Nasdaq futures rise 135 points: 5 things to know before Wall Street opens

• Fed hike probability for September fell to roughly 50% after Waller indicated he would support holding rates steady if inflation continues cooling, providing relief for rate-sensitive tech stocks
• Lululemon plunged 18% premarket after cutting its full-year outlook for the second time this year amid weak Americas sales, while Adobe dropped 3% following an unexpected CEO succession announcement
• September historically is Wall Street's weakest month with average losses of 58 basis points over 45 years, with upcoming CPI and PPI data likely to matter more than seasonal patterns

Market Summary: September 4, 2026

Key Market Movements

Nasdaq 100 futures rose 135 points (0.4%) in premarket trading, outperforming the S&P 500 (+0.1%) and flat Dow futures. The S&P 500 sits approximately 0.7% below its record closing high.

Federal Reserve Outlook

Fed Governor Christopher Waller signaled support for holding interest rates steady if inflation continues cooling, providing relief to markets. September rate hike probability fell to roughly 50% from 63%, benefiting rate-sensitive technology stocks.

Critical Data Release

The August jobs report, due at 8:30 AM ET, represents the key market catalyst. Economists expect nonfarm payrolls to increase by 53,000 with unemployment holding at 4.1%. A weak print could undermine the case for a September rate hike, while stronger data may pressure Treasury yields and growth stocks.

Corporate Developments

Lululemon (LULU): Plunged 18% premarket after cutting full-year guidance for the second time, citing weak Americas sales ahead of incoming CEO Heidi O'Neill's leadership transition.

Adobe (ADBE): Declined approximately 3% following the announcement of Anil Chakravarthy as CEO effective December 1, creating uncertainty as investors expected David Wadhwani as successor.

Market Context

September historically ranks as Wall Street's weakest month, averaging a 58-basis-point loss over 45 years, with weakness concentrated in the second half. However, analysts caution against calendar-based trading decisions, noting upcoming CPI and PPI data next week will likely prove more significant than seasonal patterns.

The combination of dovish Fed commentary and Friday's employment data will determine whether the current recovery extends toward record highs or stalls amid rising bond yields.