Hey everyone, Hirokichi here. Let’s look back at the U.S. stock market session on Thursday, September 3, 2026. The short version: the Dow, S&P 500, and Nasdaq Composite all posted strong gains, with the Dow logging its best daily percentage gain in about a month. The trigger was a dovish comment from a Federal Reserve official. Several individual stocks also moved sharply on earnings, so let’s go through it step by step.
All three indexes rally hard — Dow posts its best day in a month
| Index | Close | Change | % Change |
|---|---|---|---|
| Dow Jones Industrial Average | 53,695.80 | +633.85 | +1.19% |
| S&P 500 | 7,748.36 | +81.76 | +1.07% |
| Nasdaq Composite | 26,586.00 | +368.17 | +1.40% |
All three major indexes rose more than 1% on the day, marking the Dow’s best percentage gain since Aug. 4. The VIX (the market’s so-called “fear gauge”) fell nearly 7% to around 15.2, signaling that investor nerves had calmed. The 10-year Treasury yield also eased to around 4.75% (down about 5 basis points from the prior session), and falling yields gave stocks an extra tailwind.
What moved the market: Fed Governor Waller’s “disinflation” comment
The main character of the day was Federal Reserve Governor Christopher Waller. He said he saw signs of “disinflation” (a slowdown in the pace of price increases) and suggested he might vote to hold interest rates steady at the next FOMC (Federal Open Market Committee) meeting.
Following his remarks, bond traders quickly pared back their bets on a September rate hike — the odds fell from 63% the day before to roughly a coin flip. Waller’s comments stood in contrast to Fed Chair Kevin Warsh, who has emphasized the need to keep fighting stubborn inflation, and traders who had been bracing for higher rates welcomed the relief.
Separately, the ISM Services PMI for August came in at 55.4, beating both the forecast of 54.3 and July’s reading of 54.1 — a sign of continued strength in the services sector. Even so, Waller’s comments carried the day, and stocks took the dovish tone as the bigger story.
As a backdrop, geopolitical risk tied to Iran has remained a market theme in recent weeks. President Trump said the U.S. had carried out a “very heavy attack” on Iran the day before, while adding that it wouldn’t drag on for long. WTI crude oil rose to around $91 a barrel, though trading was relatively calm on this particular day.
Stocks in focus: five names that moved on earnings and news
Broadcom (AVGO): Shares fell even after a ninth straight earnings beat
Chipmaker Broadcom (ticker: AVGO) closed down 3.07% at $355.96. Its fiscal third-quarter adjusted EPS (earnings per share) of $3.32 beat the $3.23 analyst estimate, and revenue grew 86% year over year to $29.6 billion, above the $29.45 billion consensus. AI semiconductor revenue surged 221% year over year to $17 billion. Still, shares fell because the company’s fourth-quarter revenue guidance of $34.8 billion came in below the $35.03 billion Wall Street was hoping for. In other words, the beat itself wasn’t the problem — expectations for future growth had simply run ahead of what the company was willing to promise.
Snowflake (SNOW): AI demand fuels a post-earnings surge
Cloud data company Snowflake (ticker: SNOW) jumped 16.55% to close at $356.47, after briefly rallying more than 20% earlier in the session. Second-quarter adjusted EPS of $0.62 topped the $0.45 estimate, and revenue of $1.55 billion beat the $1.48 billion consensus. Management raised full-year fiscal 2027 product revenue guidance from $5.84 billion to $6.07 billion and lifted its operating-margin outlook from 13.5% to 14.5%. Growing demand for its AI Data Cloud platform is clearly driving the business, and the results reinforced that the AI theme still has legs.
Tesla (TSLA): Shares jump ahead of the Cybercab robotaxi reveal
Tesla (ticker: TSLA) climbed 7.00% to $382.09. After the closing bell, the company held its Cybercab launch event in Austin, Texas, unveiling a two-seat robotaxi with no steering wheel or pedals. Investors bought ahead of the event, betting on the potential of Tesla’s “AI4” self-driving computer. Whether Cybercab becomes a genuine new revenue stream will be the key question going forward.
Meta (META): New AI model “Muse Spark 1.3” gets a warm reception
Meta Platforms (ticker: META) rose 3.50% to $613.68. The stock got a boost after the company’s new generative AI model, Muse Spark 1.3, was seen as matching or beating models from Anthropic and OpenAI on tasks like coding. Some investors had worried Meta was falling behind in the AI race, and this release helped push back on that narrative.
Nvidia (NVDA): Hugging Face deal expands its AI platform ambitions
Chip giant Nvidia (ticker: NVDA) confirmed it will acquire AI developer platform Hugging Face for roughly $12.9 billion to $14 billion, and shares rose about 1.5% on the news. Hugging Face is used by more than 18 million developers and 200,000 companies, and the deal signals Nvidia’s ambition to extend its influence beyond chips into the AI development platform layer itself. The acquisition is expected to close in the first half of 2027.
Personally, what stood out to me was the contrast between Broadcom, which fell despite beating estimates, and Snowflake, which surged on its report. AI stocks increasingly seem to be judged less on the numbers they just posted and more on how well they can live up to what comes next. If you hold any of these names, it’s worth reading past the headline numbers into the guidance itself.
Sector and ETF moves
Industrials led sector gains on the day, with financial services and consumer cyclical stocks also seeing strong buying. The Invesco QQQ Trust (QQQ), which tracks the tech-heavy Nasdaq-100, rose 1.18% to $717.58 — growth-oriented ETFs clearly outperformed dividend-focused ones like SPYD, HDV, and VYM on this particular day. Popular broad-market ETFs like VOO and VTI likely posted similar gains, in line with the S&P 500’s move.
Gold rose 2.34% to around $4,490 an ounce, continuing to trade near its highs. In the currency market, the yen strengthened sharply, briefly touching the 156-per-dollar level (we were unable to confirm the official New York close for USD/JPY, so this figure is a reference point rather than a confirmed close). The move was driven by growing expectations that the Bank of Japan will raise rates at its Sept. 18 policy meeting, along with lingering caution about renewed currency intervention following the coordinated U.S.-Japan intervention in late July and August.
What to watch in Japan today
Following the strong U.S. session, here are three things to watch in Tokyo trading today, Sept. 4:
(1) With all three major U.S. indexes up sharply, the Nikkei 225 looks likely to open with buying interest. That said, a stronger yen could weigh on export-heavy names.
(2) Tomorrow’s U.S. jobs report (due Sept. 5) is in focus, so labor market data released today will get extra attention as a preview.
(3) With the yen strengthening and speculation building ahead of the Bank of Japan’s Sept. 18 meeting, volatility is likely to stay elevated in the near term.
Let’s keep at it, slow and steady. Have a good day!
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* This article is for informational purposes only and does not recommend any specific investment. Please make investment decisions at your own responsibility.
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