US futures are soft into the bell as an oil-driven inflation scare pushes bond yields to multi-year highs worldwide, with escalating US–Iran hostilities the single biggest overnight driver. Growth and high-multiple tech are taking the brunt.

Futures now

• S&P 500 futures 7,623.00, -0.26% · Dow futures 52,756.00, -0.14% · Nasdaq-100 futures 28,948.00, -0.61% — as reported by Yahoo Finance.
• Driver: Brent above $95 after tit-for-tat US–Iran strikes, with President Trump threatening to hit Iran "much harder" on retaliation (Yahoo Finance). VIX reported at 16.77, +2.63%.

Pre-market movers

• Dell (DELL) +9.7% — raised annual revenue and profit forecasts on AI-server demand; adjusted EPS $7.04 vs $4.91 expected, revenue ~$46.97bn (Investing.com, Investopedia).
• GitLab (GTLB) +22% — beat with ~20-21% revenue growth and raised full-year guidance.
• MongoDB (MDB) -13.6% — beat on Q2 ($771.8m revenue, +30%), but valuation and guidance caution dominated.
• HPE +4.7% on the Dell read-across; Uber +2.4% on plans to cut ~3,300 jobs (~10% of staff); Sirius XM +3.1% on a Deutsche Bank upgrade; Super Micro -1.5% with semis under rate pressure (Investing.com).

Earnings today

After the close: Broadcom (AVGO) — consensus ~$29.3-29.5bn revenue and ~$3.21-3.24 adjusted EPS — plus Snowflake (~$1.48bn, $0.45), HPE (~$11.93bn, $0.92), NetApp, Five Below, PVH and C3.ai. Before the bell: Brown-Forman, Ollie's Bargain Outlet, G-III Apparel, Sprinklr (Investing.com). No notable US listings flagged for today.

Macro today (full calendar)

• ADP employment (Aug), released: +38,000 vs 48,000 consensus, prior revised to +46,000 — slowest since January. Gains concentrated in education/health (+45k) and leisure/hospitality (+16k) (Fox Business, CNBC). A soft private-payroll print argues for easier policy, but today it is being read against the oil-inflation risk.
• MBA mortgage applications (w/e Aug 28), 7:00am ET — prior 30-year rate 6.78%, purchase index 154.4.
• Factory orders (Jul), 10:00am ET — consensus +0.7% vs -0.3% prior; with durable goods final (Jul), ex-transport prior +0.4%. A beat would say capex is holding up despite tighter financial conditions.
• EIA crude inventories, 10:30am ET — prior +0.095m barrels. A draw would add to the oil bid.
• Fed Beige Book, 2:00pm ET — the qualitative district read on hiring, pricing power and how firms are handling energy costs.
• 17-week bill auction, 11:30am ET (Investing.com, Trading Economics).

Ahead: Thursday brings initial jobless claims (cons. ~203k), trade balance and ISM Services; August non-farm payrolls land Friday.

Rates, dollar, commodities

• US 10-year 4.798-4.81% — described as the highest since January 2025 (Yahoo Finance) / since November 2023 (TheStreet); 30-year 5.27%.
• Oil: Brent above $95 (Yahoo Finance); WTI around $89, roughly -1% on the session (Investopedia).
• Gold ~$4,355/oz, about -0.9%; silver ~$64.26, -1.7% (TheStreet). Bitcoin ~$76,600, -1.6%.
• Dollar firm: EUR/USD 1.1573 (-0.2%), USD/JPY 159.70 (investingLive). DXY level: n/a.

Overnight global context

This is a global bond story, not just a US one. Germany's 10-year hit 3.37% (highest since 2011), France 4.24% (since 2008), the UK 5.26% (since 2008) and Japan 3.02% (highest since 1996), with European equities lower and the mood described as "edgy and nervous" (investingLive). Rising long-end yields everywhere are what is compressing US growth multiples pre-open.

What to watch at the open

Watch whether the 10-year holds above 4.80% — that level, not the ADP miss, is what semis and long-duration software are trading off this morning. Watch the oil tape into the 10:30am EIA number for confirmation the inflation scare has legs. And watch positioning into Broadcom tonight: with AI-server demand already validated by Dell, an in-line print may not be enough to lift the group.

As of 9:35 AM ET, 2 September 2026. Figures as reported by: Yahoo Finance, TheStreet, CNBC, Fox Business, Investing.com, investingLive, Trading Economics. Automated US market brief for discussion and education only — not investment advice. Verify before acting.