Bitcoin, Markets Look for a Bottom as Volatility Stays High 09/02/2026

HOT stories for today

Market wrap:

• US equities rallied on Friday as battered tech shares rebounded after days of selling, while Bitcoin clawed back ground following a rout that at one point left the token down more than 50%. The Dow Jones Industrial Average jumped 2.47%, the first close above 50,000. The S&P 500 rose 1.97% the Nasdaq Composite gained 2.18%, pushing the S&P back into positive territory for 2026. Still, the week was mixed: the S&P 500 slipped 0.1%, the Nasdaq dropped 1.8%, and the Dow advanced 2.5% as investors rotated into more economically sensitive shares even as technology weighed on broader benchmarks. Nvidia and Broadcom led Friday’s rebound, climbing nearly 8% and 7%, respectively, after steep declines earlier in the week. Oracle and Palantir Technologies each rose about 4% as investors revisited some beaten-down names at lower valuations.
• Some software stocks remained under pressure, including ServiceNow, which has been at the center of the selloff amid concerns that artificial-intelligence disruption could upend parts of the sector. “We’re in a gold rush right now with AI,” said Gabriel Shahin, founder of Falcon Wealth Planning, pointing to heavy spending plans from Alphabet, Nvidia, Meta Platforms, and Amazon. “There is money that will be deployed. It’s just the carousel sometimes scares people.” Shahin described the move as a “great recalibration,” with capital shifting from high-growth to value, a dynamic reflected in strength across industrials and financials. Small caps also rallied, with the Russell 2000 jumping 3.6%. Bitcoin rebounded about 10%, topping $71,458 after dipping below $61,000 overnight. The bounce helped temper recent risk-off sentiment, though the cryptocurrency was still down 16% for the week.

Soft Jobs Data Mount, Strengthening Case for Fed Cuts

• Signs of a cooling U.S. labor market are mounting, raising a fresh risk to an otherwise resilient economic outlook and strengthening expectations that the Federal Reserve may need to cut rates this year. Recent readings have turned steadily softer. ADP showed just 22,000 private-sector jobs added in January, job openings fell to the lowest level since September 2020, down nearly a million in two months,  and big-company hiring and layoff plans posted their weakest January result since 2009. Hiring gauges in services and manufacturing also point to a standstill. The data is fueling concern inside the Fed. Governor Christopher Waller said it “does not remotely look like a healthy labor market citing reports of planned layoffs and warning that the risk of a sharper deterioration is rising.
• While markets largely see the Fed on hold until midyear, many economists expect more easing, with Moody’s Analytics’ Mark Zandi among those penciling in as many as three cuts in 2026. “It’s very fragile. We’re not creating any jobs,” he said. There are offsets: a jump in jobless claims was tied to winter storms, and broad layoffs haven’t emerged despite headline cuts at UPS and Amazon. But inflation remains above the Fed’s 2% target, complicating the trade-offs. Traders are pricing at least two cuts this year, with odds growing for a third.Stocks have also become part of the story, buoying sentiment among higher-income households that drive spending, leaving the economy more exposed if markets wobble. Fiscal stimulus may help, and growth is still expected to be around 2% next year, but weakening labor market signals are making the case for rate cuts harder to ignore.

Stocks on the move:

• (RBLX): Shares jumped 12% after the gaming platform issued an upbeat outlook. Roblox sees full-year bookings of $8.28B to $8.55B, above the $7.87B LSEG consensus. Fourth-quarter adjusted loss narrowed to 45 cents a share versus 48 cents expected, while revenue beat estimates at $2.22B compared with $2.05B.
• (PM): Shares rose 1% after the company delivered a stronger-than-expected outlook for 2026 earnings growth. Its nicotine pouch brand Zyn continues to expand and is taking a larger share of the mix, even as competition intensifies from British American Tobacco’s Velo.
• (VRSN): The internet infrastructure provider fell 10% to a 52-week low after fourth-quarter EPS of $2.23 missed the $2.35 FactSet consensus. The company also guided to full-year operating income of $1.16B to $1.18B, below the $1.19B estimate.
• (AMZN): Shares slid 6% after the retailer reported $1.95 in fourth-quarter EPS, just shy of the $1.97 LSEG consensus. Amazon also flagged about $200B in 2026 capital spending.
• (MOH): The insurer plunged roughly 28% after reporting a fourth-quarter adjusted loss of $2.75 per share, pressured by Medicaid premium adjustments and Medicare cost trends. Molina forecast full-year revenue of $44.5B, below the $46.55B LSEG consensus.

Watchlist: COIN, MSTR, SMCI, NVDA, MSFT, CRWV, SLV, TSLA

Key Economic Events Today:

EST time

01:30 pm: USD FOMC Member Waller Speaks
03:15 pm: USD FOMC Member Bostic Speaks


Earnings

BMO (Before Market Open): Apollo Global (APO), Becton, Dickinson and Company (BDX), Orix Corp (IX), Loews Corp. (L)

AMC (After Market Close): Principal Financial Group (PFG), ON Semiconductor (ON)


The TEFS Analyst team wishes you a successful day!