September opens on the back foot: renewed US–Iran hostilities pushed oil higher for a second day and dragged global bond yields up with it, leaving equities — and especially chips — on the defensive into the cash open.

Futures into the open

• S&P 500 futures 7,655.50 (-0.57%), Dow futures 52,960 (-0.53%), Nasdaq-100 futures 29,212.75 (-1.02%), Russell 2000 futures 2,944.40 (-0.48%); VIX 15.79 (+5.8%) — as reported by Yahoo Finance at 5:00 AM ET.
• CNBC headlined the Dow opening roughly 300 points lower "as global bond yields rise."
• The trigger: TheStreet reports two oil tankers — one Saudi-owned, one South Korean-owned — were struck by projectiles Monday night as the US and Iran resumed hostilities in what it calls a six-month war "locked in a stalemate."

Pre-market movers

• GoPro (GPRO) +80.4% pre-market after YouTube creator Markiplier disclosed an 8.5% stake via a Schedule 13G, becoming the largest individual holder; short interest is ~16.5% of float (Investing.com).
• Semis led the downside, per StockMarketWatch's early session data: Marvell -3.4%, Intel -2.8%, SanDisk -2.6%, Nvidia -1.4%, with the SMH semiconductor ETF -1.8%. Tesla -1.4%. Energy was the one green sector (USO +2.2%); gold and silver proxies fell (GLD -1.9%, SLV -2.9%).
• Context from Charles Schwab's Monday note: Chevron, Exxon and Halliburton each added 2%+ on the Persian Gulf strikes, while Nvidia had dropped 4% Friday on a reported White House AI rule limiting China access.

Earnings today

After the close: Dell (DELL), Palo Alto Networks (PANW, Q4 FY2026 — confirmed by the company via StockTitan), MongoDB (MDB), GitLab (GTLB), Credo (CRDO). Before the open: Medtronic (MDT), Nio (NIO), SAIC (Kiplinger calendar). Broadcom is due Wednesday. No major US listing was flagged on the IPO calendars checked.

Macro today

A busy manufacturing-and-labour morning, per Investing.com's preview: ISM Manufacturing PMI consensus 55.2 vs 55.6 prior; S&P Global Manufacturing PMI 53.2 vs 53.2; JOLTS job openings (10:00 AM ET, July data) 7.330M vs 7.359M prior; construction spending 0.0% vs -0.1%. Yahoo Finance also lists monthly vehicle sales. A hot ISM prices-paid or a JOLTS beat would harden the hike case; a soft JOLTS is the only obvious release today that argues the other way. No CPI, PPI, PCE, ADP or payrolls today, and no Fed speakers appeared on the calendars checked — ADP and non-farm payrolls come later this week.

Rates, dollar, commodities

• US 10Y 4.79% (+3.6bp), a fifth straight session higher and the highest since January 2025; 30Y 5.28% (Trading Economics).
• DXY 99.59 (+0.17%); gold $4,351 (-2.0%), its lowest since 19 August, squeezed by real yields (Trading Economics).
• WTI $87.75 (+2.3%) and Brent $92.04 (+1.7%) as of 6:53 AM ET (TheStreet).

The rates story is really a Fed story: after Chair Kevin Warsh's hawkish Jackson Hole remarks, markets are pricing roughly a 66–68% chance of a 25bp rate hike this month (Trading Economics; CNBC).

Overnight

Nikkei 225 -0.15% to 66,215 with the 10-year JGB yield near 3%, its highest since 1996; Hang Seng -1%, Shanghai Composite +0.2% (Trading Economics; investingLive). China's manufacturing PMI beat at 51.5 vs 50.9; Japan's came in at 54.9 vs 55.1. USD/JPY near 159.75.

What to watch at the open

Watch whether the 10Y holds above 4.75% — that, more than the headlines, is what has been setting the tone for long-duration tech. Watch the energy-versus-semis split for evidence this is a rotation rather than a broad de-risking. And watch ISM prices-paid and JOLTS at 10:00 ET for whether the September hike odds firm up or ease back.

As of 9:50 AM ET, 1 September 2026. Figures are as reported by the sources named, not live exchange quotes. Sources: Yahoo Finance, TheStreet, CNBC, Trading Economics, Investing.com, Charles Schwab, StockTitan, investingLive. Automated US market brief for discussion and education only — not investment advice. Verify before acting.