alto Networks (PANW), SentinelOne (S), and Zscaler (ZS) are down more than -3%, and , CrowdStrike Holdings (CRWD) and Cloudflare (NET) are down more than +2%. Also, Okta (OKTA) and Fortinet (FTNT) are down more than -1%.
Defensive health insurance stocks are climbing today, with the slump in the broader market. Elevance Health (ELV), Centene (CNC), Humana (HUM), Cardinal Health (CAH), and CVS Health Corp (CVS) are up more than +2%. Also, UnitedHealth Group (UNH), the Cigna Group (CI), and Molina Healthcare (MOH) are up more than +1%.
Fervo Energy (FRVO) is up more than +10% on a Wall Street Journal report that said the company has signed a deal to sell power to Alphabet’s Google.
Duolingo (DUOL) is up more than +6% after Evercore ISI upgraded the stock to outperform from in line with a price target of $210.
Howmet Aerospace (HWM) is up more than +3% to lead gainers in the S&P 500 after Citigroup said Monday’s selloff in the stock was “overblown,” and maintains its buy rating on the stock.
Medtronic Plc (MDT) is up more than +2% after reporting Q1 revenue of $9.76 billion, stronger than the consensus of $9.54 billion, and raising its 2027 organic revenue forecast to +7.25% to +7.75% from a previous forecast of +6.75% to +7.25%.
Earnings Reports (9/1/2026)
Credo Technology Group Holding (CRDO), Dell Technologies Inc (DELL), Gitlab Inc (GTLB), Medtronic PLC (MDT), MongoDB Inc (MDB), Palo Alto Networks Inc (PANW).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart

Cloudflare, Inc.

Trend

Trend Class

Trend Power

Pattern

EMA

EMA-20

EMA-50

EMA-100

EMA-20

EMA-50

EMA-100

Oscillators

Stochastic

RSI

MACD

Candle pattern type