September 4 Morning Read: Jobs day arrives after Waller’s hold signal

Macro overnight

Thursday’s cash session left the major U.S. benchmarks higher: the S&P 500 closed at 7,747.71 (+1.06%), the Dow Jones Industrial Average at 53,686.11 (+1.18%), and the Nasdaq Composite at 26,584.06 (+1.40%), according to CNBC delayed index quotes stamped 2026-09-03.

In early Friday dealing around 4:00 a.m. ET, CNBC showed S&P 500 futures near 7,760.00 (+0.07%), Nasdaq-100 futures near 29,648.00 (+0.42%), and Dow futures near 53,719.00 (−0.05%). The VIX printed about 14.18 (−0.98%) shortly after 4:00 a.m. ET—still a calm volatility backdrop into the payroll release, though index futures were no longer extending Thursday’s full move.

Rates and the dollar were mixed rather than one-way. The U.S. 2-year yield was near 4.337%, the 10-year near 4.754%, and the 30-year near 5.234% on CNBC Treasury quotes early Friday. The ICE U.S. Dollar Index was around 99.09 (+0.18%), while EUR/USD hovered near 1.1618. WTI traded near $90.74 (−0.61%) and Brent near $95.06 (−0.48%); COMEX gold was about $4,529.20 (−0.24%).

The policy tape was set by Governor Waller’s September 3 Reuters interview. In the published text, Waller said that if disinflation continues in data due over the next two weeks he would be inclined to support holding the federal funds target at its current setting, while hot August inflation could make a rate hike appropriate at the September 15–16 FOMC meeting. He also described real GDP growth as continuing at a solid pace, flagged AI-related investment as a genuine contributor to activity, and characterized the labor market as satisfactory with the July unemployment rate at 4.1%.

Your tickers

$PL (Planet Labs). After the close on September 3, Planet’s Form 8-K exhibit 99.1 reported Q2 FY2027 (quarter ended July 31, 2026) revenue of $116.1 million, up 58% year over year. GAAP net loss per share was ($0.03) and non-GAAP net income per share was $0.02; adjusted EBITDA was a $13.9 million profit versus $6.4 million a year earlier. Non-GAAP gross margin was 59%, recurring ACV was 98%, and remaining performance obligations were about $753.1 million. Cash, cash equivalents and short-term investments ended the quarter at $865.4 million after roughly $120 million raised via an at-the-market program (average net sale price $31.95). Management guided Q3 revenue to about $101–$105 million (with an adjusted EBITDA loss of about ($6) to ($1) million) and full-year FY2027 revenue to about $430–$441 million, with adjusted EBITDA profit of about $3–$10 million. The release also cited a new $8 million NGA OTA award for Global Monitoring Service. In the regular Thursday session—before that after-close print—CNBC showed $PL closing at $18.35 (−8.20%).

$ORCL. Oracle remains on the near-term earnings calendar: market data pages continue to list results around September 10, 2026. On Thursday the stock closed at $154.04 (+5.69%) on CNBC.

$HOOD and $BE. Thursday’s strongest large moves among covered names included Robinhood at $124.72 (+16.57%) and Bloom Energy at $235.55 (+8.41%) (CNBC closes). Those prints matter for open wheel inventory even without a same-morning primary filing.

$TSLA. Tesla closed $376.37 (+5.42%) on Thursday. No new Tesla Form 8-K appeared in the latest SEC submissions pull overnight; treat retail-tape claims about product events as unverified unless a primary filing or issuer release confirms them.

$CRDO. Credo’s latest primary results package remains the September 1 8-K / September 2 10-Q cluster already covered earlier this week. CNBC showed $CRDO closing $164.17 (−0.64%) on Thursday—secondary tape, not a fresh results event.

Mega-cap complex. Thursday closes on CNBC included $AAPL $328.21 (+1.00%), $MSFT $510.12 (+2.68%), $NVDA $228.45 (+1.80%), $META $610.68 (+3.01%), $AMZN $258.90 (+1.54%) and $GOOGL $342.26 (+1.52%)—a broad risk-on session into the payroll print.

What to watch today

1. 08:30 ET — August Employment Situation (BLS). Payrolls, unemployment rate, wages and hours. This is the day’s primary macro catalyst into the September FOMC window.
2. Waller reaction function. Markets will map the jobs print against Waller’s September 3 hold-versus-hike branching language ahead of the September 15–16 meeting.
3. $PL follow-through. Digest Q2 metrics, Q3/FY guides and the NGA award against Thursday’s pre-print close; use the issuer exhibit rather than secondary headlines for the numbers.
4. $ORCL path into September 10. Positioning and implied-vol path into next week’s print matter more than overnight noise.
5. Oil still above $90. WTI near $90.74 keeps energy as a residual inflation and risk-premium input even after the early Friday dip.