U.S. equities closed higher on Wednesday, September 2, as a pause in the climb of Treasury yields helped investors look past renewed energy-price and geopolitical concerns. The rally ended a recent three-session slide for the major benchmarks, although oil, rates and a softer private-employment report kept the macro backdrop cautious.

Market performance

Market	Close	Daily change
S&P 500	7,666.60	+35.13, +0.46%
Dow Jones Industrial Average	53,061.95	+295.07, +0.56%
Nasdaq Composite	26,217.83	+118.05, +0.45%
Russell 2000	2,953.17	+33.03, +1.13%
CBOE Volatility Index	15.23	-1.11, -6.79%
Gold	$4,431.30	+$34.90, +0.79%
Bitcoin	$77,356.51	-$46.34, -0.06%
WTI crude oil	$90.51 per barrel	+$0.29, +0.32%

Small-cap stocks led the advance, with the Russell 2000 rising 1.13%, more than double the gain in the large-cap S&P 500. That relative strength suggests investors were willing to selectively add risk as volatility eased, though the move came against a still-demanding interest-rate backdrop.

What moved markets today

The key swing factor was the bond market. The 10-year Treasury yield touched roughly 4.81%, its highest intraday level since November 2023, before stabilizing. That moderation relieved some pressure on equity valuations, particularly in growth and technology shares, after elevated yields had weighed on stocks in recent sessions. Oil remained an important inflation risk. West Texas Intermediate crude settled near $91 per barrel and Brent crude finished around $95.63 per barrel, with prices supported by renewed U.S.-Iran tensions and concerns surrounding shipping through the Strait of Hormuz. Higher energy prices can feed into inflation expectations, raise input costs and complicate the Federal Reserve’s policy outlook. The day’s labor data added another layer of uncertainty. ADP reported that U.S. private employers added 38,000 jobs in August, below the revised 46,000 increase in July and below the 47,000 consensus estimate. The result points to slower hiring ahead of the more consequential nonfarm-payrolls report later this week. Meanwhile, the Federal Reserve’s Beige Book described economic activity as expanding “modestly,” with employment rising only slightly and prices increasing moderately. Business contacts cited heightened uncertainty related to energy costs, policy and international conflict, conditions that reinforce the market’s sensitivity to incoming inflation, employment and rate data.

Stocks in focus

Artificial-intelligence infrastructure remained a major market theme.

• Dell Technologies Inc. (NYSE: DELL) surged about 13% after reporting stronger-than-expected results and lifting its fiscal 2027 outlook. The company cited accelerating AI-server demand, reporting record AI-server orders of $60.9 billion and a $95 billion backlog.
• NVIDIA Corp. (NASDAQ: NVDA) gained more than 3% and was the Dow’s best-performing component, helping support the blue-chip index as investors continued to favor AI-exposed hardware leaders.
• Palo Alto Networks Inc. (NASDAQ: PANW) fell roughly 10% despite reporting better-than-expected quarterly results, underscoring how elevated expectations can punish even strong earnings reports in high-growth technology.
• AST SpaceMobile Inc. (NASDAQ: ASTS) jumped nearly 10% after Berenberg initiated coverage with a Buy rating and a $92 price target, highlighting continued investor interest in direct-to-device satellite communications.
• Uber Technologies Inc. (NYSE: UBER) rose after reports that the company will cut about 10% of its workforce as part of a restructuring designed to reduce management layers.
• Chevron Corp. (NYSE: CVX) traded modestly higher as investors assessed its planned multibillion-dollar expansion in Venezuela, a development that arrived as crude prices remained elevated.

Macroeconomic report commentary

Wednesday’s market action reflected a fragile but constructive balance: equities can rebound when yields stop rising, yet the underlying drivers of those yields, sticky inflation concerns, elevated oil prices, government borrowing needs and resilient investment demand, have not disappeared. The softer ADP number may ease concerns that the labor market is overheating, but it does not automatically resolve the inflation problem. Wage growth for job-stayers remained 3% year over year, while energy markets continue to present upside inflation risk. The market is therefore likely to treat Friday’s employment report as a major test of whether hiring is slowing gradually or deteriorating more sharply. New York Fed President John Williams offered a measured message, saying there were no clear signs that additional policy action was definitely necessary to return inflation to target. He also characterized the higher-yield environment as consistent with a stronger economic outlook and sizable investment in AI, data centers and technology, rather than an obvious sign of market dysfunction. For many, the practical takeaway is that the market has shifted from celebrating falling yields to carefully managing the consequences of higher-for-longer rates. Companies with strong earnings visibility, pricing power and direct exposure to durable capital-spending themes, particularly AI infrastructure, may continue to attract demand. At the same time, expensive valuations and rising financing costs leave the broader market vulnerable to upside surprises in inflation, oil or Treasury yields.

Outlook for Thursday

Investors will watch whether the relief rally can build momentum after the S&P 500, Dow and Nasdaq each snapped their recent losing streaks. The next near-term catalysts include:

• The U.S. employment report and any revisions to the labor-market outlook.
• Treasury-yield direction, especially whether the 10-year yield can remain below Wednesday’s intraday high near 4.81%.
• Oil-price action amid continuing geopolitical developments around Iran and the Strait of Hormuz.
• After-hours earnings and guidance from  Snowflake Inc. (NYSE: SNOW) today. For the July quarter, Snowflake sent Wall Street’s calculators into a brief state of emotional distress. Revenue climbed 35% year over year to $1.55 billion, comfortably ahead of the $1.48 billion analysts had penciled in. Product revenue, which includes professional-services sales reached $1.49 billion, surpassing the consensus forecast of $1.42 billion. Adjusted earnings landed at 62 cents per share, well above the 45 cents expected by FactSet analysts. Investors appeared suitably impressed: Snowflake shares jumped 20% in after-hours trading Wednesday, proving that even in the cloud, outperformance can create quite a thunderclap.

VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $12.83, +6.30%). 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, $13.09, +2.27%) 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, $7.45, +17.51%), 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, $3.46), 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 $8.76. Learn More.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $3.26) 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, $2.53), a leading China-based beauty group, delivered the sort of quarter that can make a turnaround investor sit up straighter: reported revenue grew, its strategically important skincare operation accelerated sharply, and the company is increasingly built around clinical and premium brands rather than a pure color-cosmetics play. The results are not yet a victory lap, losses widened and third-quarter guidance is cautious, but YSG’s transformation is beginning to look less like a cosmetic touch-up and more like a genuine renovation.

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, $26.32) 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, $4.75) 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, $4.27) 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, $224.41, +3.21%)

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, $7.16)

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 market today: Live updates”
2. Yahoo Finance “Stock market today: Dow, S&P 500, Nasdaq rebound as oil prices, Treasury yields pause climb higher”
3. Reuters “Economic activity edged up and prices rose moderately in recent weeks, Fed survey shows”
4. Reuters “U.S. private payroll growth slows in August, ADP says”
5. ADP “ADP National Employment Report: Private-sector employment increased by 38,000 jobs in August”
6. CNBC “Private payrolls rose by 38,000 in August, fewer than expected, ADP reports”
7. Bloomberg “Fed’s Beige Book Shows Economic Activity Up Modestly”
8. Yahoo Finance “U.S. economic activity rose modestly since early July, Fed Beige Book shows”
9. Barron’s “Stock Market Today: Dow, S&P 500, Nasdaq Rise”

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.