S&P 500 rises 0.46% to 7,666.60 as Dell's record AI backlog offsets a second day of software selling
S&P 500 close: 7,666.60 (+0.46%) Sentiment: mixed
The S&P 500 closed at 7,666.60 on 2 September 2026, up 0.46%, with the entire gain sourced outside technology: XLK.US finished at -0.02% as semiconductor strength cancelled a second consecutive software decline. DELL.US rose 15.81% to $492.20 after booking a record $60.9 billion of quarterly AI server orders and lifting its FY27 revenue outlook by $25 billion to $192 billion. The US 10-year held at 4.80%, the level behind Tuesday's 0.71% index fall, keeping pressure on the highest-multiple software names for a second session.
What moved the index
The S&P 500 gained 46 basis points on 2 September 2026 while its largest sector finished flat, so the advance came from the other ten sectors.
- Technology cancelled itself out: SMH.US +0.96% against IGV.US -2.60% left XLK.US at -0.02%, worth close to zero of the 46 bps despite technology carrying the largest index weight. AI hardware supplied the positive half, NVDA.US +3.21%, ORCL.US +3.13% and MU.US +2.43%.
- Dell reset the AI hardware bid: DELL.US +15.81% on record revenue of $47 billion, up 58% year over year, adjusted earnings of $7.04 per share and a $95 billion order backlog. HPQ.US +2.14% and HPE.US +1.89% followed it up.
- Software fell for a second straight session: IGV.US -2.60% after -3.46% on 1 September, with PANW.US -9.28%, MDB.US -13.54%, CRDO.US -20.04% and DDOG.US -6.53%. All three of those reporters beat consensus and sold off anyway.
- The remaining sectors supplied the gain: XLB.US +1.69%, XLC.US +1.39%, XLF.US +0.80%, XLV.US +0.75% and XLE.US +0.51%.
Breadth ran ahead of the index: the Russell 2000 rose 1.13% and regional banks at KRE.US gained 2.23% against the S&P's 0.46%, while the VIX fell 6.98% to 15.20. With technology contributing nothing, that two-to-one small-cap lead accounts for the residual.
Session highlights
- NVDA.US +3.21% to $224.41 was the largest positive contributor among the thirty biggest US companies by market value, and PLTR.US -5.81% to $169.46 the steepest fall in that group.
- IGV.US -2.60% sat below all eleven GICS sector ETFs for a second day, while GDX.US +3.13% sat above every one of them.
- HACK.US -2.21% marked a third straight decline for the cybersecurity group on the same day VRNS.US rose 10.41% on a takeover approach.
- 4.80% on the US 10-year is unchanged from Tuesday's close, removing the rate impulse that drove the 1 September selloff and leaving Wednesday's software weakness on company results.
- MSFT.US -0.84% and AVGO.US -0.66% kept the Nasdaq's 0.45% gain behind the Dow's 0.56%.
Sector scorecard
- Best: Materials, XLB.US +1.69%
- Worst: Real estate, XLRE.US -0.70%
- Dispersion (best minus worst): 2.39 points
- Technology held the widest internal spread of the session: SMH.US +0.96% against IGV.US -2.60%, a 3.56 point gap inside a sector that closed at -0.02%.
Top movers
| Ticker | Move | Reason |
|---|---|---|
| DELL.US | +15.81% | Record $60.9 billion AI server orders, $95 billion backlog, FY27 outlook raised $25 billion |
| MLYS.US | +13.57% | Unannounced, likely flow-driven. |
| ASTS.US | +11.83% | Berenberg initiated coverage; BlueBird satellites 11 to 13 now in orbit |
| TARS.US | +11.76% | Unannounced, likely flow-driven. |
| VRNS.US | +10.41% | Bloomberg reported Thoma Bravo's Proofpoint in talks to acquire it |
| NLST.US | -22.67% | Federal Circuit voided core memory patent claims, handing Micron the win |
| CRDO.US | -20.04% | GAAP gross margin fell to 64.5% from 68.2% despite 115% revenue growth |
| MDB.US | -13.54% | Atlas revenue growth held at 29% for a fifth consecutive quarter |
| STDN.US | -11.47% | Unannounced, likely flow-driven. |
| PANW.US | -9.28% | Next-generation security ARR of $9.10 billion cleared consensus but not investor expectations |
After-hours earnings
SNOW.US reported after the 4:00pm ET close with revenue of $1.55 billion against $1.48 billion consensus and adjusted earnings of $0.62 per share against $0.45, product revenue of $1.49 billion above its own $1.42 billion guidance ceiling, and a raised full-year product revenue forecast. Shares were reported up about 20% in extended trade, having closed the regular session at -4.37%.
AVGO.US reported third-quarter revenue of $29.6 billion, up 86% from $15.95 billion a year earlier, with net income of $13.09 billion or $2.68 per share against $4.14 billion or $0.85. Fourth-quarter revenue guidance of $34.8 billion landed under consensus and the stock was reported down about 4% after the bell, having closed at -0.66%.
Notable announcements
- GTLB.US +9.98% on second-quarter revenue of $286.25 million, up 21% against $273 million consensus, adjusted earnings of $0.24 per share against $0.18, and FY27 revenue guidance lifted to a range of $1.129 billion to $1.133 billion.
- PANW.US reported after Tuesday's close with revenue of $3.41 billion, up 34%, and adjusted earnings of $1.02 per share against $0.98 consensus.
- MDB.US reported revenue of $772 million, up 30%, and adjusted earnings of $1.90 per share, beating on both lines and raising guidance.
- Gold at $4,434.30 an ounce, up 0.86%, and silver at $65.93, up 0.86%, took GDX.US to +3.13%, with HL.US +8.69%, EXK.US +8.69% and SBSW.US +7.72%.
- RDDT.US +9.31% and CHTR.US +8.74% led communication services to +1.39%, the second best sector of the session.
Next session catalysts (ET)
- Thu 3 Sep 08:30 Initial jobless claims for the week ended 29 August, plus the July trade balance
- Thu 3 Sep ISM services for August, consensus 54.5 against 54.1 prior
- Thu 3 Sep SNOW.US and AVGO.US trade the first full session on results released after Wednesday's close
- Fri 4 Sep 08:30 August employment situation, consensus around 50,000 to 55,000 non-farm payrolls with the unemployment rate at 4.1%
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