US markets are closed today, Monday 7 September 2026, for Labor Day. The NYSE and Nasdaq are shut, SIFMA-guided bond markets are closed too, and normal 9:30am-4:00pm ET trading resumes on Tuesday 8 September (Benzinga, Yahoo Finance). No cash open means no futures brief today - here is the setup investors are carrying into the reopen instead.

What Friday left behind

The August jobs report landed hot and reset the rate debate. Employers added 162,000 jobs against forecasts of roughly 55,000-65,000, with unemployment steady at 4.1% (TheStreet, AP). Stocks slipped and yields jumped:

• S&P 500 7,718.60, -0.4%
• Dow 53,414.25, -0.5%
• Nasdaq Composite 26,506.99, -0.3%
• Russell 2000 2,975.65, +0.2% - the lone gainer

Odds of a Fed rate hike at the 16 September FOMC jumped to 60.4% from 49.4% a day earlier, per AP. The 2-year yield rose to 4.37%, its highest since January 2025, and the 10-year settled near 4.78% (AP, Investrade). Single stocks moved hard on results: Lululemon fell about 18% on a revenue miss and cut guidance, Guidewire dropped on a soft FY27 outlook, and Fair Isaac slid after an FHFA mortgage-scoring directive.

Rates, dollar and commodities

Energy is the second story. Brent settled at $96.28 (+0.8%) and WTI at $91.48 (+0.2%), capping weekly gains of roughly 9-10% on US-Iran tensions. Gold eased to $4,476.60/oz, down $63.30 (Investrade). A hot labour market plus a $96 barrel is an uncomfortable inflation mix heading into this week's price data.

Overnight global context

With Wall Street shut, Asia traded on its own: Kospi +4.6% to 6,995.39 and Nikkei +2.1% to 66,399.84 on an AI/semiconductor bid (Samsung ~+5.7%, SK Hynix +8%), while Hang Seng -0.9% and Nifty 50 -0.5% lagged on rate and oil concerns (STL News).

Macro this week

A quiet start, then the week's whole payload lands at the end: PPI (August) Thursday 10 Sept, 8:30am ET, and CPI (August) Friday 11 Sept, 8:30am ET, ahead of the FOMC decision on 16 September. After Friday's payroll surprise, a firm core CPI would harden the hike case; a soft print is the market's main route back to a pause.

What to watch at the reopen

Tuesday's session is really a repricing of Friday - watch whether the 2-year yield holds its 52-week high and whether the 10-year pushes through 4.78%, since that is what has been capping equity valuations. Watch too whether the AI/semiconductor bid that lifted Korea and Japan overnight carries into US chip names, or whether rate sensitivity wins. Oil above $95 is the swing factor for how much room CPI leaves the Fed.

As of 09:45 ET, 7 September 2026. Sources: Yahoo Finance, Benzinga, TheStreet, AP via The Business Journal, AP via LancasterOnline, Investrade, STL News, FedRateCalc. All prices and index levels are as reported by these news sources, not live exchange data. Automated US market brief for discussion and education only - not investment advice. Verify before acting.