Market Briefing, September 2, 2026: Iran Strikes Rattle Oil and Yields Ahead of Broadcom Earnings

Market Briefing: September 2, 2026

US futures are pointing lower this morning as the Iran conflict escalates overnight, pushing oil and Treasury yields higher into the cash open. Today hinges on the 8:15 AM ADP print and this afternoon's Fed Beige Book for confirmation of the hawkish rate-hike odds that spiked after Fed Chair Warsh's Jackson Hole remarks, while a loaded slate of tech earnings after the close — led by Broadcom — will set the tone into Thursday.

Index Snapshot (Tuesday's Close)

Market Setup

Key Levels (Dealer Gamma)

SPY (spot ~762): call wall 763 (then 765), put wall 760 (then 756). QQQ (spot ~708): call wall 708 (then 711), put wall 706 (then 704). Call walls mark strikes where dealer hedging may slow rallies; put walls mark strikes where hedging may cushion dips — these are positioning estimates, not guarantees.

Five Things That Matter Today

1. Iran conflict slams oil and yields. Fresh U.S. strikes on Iranian targets sent Brent above $95 and WTI above $90 for the first time in a month, while the 10-year Treasury yield hit a session high near 4.81%.
2. Rate-hike odds are back on the table. Fed Chair Warsh's hawkish Jackson Hole remarks pushed CME FedWatch odds of a 25bp September hike to 57.5%.
3. Broadcom headlines a loaded earnings night. AVGO, Snowflake, HPE, NetApp and C3.ai all report after the close with double-digit options-implied moves.
4. Apple turns the page. John Ternus officially became Apple's CEO on September 1 as Tim Cook shifted to executive chairman; shares rose roughly 2.2% on the news.
5. Tech concentration risk flashed on Tuesday. The Nasdaq's 1.03% drop was roughly triple the S&P 500's 0.71% loss, led by cybersecurity names CrowdStrike and Palo Alto Networks after earnings.

Notable Earnings

Already reported: Ollie's Bargain Outlet (OLLI) +4.4% premarket; G-III Apparel (GIII) -10.8% on a miss; Sprinklr (CXM) -5.5%; FuelCell Energy (FCEL) -1.4%; Daktronics (DAKT) roughly flat.

After the close: Broadcom ±7.2%; Snowflake ±11.3%; Hewlett Packard Enterprise ±9.6%; NetApp ±10.3%; Five Below ±9.3%; PVH ±11.1%; C3.ai ±11.5%.

Notable Options Flow

What to Watch

Watch the 8:15 AM ADP report and this afternoon's Beige Book for confirmation of hawkish Fed signaling. Oil and Treasury yields remain the dominant cross-asset story as the Iran conflict develops — a further escalation could keep pressuring long-duration growth names. After the close, Broadcom's results carry the heaviest read-through for AI-linked semis and enterprise software heading into Thursday's session. Reddit's most-mentioned tickers this morning skew mega-cap and bullish — Alphabet, Nvidia and Apple top the list, with SanDisk mentions spiking alongside unusually heavy options flow in the name.

Sign-Off

That's the setup heading into the bell. Markets remain data- and headline-dependent today, with geopolitics, rate expectations, and a dense earnings slate all in play simultaneously.