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Major Averages Decline Ahead of Long Weekend Due to Jobs Report
The major averages closed broadly lower ahead of the long weekend as traders reacted to the stronger-than-expected August jobs report. Nonfarm payrolls rose 162,000, well above the roughly 55,000 consensus estimate and a sharp rebound from July. The unemployment rate held at 4.1%, while labor-force participation edged up to 61.6%, suggesting the labor market remains more resilient than the weak July report had indicated. Treasury yields rose following the report, with the two-year yield reaching its highest level since January 2025.Meanwhile, President Donald Trump took to Truth Social after the report came out, suggesting the "great" jobs report should lead to lower interest rates. "We should have the LOWEST RATE of any country in the World," he said.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Lululemonreportedand cut its FY26 earnings outlookTeslashares were lower following the, with Wells Fargo saying the event likely fell short of investor expectationsAdobeannounced that Anil Chakravarthy, president of Adobe's Customer Experience Orchestration business and worldwide field operations, will become Adobe'sEquifaxand TransUnionslipped after Bill Pulte, the U.S. Director of Federal Housing, stated in a post last night to X: "Equifax, Experian, and TransUnion have been"Oxford Industriesreportedand provided a conservative outlook for Q32. WALL STREET CALLS:Shellto Overweight at Morgan Stanley, saying the share concerns are being addressedBairdSonidaon favorable senior housing backdropBairdDuluth Holdingsto Neutral from OutperformCanaccordUiPathto Hold from BuyAmbarellato Hold from Buy at Craig-Hallum3. AROUND THE WEB:Netflixhas raised prices for U.K. plans, Deadline reportsA judge has rejected Altria'sclaim that the U.S. International Trade Commission's patent-based import investigations are unconstitutional, Bloomberg reportsEarly production of Apple'sfoldable iPhone is currently restricted to only a "few hundred" units per day, Nikkei saysThe U.S. Federal Communications Commission has asked a court to toss out Disney'slawsuit looking to prevent the agency's early review of licenses for its eight company-owned ABC stations, Reuters saysBlue Owl Capitalis seeking to create a real estate investment trust for data centers and take it public, Bloomberg reports4. MOVERS:Samsaragained after, providing guidance for Q3, and increasing its outlook for FY27UMCincreased in New York afterFranklin Resourceswas higher after reporting preliminaryGuidewirefell afterand providing guidance for Q1 and FY27Asanawas lower afterand reaffirming guidance for FY265. EARNINGS/GUIDANCE:Concrete Pumpingand raises guidance for FY26Torrid, with EPS beating consensusZscaler, with CEO Jay Chaudhry calling AI "one of the most significant opportunities in Zscaler's history"DocuSignand provided guidance for Q3 and FY27Planet Labsand raised its outlook for FY27INDEXES:The Dow fell 271.86, or 0.51%, to 53,414.25, the Nasdaq lost 77.07, or 0.29%, to 26,506.99, and the S&P 500 declined 29.11, or 0.38%, to 7,718.60.
Major Averages Broadly Lower as Jobs Report Impacts Markets
The major averages were broadly lower near noon, curtailing some of yesterday's sharp gains as traders react to the August jobs report, which could play a major role in determining whether the Federal Reserve raises interest rates later this month.The August jobs report came in much stronger than expected, with nonfarm payrolls rising 162,000, well above the roughly 55,000 consensus estimate and a sharp rebound from July. The unemployment rate held at 4.1%, while labor-force participation edged up to 61.6%, suggesting the labor market remains more resilient than the weak July report had indicated. Treasury yields rose following the report, with the two-year yield reaching its highest level since January 2025.Meanwhile, President Donald Trump took to Truth Social after the report came out, suggesting the "great" jobs report should lead to lower interest rates. "We should have the LOWEST RATE of any country in the World, like 'the old days,'" he said.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Lululemonreportedand cut its FY26 earnings outlookTeslashares were lower following the company's, with Wells Fargo saying the event likely fell short of investor expectationsAdobeannounced that Anil Chakravarthy, president of Adobe's Customer Experience Orchestration business and worldwide field operations, will become Adobe'sEquifaxand TransUnionwere slipping after Bill Pulte, the U.S. Director of Federal Housing, stated in a post last night to X: "Equifax, Experian, and TransUnion have been"Oxford Industriesreportedand provided a conservative outlook for Q32. WALL STREET CALLS:Shell (SHEL)to Overweight at Morgan Stanley, saying the share concerns are being addressedBairdSonidaon favorable senior housing backdropBairdDuluth Holdingsto Neutral from OutperformCanaccordUiPathto Hold from BuyAmbarellato Hold from Buy at Craig-Hallum3. AROUND THE WEB:Early production of Apple'sfoldable iPhone is currently restricted to only a "few hundred" units per day, Nikkei saysNotre Dame alumni and fans have been divided by a deal with SoFi, which will see athletes in all sports wearing the company's logo near the shoulder of their jerseys, NYT reportsThe U.S. Federal Communications Commission has asked a court to toss out Disney'slawsuit looking to prevent the agency's early review of licenses for its eight company-owned ABC stations, Reuters saysMany Starbuckscustomers are complaining on Reddit and store sites about the company's new chai formula, as well as signing petitions to bring back the original, following a menu refresh, WSJ reportsBlue Owl Capitalis seeking to create a real estate investment trust for data centers and take it public, Bloomberg reports4. MOVERS:Samsaragains after, providing guidance for Q3, and increasing its outlook for FY27UMCincreases in New York afterFranklin Resourceshigher after reportingas of August 31Guidewirefalls afterand providing guidance for Q1 and FY27Asanalower afterand reaffirming guidance for FY265. EARNINGS/GUIDANCE:Concrete Pumpingand raises guidance for FY26Torrid, with EPS beating consensusZscaler, with CEO Jay Chaudhry calling AI "one of the most significant opportunities in Zscaler's history"DocuSignand provided guidance for Q3 and FY27Planet Labsand raised its outlook for FY27INDEXES:Near midday, the Dow was down 283.45, or 0.53%, to 53,402.66, the Nasdaq was down 101.79, or 0.38%, to 26,482.27, and the S&P 500 was down 28.19, or 0.36%, to 7,719.52.
Stock Futures Slightly Higher Amid High Oil Prices
Stock futures are slightly higher as investors balance easing Treasury yields against renewed geopolitical tensions in the Middle East and elevated oil prices.The conflict involving the U.S. and Iran featured new attacks around the Persian Gulf, pushing crude prices sharply higher. Oil has since pulled back from its overnight highs, but Brent remains around $95-$97 a barrel and WTI around $91-$93, keeping inflation concerns firmly in focus.The 10-year Treasury yield has slipped after approaching multi-year highs, while the dollar has also weakened. Lower yields are helping support equities, particularly growth and technology stocks, although the market remains highly sensitive to additional moves in oil.In pre-market trading, S&P 500 futures rose 0.18%, Nasdaq futures rose 0.01% and Dow futures rose 0.45%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Principal Financialup 5% after Korea Economic DailySamsung Life is seeking to acquire a 15% stake in the companyUP AFTER EARNINGS -Snowflakeup 24%Netskopeup 13%Duluth Holdingsup 11%Genescoup 7%Five Belowup 5%Cienaup 2%DOWN AFTER EARNINGS -Victoria's Secretdown 16%Campbell'sdown 6%HPEdown 4%Broadcomdown 3%Wileydown 2%LOWER -Ultragenyxdown 46% after reporting its Phase 3 Aspire study for apazunersen in Angelman syndrome did not achieve the primary endpointAdvasa Holdingsdown 11% after Katharyn Field formally resigned her position as CFOModernadown 2% after Rothschild & Co Redburn downgraded the stock to Sell from Neutral with a price target of $81, up from $40
Company Reports Q2 Revenue of $121.39M, Beating Expectations
Reports Q2 revenue $121.39M, consensus $119.9M. EPS includes a 44c impact from tariff refunds. Inventory was down $22.9M or 15.5% vs. last year. President and CEO Stephanie Pugliese stated, "Our second quarter performance demonstrates strong execution of our operational priorities, inventory discipline, and successful promotional reset. By combining gross margin expansion with effective inventory management, we have delivered another quarter of improved profitability and free cash flow. Our core products continue to lead the way with customers responding favorably to our high-quality, solution-based workwear."
Raises FY26 Adjusted EBITDA Outlook to $38M-$42M
Raises FY26 adjusted EBITDA view to $38M-$42M from $28M-$32M. Backs FY26 capital expenditures view $12M. Pugliese added, "As we enter the second half of the year, we are excited about our enhanced product offering including our new Hellbent work pants, No Quit utility shirts, and Heirloom prints. We remain focused in advancing our 'Build to Last' strategy, maximizing channel productivity, and consistently delivering an exceptional customer experience."
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