The S&P 500 gained 0.46% on September 2, 2026, as technology stocks rebounded and investors digested softer-than-expected jobs data that eased concerns about the strength of the U.S. labor market. The Nasdaq Composite climbed 0.45%, following a three-day losing streak for major indexes.
The rally was powered by a strong earnings report from Dell Technologies, which surged 15.8% after reporting adjusted earnings per share of $7.04, well above the consensus estimate of $4.91. The company also raised its full-year profit and revenue guidance, citing strong demand for artificial intelligence servers.
The market’s positive response came after the ADP National Employment Report showed that U.S. private-sector employment increased by just 38,000 jobs in August, trailing the Dow Jones consensus estimate of 47,000. The weaker-than-expected jobs figure suggested hiring has slowed, which some investors interpreted as reducing the likelihood of aggressive interest rate increases by the Federal Reserve.
The AI boom has been the key driver behind the S&P 500’s gains throughout 2026. Nvidia’s strong earnings earlier in the week had boosted tech stocks, and Dell’s results reinforced the narrative that technology companies are capitalizing on enterprise spending related to artificial intelligence infrastructure and services.
The broader market had endured headwinds in recent days, with geopolitical tensions in the Middle East and rising Treasury yields pressuring equities. The softer labor market data eased some of that pressure by suggesting the economy may be cooling, which could prompt the Fed to take a more cautious approach to monetary policy. Earlier concerns about AI valuations and geopolitical risks had weighed on tech stocks, but Wednesday’s session marked a shift in sentiment as investors returned to the sector.
The S&P 500 is up 12.3% year-to-date, putting it on track for a fourth consecutive year of gains. Broadcom’s fiscal third-quarter earnings report, released after market close, provided additional perspective on the health of the chip and AI infrastructure industries, with the company guiding fourth-quarter revenue to $34.8 billion.
Sources
- Yahoo Finance — S&P 500 close at 7,666.60, up 35.13 points or 0.46% on September 2, 2026
- Yahoo Finance / Facebook — Nasdaq Composite close at 26,217.83, up 118.05 points or 0.45% on September 2, 2026
- ADP Media Center — ADP National Employment Report showing private-sector employment increased by 38,000 jobs in August
- Yahoo Finance / Morningstar — ADP August private-sector job creation of 38,000 trailed the Dow Jones consensus estimate of 47,000
- MarketBeat / Reuters — Dell Technologies shares jumped 15.8% after reporting quarterly EPS of $7.04, well above $4.91 consensus estimate, and raising full-year guidance
- Pittsburgh Post-Gazette — AI boom as key driver behind S&P 500 gains; Dell’s 15.8% gain as biggest among S&P 500 stocks
- Reuters — Dell advanced 15.8% after raising annual profit and revenue forecast
- MarketWatch — S&P 500 up 12.3% year-to-date, on track for fourth consecutive year of gains
