U.S. equities finished sharply lower on Tuesday, September 1, 2026, as a renewed Middle East escalation pushed crude oil higher, Treasury yields climbed and investors reassessed the likelihood that the Federal Reserve could keep policy restrictive, or potentially raise rates, at its September meeting. The Nasdaq led the retreat, while small-cap stocks and other economically sensitive groups also came under pressure.

Market Close: September 1, 2026

Market	Close	Daily Change
S&P 500	7,631.54	-54.60 (-0.71%)
Dow Jones Industrial Average	52,767.59	-418.31 (-0.79%)
Nasdaq Composite	26,099.77	-271.12 (-1.03%)
Russell 2000	2,918.93	-37.52 (-1.27%)
Cboe Volatility Index (VIX)	16.40	+1.48 (+9.93%)
Gold futures	$4,377.00	-$104.50 (-2.33%)
Bitcoin	$77,286.90	-$1,607.01 (-2.04%)
WTI crude oil, October futures	$90.56 per barrel	+$4.80 (+5.60%)

Why Stocks Fell

The selloff reflected a repricing of inflation, interest-rate and geopolitical risk rather than a single-company earnings shock. New U.S. military strikes against Iranian targets and reported attacks on oil tankers near the Strait of Hormuz intensified concerns about disruption to energy flows. Brent crude futures moved above $94 per barrel intraday, while WTI crude finished above $90. That move matters for the broader market because higher energy costs can feed into transportation, manufacturing and consumer prices. Many consequently focused on the risk that already-elevated inflation could prove more persistent, limiting the Federal Reserve’s room to ease monetary policy. Bond-market pressure compounded the risk-off tone. The benchmark 10-year Treasury yield rose to approximately 4.79% intraday, its highest level since January 2025, while the 30-year yield climbed near 5.26%. Higher long-dated yields raise discount rates used to value future corporate cash flows, a dynamic that tends to weigh most heavily on high-duration growth and technology shares. The result was a broad retreat: the technology-heavy Nasdaq Composite fell 1.03%, the Russell 2000 declined 1.27%, and the VIX rose nearly 10%. The combination suggests investors were paying more for downside protection as September began with a more fragile macro backdrop.

Macroeconomic Report Commentary

Tuesday’s economic data portrayed an economy that is still expanding but faces an increasingly uncomfortable mix of solid activity, restrained hiring and renewed cost pressure.

• Manufacturing remained in expansion. The Institute for Supply Management’s August manufacturing reading stayed above the 50 level that separates expansion from contraction, although activity moderated from July. New orders declined to 53.7 from 56.7 in July, pointing to slower, but still positive, factory demand momentum.
• Labor demand was stable, not accelerating. July job openings edged up to 7.3 million from 7.2 million in June, while hires eased to 5.1 million from 5.3 million. The layoffs rate slipped to 1.0% from 1.1%, reinforcing the “low-hire, low-fire” characterization of the labor market.
• The jobs report is the next major catalyst. Investors will look to Friday’s August nonfarm-payrolls report for confirmation of whether hiring is stabilizing or weakening further. A labor market that remains resilient alongside higher energy prices could strengthen the case for continued restrictive Fed policy.
• September Fed expectations have become more hawkish. Federal Reserve Governor Michael Barr said policymakers would again assess inflation and the policy stance at the upcoming FOMC meeting. Market attention is increasingly centered on whether persistent inflation and surging oil could justify a more restrictive posture.

The macro message is becoming clearer: economic growth has not collapsed, but it is occurring alongside a higher oil-price environment and elevated borrowing costs. That is a more challenging backdrop for equity valuations than the disinflation-and-rate-cut narrative investors had previously favored.

Sector and Stock Highlights

Energy-linked shares were positioned to benefit from the jump in crude prices. On the prior session, Chevron Corp. (CVX) gained 2.1% and Exxon Mobil Corp. (XOM) advanced 2.7% as WTI and Brent crude moved higher amid the regional conflict. Technology and rate-sensitive shares faced the opposite setup. Microsoft Corp. (MSFT) fell 1.24% to $501.02 despite Bank of America raising its price target to $600 from $500, citing the company’s cloud growth, artificial-intelligence efficiencies and improving return visibility. Dell Technologies Inc. (DELL) declined 6.98% to $424.20, becoming one of the day’s notable large-cap laggards as investors continued to scrutinize enterprise technology and AI-infrastructure spending. Palo Alto Networks Inc. (PANW), Medtronic plc (MDT) and MongoDB Inc. (MDB) were among companies on the earnings calendar, keeping company-specific results relevant even as macro risk dominated the market narrative. The weakness in risk assets extended beyond stocks. Bitcoin fell 2.04% to roughly $77,287, while gold declined 2.33% despite the geopolitical backdrop, a sign that rising yields and a tighter-financial-conditions narrative outweighed the usual demand for alternative safe-haven assets.

What Many Are Watching Next

The near-term market outlook will hinge on whether the current energy shock persists, whether Treasury yields stabilize and whether incoming economic data change the Federal Reserve policy outlook. Key items to watch include:

• Energy and geopolitics: Any development affecting shipping through the Strait of Hormuz could rapidly influence crude prices, inflation expectations and sector leadership.
• Friday’s employment report: Payroll growth, wage data and unemployment trends will help determine whether markets see a slowing economy, resilient demand, or a combination that keeps inflation risks elevated.
• Treasury yields: A sustained 10-year yield near or above 4.79% would continue to pressure expensive growth assets and increase financing costs throughout the economy.
• The September FOMC meeting: Policy signals from the Federal Reserve now carry greater weight because the market is navigating the possibility of higher-for-longer rates rather than assuming imminent easing.
• September volatility: Historically, September has been a difficult month for the S&P 500, though seasonality alone is not a forecast. This year, the more consequential drivers are oil, bond yields, inflation and the Federal Reserve’s reaction function.

Today’s close was a reminder that markets remain vulnerable when geopolitical shocks and inflation concerns arrive at the same time. For investors, the central question is whether higher oil prices prove temporary or become durable enough to alter inflation expectations, earnings assumptions and the path of monetary policy.

VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL, $12.07, +.84%) a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $11.75. Amwell® (NYSE: AMWL) announced (Aug. 4) financial results for the second quarter ended June 30, 2026. Dr. Ido Schoenberg, Chairman and CEO of Amwell stated, “The DHA’s intent to make Amwell a prime contractor is a powerful endorsement of our platform and our people. With subscription revenue now approaching half our total revenue, independently validated behavioral clinical outcomes, no debt, and positive cash flows from operations projected for the fourth quarter this year, we have never been better positioned to lead the era of AI-powered care.”

Amwell Second Quarter 2026 Highlights:

• Recorded Total Revenue of $52.0 million at the top end of the previously provided financial guidance range for Q2
  • Achieved subscription revenue of $25.7 million
  • Recorded Amwell Medical Group (“AMG”) visit revenue of $24.4 million
• Reported gross margin of 53%
• Net loss was ($9.6) million, compared to ($10.3) million in the first quarter of 2026, continuously moving from quarter to quarter in a favorable trajectory
• Adjusted EBITDA of ($1.2) million compared to ($3.1) million in the first quarter of 2026
• Total visits on the platform were 0.8 million.
  

Financial Outlook

The Company is significantly improving Adjusted EBITDA, reaffirming its AMG visit guidance, and raising the low end of its 2026 revenue outlook:

• Revenue in the range of $200 million to $205 million increased from $195 million to $205 million
• AMG visits between 1.32 million and 1.37 million
• Adjusted EBITDA in the range between ($9) million to ($7) million increased from ($16) million to ($12) million. 
  

The Company also provided financial guidance for Q3 2026 Revenue and adjusted EBITDA:

• Q3 revenue in the range of $46 million to $48 million
• Q3 adjusted EBITDA expected to in the range of ($5) million to ($3) million.

The Company also reiterated its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Hudson Pacific Properties (NYSE: HPP)

Hudson Pacific Properties (NYSE: HPP, $12.79, +1.75%) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. HPP turned in a quarter ( Aug. 5) that suggests the office malaise is not over, but it may finally be meeting resistance. Revenue came in above Wall Street’s expectations, occupancy moved higher for a fourth straight quarter, and management raised full-year guidance — a combination that does not make for a triumphant victory lap, but it does make for a more credible turnaround narrative. Learn more.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $6.46), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (Aug. 13) positive results from a new analysis of the RESOLVE study examining the effect of EP-104GI on symptom severity, including for the first time an analysis of the effect of EP-104GI on odynophagia (pain when swallowing). This is important because odynophagia scoring is a component of Dysphagia Symptom Questionnaire (DSQ), a commonly used patient reported outcome used in pivotal clinical trials in EoE patients.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $3.555), a commercial-stage medical device company preparing for the commercial launch of its next-generation Pivot™ tubeless patch pump, will be co-hosting a Tribe Public’s CEO Presentation and Q&A Webinar Event titled “The Road To Revenue: Modular Medical’s Strategy For Launching Pivot,” which will be held Friday, September 4, 2026 (8:30am PT / 11:30 am ET). Modular Medical, Inc (NASDAQ: MODD) Chief Executive Officer, Jeb Besser, will deliver a presentation titled “The Road To Revenue: Modular Medical’s Strategy For Launching Pivot” and be available for a 5-10 minute Q&A session at the end of the presentation. REGISTER TODAY at: PivotLaunch.TribePublic.com.

MODD announced (Aug. 3) plans to initiate the first phase of commercialization of its Pivot tubeless patch pump across five strategically selected U.S. markets beginning in October 2026. The initial rollout will include Atlanta, Cincinnati/Lexington, Dallas, Houston, and Philadelphia, representing a foundational step in the Company’s capital efficient commercialization strategy with its mission to expand access to simplified insulin delivery solutions for all people living with diabetes.

MODD recently (July 22) announced the formation of its Pivot Innovation Council, a cross-functional group of leading clinicians and healthcare experts established to help guide the company’s clinical and commercial strategy. Diabetes care expert Robert Gabbay, MD, PhD, FACP was appointed as chair of the Pivot Innovation Council. The council will provide insights on target patient populations, support optimization of clinical workflows, inform evidence-generation initiatives, and help refine the Pivot product roadmap and go-to-market approach, as the Company continues to scale its differentiated offering.

Modular released findings (July 15) from an independent market research study demonstrating positive receptivity to its FDA-cleared Pivot™ tubeless patch pump due to its differentiated design, streamlined user experience, and potential for reimbursement through the pharmacy channel.

Similarweb Ltd. (NYSE: SMWB)

Similarweb Ltd. (NYSE: SMWB) delivered the sort of second-quarter report investors tend to enjoy: revenue and profitability exceeded guidance, full-year expectations moved higher, and AI demand translated into contracts rather than merely conference-call poetry. SMWB closed at $8.78. Learn More.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $3.27) has spent the last few years doing something many hardware companies talk about but few execute well: turning a technology pivot into a full‑blown business transformation that everyday investors can actually follow. Instead of chasing commoditized LCD TV panels in a race to the bottom, LPL is leaning into Gaming OLED, CES‑worthy innovation, and premium automotive displays – and the press trail tells a surprisingly investor‑friendly story.

Yatsen Group (NYSE: YSG)

Yatsen Group (NYSE: YSG, $2.75), a leading China-based beauty group, announced that it will release its unaudited financial results for the second quarter of 2026, on Wednesday, September 2, 2026, before the open of the U.S. markets. The Company’s management will hold a conference call on Wednesday, September 2, 2026 at 7:30 A.M. U.S. Eastern Time (7:30 P.M. Beijing/Hong Kong Time) to discuss the financial results. Listeners may access the call by dialing the following numbers: United States (toll free): +1-888-346-8982 International: +1-412-902-4272 Mainland China (toll free): 400-120-1203 Hong Kong (toll free): 800-905-945 Hong Kong: +852-3018-4992

YSG announced (July 8) a landmark collaboration to bring its flagship brand, Perfect Diary, to Sephora in China. This partnership integrates Yatsen’s rigorous scientific infrastructure with the world’s leading prestige beauty retailer, marking a significant milestone in Yatsen’s continuing evolution into a global beauty technology powerhouse.

Doximity, Inc. (NYSE:DOCS)

Doximity (NYSE: DOCS, $26.35) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

Doximity, Inc. (NYSE: DOCS) announced (Aug. 6) results of its fiscal 2027 first quarter ended June 30, 2026. Jeff Tangney, co-founder and CEO of Doximity, “We’re proud that our clinical AI assistant, Doximity Ask, was the top-performing U.S.-based model in the NOHARM benchmark while we delivered another quarter of record engagement. In Q1 we had accelerated revenue growth along with workflow active prescriber growth of more than 30% year-over-year and AI Search query growth of over 25% quarter-over-quarter.”

Fiscal 2027 First Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended June 30, 2025.

• Revenue: Revenue of $156.6 million, versus $145.9 million, an increase of 7% year-over-year.
• Net income and non-GAAP net income: Net income of $24.3 million, versus $53.3 million, representing a margin of 15.5%, versus 36.5%. Non-GAAP net income of $55.0 million, versus $71.9 million, representing a margin of 35.1%, versus 49.2%.
• Adjusted EBITDA: Adjusted EBITDA of $74.8 million, versus $79.8 million, a decrease of 6% year-over-year, representing adjusted EBITDA margins of 47.7%, versus 54.7%.
• Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.13, versus $0.27, while non-GAAP diluted net income per share was $0.29, versus $0.36.
• Operating cash flow and free cash flow: Operating cash flow of $42.0 million, versus $62.1 million, a decrease of 32% year-over-year, and free cash flow of $39.6 million, versus $60.1 million, a decrease of 34% year-over-year.

Financial Outlook

Doximity is providing guidance for its fiscal second quarter ending September 30, 2026 as follows:

• Revenue between $170 million and $171 million.
• Adjusted EBITDA between $80.5 million and $81.5 million.

Doximity is updating guidance for its fiscal year ending March 31, 2027 as follows:

• Revenue between $671 million and $681 million.
• Adjusted EBITDA between $309 million and $329 million.

Sable Offshore Corp. (SOC)

Sable Offshore Corp. (NYSE: SOC, $4.77) has moved from the awkward “pre-revenue restoration project” phase into something much more recognizable to Wall Street: a company selling meaningful volumes of oil, generating operating cash flow, and building momentum into a potentially larger 2027 earnings base. The second-quarter report on Monday was not a polished victory lap—midstream bottlenecks and one-time costs made sure of that—but it offered something potentially more valuable: proof that the Santa Ynez Unit restart is translating into barrels, revenue, and operational traction. Learn more.

T1 Energy Inc. (NYSE: TE)

T1 Energy Inc. (NYSE: TE, $4.28) offers a different type of growth story: one rooted in domestic production, trade-policy tailwinds and execution on solar manufacturing capacity. T1 reported second-quarter net sales of $250.1 million, produced 935 megawatts of solar modules at its G1_Dallas facility and generated adjusted EBITDA of $10.7 million. The company also monetized $39.1 million of 2025 Section 45X tax credits and ended the quarter with $156.4 million in cash, cash equivalents and restricted cash, including $79.1 million unrestricted. The headline loss should not be ignored: T1 reported a $36.9 million net loss from continuing operations, while its adjusted EBITDA benefited from $24.4 million in tariff refunds recognized in cost of sales. Yet the more interesting investor question is whether the company is creating a viable U.S. solar-manufacturing platform at a time when supply-chain security and domestic energy capacity carry unusually high strategic value. The company expects its first solar cells from a planned 2.1-gigawatt manufacturing facility in the first quarter of 2027. With 3 gigawatts of firm contracts, a 641-megawatt offtake agreement with Clearway and 2026 output expected toward the upper end of its 3.1-to-4.2-gigawatt range, T1’s story is increasingly about turning production capacity into contracted revenue. For investors, TE is less a conventional earnings multiple story than an execution-and-optionality story. If domestic solar demand remains durable and manufacturing milestones stay on schedule, the market may ultimately value the company less like a troubled commodity producer and more like a strategically positioned industrial platform.

Nvidia (NVDA, $217.44)

Nvidia once again delivered (Wed., August 26) results that made Wall Street’s estimates look rather conservative. After the bell on Wednesday, NVIDIA, for its fiscal second quarter, the AI-chip leader reported adjusted earnings of $2.22 per share, ahead of the $2.10 consensus forecast, while revenue reached $96.22 billion, comfortably above expectations of $92.17 billion. The performance underscores Nvidia’s central role in the global AI buildout, where demand for its computing hardware continues to turn ambitious data-center plans into exceptionally large purchase orders. In short: the company remains one of the market’s preferred ways to bet on artificial intelligence, and, judging by the numbers, the machines are still very much hungry.

Exodus Movement, Inc. (EXOD, $7.37)

Exodus Movement, Inc. (NYSE American: EXOD) offers investors an increasingly unusual combination: a publicly traded software company positioned at the intersection of crypto adoption, self-custody, consumer finance and digital-asset infrastructure. In a sector accustomed to grand promises and occasionally vanishing balance sheets, Exodus sells a more practical proposition—help users securely manage, swap, stake and spend digital assets without handing over the keys. That model is gaining relevance as cryptocurrency moves beyond the speculative trading screen and toward everyday financial utility. Exodus is not trying to become a bank in a hoodie; it is building the user-friendly front door to a self-custodial digital-asset economy.

The Sources

1. CNBC Stock futures are little changed after Wall Street closes out winning August: Live updates
2. Yahoo Finance Stock market today: Dow, S&P 500, Nasdaq drop as rising bond yields and oil prices weigh on stocks
3. Federal Reserve Speech by Governor Michael S. Barr on the economic outlook and monetary policy
4. Federal Reserve Economic Data (FRED) U.S. Economic Release Calendar
5. NBC News Oil prices surge on U.S.-Iran strikes, deepening inflation fears
6. The Wall Street Journal Stock Market Today: Oil Surges After New Middle East Strikes
7. Trading Economics United States ISM Manufacturing New Orders
8. StoneX Perspective: Morning Commentary for September 1, 2026

Disclosure: This market commentary is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell securities. Past performance is not indicative of future results.