Market Report, 2026-09-03

U.S. stocks finished sharply higher Thursday as investors welcomed a pullback in Treasury yields and comments from Federal Reserve Governor Christopher Waller suggesting he could support keeping rates unchanged this month if incoming inflation data continues to cool.

The Dow gained 624 points to 53,686, while the Nasdaq Composite rose 1.40% to 26,584 and the S&P 500 advanced 1.06% to 7,748. Leadership tilted toward growth-oriented areas. Consumer discretionary and communication services were among the strongest sectors, helped by large-cap technology-related names, while financials also posted solid gains. Software strength added to the rally even as parts of the semiconductor group lagged, underscoring that the technology advance was not uniform.

Treasury yields moved lower after having climbed sharply earlier in the week. The 5-year yield fell about 3 basis point to 4.52%, while the 10-year declined about 2 basis points to 4.77%. Gold also jumped about 2.7% to above the $4,500 mark, a notable cross-asset move amid continued geopolitical and inflation uncertainty.

Economic data offered a mixed message for policymakers: services activity strengthened more than expected, but elevated input costs reinforced concerns that inflation pressure has not fully faded. Weekly jobless claims remained broadly consistent with a stable labor market.

Attention for this week now turns to Friday’s August employment report, including payroll growth, unemployment and wage trends. Those figures could materially influence expectations for the Federal Reserve’s September meeting, particularly after Waller emphasized that upcoming inflation and labor data will shape the policy decision. Adams Wealth Advisors will continue to bring you updates.