Opening Comment — Wednesday, September 02, 2026
DJIA: 52,766.88, down 419.02
S&P 500: 7,631.47, down 54.67
NASDAQ: 26,099.77, down 271.12
Stocks lower ahead of ADP employment data
Stock futures are mostly lower Wednesday morning as markets continue to assess ongoing developments between the U.S. and Iran. Investors will be looking forward to today’s economic data, including August’s ADP employment data, July’s factory orders, and the Federal Reserve’s (Fed’s) Beige Book. As of 7:16 AM ET, the Dow is little changed, while the S&P 500 is down 0.1%. The Nasdaq 100 is falling 0.4% relative to fair value on the GLOBEX.
U.S. equities were lower on Tuesday as July’s job openings rose less than forecasted, while the Institute for Supply Management’s August manufacturing purchasing managers’ index fell more than expected to 54.6 and the prices paid component held steady. Separately, July’s construction spending unexpectedly declined. The Dow was down 0.8%, while the tech-heavy Nasdaq Composite fell 1.0%. The S&P 500 decreased 0.7% with seven of 11 sectors finishing in negative territory. The Energy sector was the top performer, rising 1.5%, while the Consumer Discretionary sector was the bottom performer, falling 1.9%.
On the data front, the Mortgage Bankers Association’s gauge of mortgage applications increased by 0.8% for the week ending August 28 versus the prior week’s decrease of 1.0%. The ADP National Employment Report for August is expected to show private job gains of 47,000, versus the prior month’s 44,000. July’s factory orders are expected to have increased 0.7% month-over-month (MOM) versus the prior month’s decrease of 0.3%. Meanwhile, July’s finalized durable goods orders are expected to show a 1.1% MOM increase, unchanged from the preliminary reading. The Department of Energy’s measure of crude oil inventories is expected to have increased by 60,000 barrels for the week ending August 28 versus the prior week’s increase of 95,000 barrels.
Across the pond, European stocks are lower in mid-day trading as France’s July year-to-date budget balance deficit widened to €145.9 ($168.9) billion from €106.8 ($123.6) billion previously.
Overnight in Asia, stocks were mostly lower as Japan's August Consumer Confidence Index rose more than expected to 35.5. South Korea’s August headline Consumer Price Index registered smaller-than-projected increases of 0.2% MOM and 3.1% year-over-year (YOY), while core inflation accelerated to 3.4% YOY, in line with expectations. Meanwhile, Australia's second-quarter gross domestic product (GDP) expanded 0.4% quarter-over-quarter as annual growth slowed to 2.1% YOY, with both readings exceeding expectations.
In FOREX trading, the U.S. dollar is higher ahead of today’s U.S. labor market data.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.3% higher at $90.48/barrel, building on this week’s gains.
In the metals complex, gold is 0.5% lower at $4,308.16/ounce following a strengthening U.S. dollar.