September Nasdaq 100 E-Mini futures (NQU25) are trending up +0.69% this morning, buoyed by a jump in Alphabet stock following a ruling that Google won’t be forced to sell its Chrome browser, while investors await the latest reading on U.S. job openings.

Alphabet (GOOGL) jumped over +5% in pre-market trading after Google escaped major antitrust penalties for its conduct in the U.S. internet search market. A U.S. district judge permitted the tech giant to retain its Chrome browser and maintain an agreement under which Google pays Apple more than $20 billion annually to remain the default search engine on the Safari browser. Apple (AAPL) also benefited from the ruling, with the stock up over +2% in pre-market trading.

In yesterday’s trading session, Wall Street’s main stock indexes closed lower. The Magnificent Seven stocks fell, with Nvidia (NVDA) sliding nearly -2% and Amazon.com (AMZN) dropping more than -1%. Also, chip stocks lost ground, weighed down by a more than -3% decline in Lam Research (LRCX) after Morgan Stanley downgraded the stock to Underweight from Equal Weight with a price target of $92. In addition, Kraft Heinz (KHC) slumped over -6% and was the top percentage loser on the S&P 500 and Nasdaq 100 after the packaged-food company announced plans to split into two separate companies. On the bullish side, Ulta Beauty (ULTA) rose more than +8% and was the top percentage gainer on the S&P 500 after Barclays raised its price target on the stock to $617 from $589.

Economic data released on Tuesday showed that the U.S. ISM manufacturing index rose to 48.7 in August, weaker than expectations of 49.0. Also, the U.S. August S&P Global manufacturing PMI was unexpectedly revised lower to 53.0, weaker than expectations of no change at 53.3. In addition, U.S. construction spending fell -0.1% m/m in July, in line with expectations.

“The ISM manufacturing report indicated that companies are largely managing headcount rather than actively hiring. This may be a clue ahead of Friday’s jobs numbers. New jobs are likely slowing, but meaningful revisions to data over the prior months could mean that the report, good or bad, may not influence investors much,” said Scott Helfstein at Global X.

Meanwhile, U.S. President Donald Trump said on Tuesday that his administration would seek an expedited Supreme Court ruling in an effort to overturn a federal court decision that found many of his tariffs were illegally imposed.

Today, all eyes are on the U.S. JOLTs Job Openings figures, set to be released in a couple of hours. Economists, on average, forecast that the July JOLTs Job Openings will arrive at 7.380 million, compared to the June figure of 7.437 million.

U.S. Factory Orders data will also be released today. Economists expect this figure to drop -1.3% m/m in July following a -4.8% m/m slump in June.

In addition, market participants will parse comments today from St. Louis Fed President Alberto Musalem and Minneapolis Fed President Neel Kashkari.

Later today, the Fed will release its Beige Book survey of regional business contacts, which provides an update on economic conditions in each of the 12 Fed districts. The Beige Book is published two weeks before each meeting of the policy-setting Federal Open Market Committee.

On the earnings front, notable companies like Salesforce (CRM), Figma (FIG), Hewlett Packard Enterprise (HPE), and Dollar Tree (DLTR) are slated to release their quarterly results today.

U.S. rate futures have priced in a 91.7% probability of a 25 basis point rate cut and an 8.3% chance of no rate change at the conclusion of the Fed’s September meeting.

In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 4.291%, up +0.33%.

The Euro Stoxx 50 Index is up +0.66% this morning, staging a partial rebound from the prior session’s rout as longer-dated European bonds steadied. Technology stocks led the gains on Wednesday. Still, worries persisted as yields on longer-dated German and French bonds remained at multi-year highs, while the Japanese 30-year government bond yield touched a record peak. Several factors contributed to Tuesday’s global bond selloff, including inflation and fiscal concerns, worries about the Fed’s independence, and an increase in debt issuance after the summer break. Meanwhile, a survey released on Wednesday showed that the Eurozone economy continued to expand at a sluggish pace in August. In corporate news, Adidas AG (ADS.D.DX) rose over +4% after Jefferies upgraded the stock to Buy from Hold. At the same time, Swiss Life Holding AG (SLHN.Z.IX) fell more than -1% after the insurer posted weaker-than-expected first-half net profit.

Eurozone’s Composite PMI, Eurozone’s Services PMI, and Eurozone’s PPI data were released today.

Eurozone’s August Composite PMI came in at 51.0, weaker than expectations of 51.1.

Eurozone’s August Services PMI stood at 50.5, weaker than expectations of 50.7.

Eurozone’s July PPI has been reported at +0.4% m/m and +0.2% y/y, stronger than expectations of +0.2% m/m and +0.1% y/y.

Asian stock markets today settled in the red. China’s Shanghai Composite Index (SHCOMP) closed down -1.16%, and Japan’s Nikkei 225 Stock Index (NIK) closed down -0.88%.

China’s Shanghai Composite Index closed lower today, falling for the second consecutive session as signs of exhaustion emerged following the benchmark’s climb to a decade high. Defense and military-related stocks led the declines on Wednesday as investors booked profits after the military parade. China’s largest military parade, led by President Xi Jinping to mark the 80th anniversary of the end of World War II, wrapped up on Wednesday morning. Financial, consumer, and real estate stocks also slumped. Sentiment was further dampened by geopolitical risks after President Xi Jinping cautioned during the military parade that the world faced a choice between “peace or war” and “dialogue or confrontation.” Meanwhile, investors largely shrugged off a private-sector survey showing that China’s services activity grew at the fastest pace in 15 months in August, driven by stronger demand both domestically and abroad. The private survey mirrors official data released last week. China Post Securities analysts said, “Investor sentiment has become increasingly divided following a two-month uptrend, and market volatility is expected to rise,” adding that this could lead to a reassessment of whether current macro conditions justify elevated valuations. In corporate news, Sihuan Pharmaceutical Holdings Group climbed +8% in Hong Kong after the company repurchased 13.1 million of its shares and said it expects the launch of numerous flagship new products to drive strong momentum in future revenue and profit growth.

The Chinese August RatingDog Services PMI came in at 53.0, stronger than expectations of 52.4.

Japan’s Nikkei 225 Stock Index closed lower today, weighed down by political uncertainty and an overnight drop on Wall Street. Japan’s ruling Liberal Democratic Party Secretary-General Hiroshi Moriyama said on Tuesday that he plans to step down from his post, a move that could affect the fate of Prime Minister Shigeru Ishiba, who has resisted calls to resign after an election loss. Local media reported that other senior LDP officials, including policy chief Itsunori Onodera, also plan to resign. Taro Aso is preparing to push for an early party election, according to a Mainichi report. Bank stocks led the declines on Wednesday amid speculation that the Bank of Japan may delay its next interest rate hike if the ruling LDP proceeds with a leadership election. Meanwhile, Japan’s super-long bonds slumped on Wednesday, with the 30-year yield hitting a record high, as a global bond selloff spread through the region. Caution over a 30-year bond auction on Thursday and uncertainty within the LDP added to the selling pressure on super-long bonds. On the economic front, a private sector survey released on Wednesday showed that Japan’s service sector growth slowed slightly in August, with domestic demand remaining strong even as companies reduced staffing levels for the first time in almost two years. In other news, BOJ Governor Kazuo Ueda said he discussed a range of topics on the economy and markets, including foreign exchange rate movements, in a meeting with Ishiba on Wednesday. The Nikkei Volatility Index, which takes into account the implied volatility of Nikkei 225 options, closed up +4.30% to 24.72.

The Japanese August au Jibun Bank Services PMI stood at 53.1, stronger than expectations of 52.7.

Pre-Market U.S. Stock Movers

Alphabet (GOOGL) jumped over +5% in pre-market trading following the ruling that Google won’t be forced to sell its Chrome browser.

HealthEquity (HQY) climbed nearly +4% in pre-market trading after the company posted upbeat Q2 results and raised its full-year earnings guidance.

Zscaler (ZS) rose more than +2% in pre-market trading after the cybersecurity company posted better-than-expected FQ4 results and provided strong FQ1 guidance.

Chipotle Mexican Grill (CMG) gained over +1% in pre-market trading after Rothschild & Co. Redburn upgraded the stock to Buy from Neutral with a $55 price target.

Bruker (BRKR) plunged more than -9% in pre-market trading after announcing a $600 million convertible stock offering. 

You can see more pre-market stock movers here

Today’s U.S. Earnings Spotlight: Wednesday - September 3rd

Salesforce (CRM), Figma (FIG), Hewlett Packard (HPE), Dollar Tree (DLTR), Credo Technology Holding (CRDO), Campbell’s (CPB), Descartes Systems (DSGX), Gitlab (GTLB), Macy’s Inc (M), Asana (ASAN), Rev Group (REVG), C3.ai (AI), American Eagle Outfitters (AEO), Sprinklr (CXM), Pagerduty (PD), J.Jill (JILL), Tillys (TLYS).