France HCOB Composite PMI above expectations (43.5) in May: Actual (44.9)

JPMorgan analyst Harlan Sur noted that Nvidia's (NVDA) FY28 70% year-over-year growth framework is not a ceiling on demand; without supply constraints, business growth could have exceeded 100%. An important backdrop for management providing a multi-year growth framework in advance is the significant gap between market consensus expectations and internal company assessments.

TradingKey - Stock prices of major global space companies diverged significantly in August. Voyager Technologies (VOYG) led the gains with an increase of approximately 37%; SpaceX (SPCX) rose about 33%; Intuitive Machines (LUNR) gained around 25%; AST SpaceMobile (ASTS) edged up by just 0.2%; while Rocket Lab (RKLB) fell by roughly 2%.

Driven by stronger-than-expected U.S. August nonfarm payrolls data, market expectations grew that the Federal Reserve might raise interest rates at its next policy meeting, sending major U.S. stock indices lower. Semiconductor stocks bucked the trend to move higher, with memory and optical communications stocks leading the gains. At the close, the Dow Jones Industrial Average fell 0.51% to 53,414.25; the Nasdaq Composite Index slipped 0.29% to 26,506.99; and the S&P 500 Index lost 0.38% to 7,718.60.

On September 4 Eastern Time, US August non-farm payrolls significantly exceeded expectations, fueling expectations of a Federal Reserve rate hike. US Treasury yields subsequently moved higher, with the 2-year Treasury yield touching its highest level since January 2025. Markets expect the Fed could raise rates within a few weeks; according to the CME FedWatch Tool, Federal Funds futures traders currently price in a 58% probability of a rate hike. Although this stronger-than-expected employment data was expected to weigh on high-valuation growth stocks, the US semiconductor sector rallied sharply in early trading today.

TradingKey - On Friday (September 4) Eastern Time, futures on the three major US stock indices were mixed in premarket trading. Dovish signals from Federal Reserve officials prompted the market to reassess the likelihood of a September rate hike, while investors remained cautious ahead of the upcoming release of the crucial US non-farm payrolls report.