S&P 500 ends the week +0.09% as software drops 4.50% and payrolls lift hike odds to 58%
S&P 500 week close: 7,718.60 (+0.09%) Nasdaq Friday close: 26,506.99 (-0.29%) Sentiment: mixed
The S&P 500 finished the week to 4 September 2026 at 7,718.60, up 0.09%, while the IGV.US software ETF fell 4.50% and the Philadelphia semiconductor index rose 2.32%. CRDO.US lost 26.72% on the week after its 2 September quarter paired revenue growth of 115% to $479 million with thinner gross margins and heavier operating expenses. August payrolls of 162,000 on Friday, against a 53,000 consensus, lifted the odds of a September Fed hike to 58% from 49.4% and took the 2-year Treasury yield to 4.377%, its highest since January 2025.
The week on Wall Street
The S&P 500 closed at 7,718.60 on 4 September 2026, up 6.84 points or 0.09% from the 28 August close of 7,711.76, which followed a 0.49% gain the week before. The Nasdaq added 0.40% to 26,506.99, the Dow gave back 0.27% to 53,414.25, the Russell 2000 rose 0.11% to 2,975.65 and the VIX ended at 14.53, up 0.69%.
Fourteen US listings above $2 billion in market value fell more than 13% over the five sessions, while five rose more than 24%. Enterprise software took most of the selling: GWRE.US -21.10%, MDB.US -17.44%, ADSK.US -16.40%, PATH.US -16.31%, FIG.US -16.31%, CDNS.US -14.01% and SNPS.US -11.02%. Three of those seven beat on the quarter and fell anyway.
Memory names ran on NAND contract pricing: SNDK.US +17.17% and KXIAY.US +24.18%. AI datacentre power and compute names ran with bitcoin, which gained 2.76% to $79,978.89: IREN.US +26.04%, BE.US +19.97%, BTDR.US +19.96%, HUT.US +17.79%, CBRS.US +17.29%, CIFR.US +16.94% and RIOT.US +14.80%.
Sector scorecard (5-day)
Medians across the 500 largest US listings above $10 billion in market value, measured Friday to Friday.
- Best: Energy, median +1.72% across 40 names
- Healthcare +1.07% across 57 names and Financial Services +1.06% across 82 names took second and third
- Worst: Consumer Cyclical, median -2.90% across 36 names, dragged by LULU.US -16.72% and DASH.US -10.56%
- Consumer Defensive -1.40% and Basic Materials -1.38% filled out the bottom
- Technology sat at -0.08% across 95 names, with software and semiconductors pulling opposite ways inside that median
- Dispersion (best minus worst): 4.62 points
Top movers, week ending 4 September 2026
| Ticker | Week | Reason |
|---|---|---|
| SMMT.US | +28.22% | Partner Akeso reported ivonescimab beat Keytruda on overall survival |
| TARS.US | +26.51% | Bought Alkeus Pharmaceuticals on 4 September for $450 million |
| IREN.US | +26.04% | No company release in the week; AI compute names moved with bitcoin +2.76% |
| ASST.US | +24.84% | Added 1,800 bitcoin on 31 August to reach 23,156 held |
| KXIAY.US | +24.18% | NAND contract prices guided 10% to 15% higher quarter on quarter |
| CRDO.US | -26.72% | 2 September quarter beat on revenue, missed on gross margin and opex |
| GWRE.US | -21.10% | Q1 FY27 revenue guide of $372m to $378m came in about 3.3% under consensus |
| FICO.US | -19.18% | FHFA cleared all lenders to use VantageScore at Fannie Mae and Freddie Mac |
| EIX.US | -19.10% | California SB 492 passed 31 August without the subrogation ban or liability cap |
| MDB.US | -17.44% | Q2 EPS of $1.90 beat $1.61 and revenue of $772 million beat $734 million; sold off regardless |
Friday US session
- S&P 500: 7,718.60 (-0.38%)
- Nasdaq: 26,506.99 (-0.29%)
- Dow: 53,414.25 (-0.51%)
- Russell 2000: 2,975.65 (+0.25%)
- VIX: 14.53 (+1.47%)
GWRE.US fell 19.93% after guiding first-quarter revenue about 3.3% below consensus, FICO.US fell 16.68% after FHFA director Bill Pulte directed Fannie Mae and Freddie Mac to accept VantageScore from all lenders, LULU.US fell 17.38% on its quarter and PATH.US fell 16.63%.
The Philadelphia semiconductor index rose 3.38% on the same day, with SNDK.US +11.90%, KXIAY.US +10.41% and CBRS.US +10.30%. Memory makers had already reported and were generating cash; the names that fell were the ones priced on 2027 revenue.
Macro themes that played out
August nonfarm payrolls of 162,000 on 4 September beat the 53,000 consensus by a factor of three, the strongest monthly print since March. The unemployment rate held at 4.1% even as the labour force grew by 683,000, and average hourly earnings rose 0.3% to $37.75.
CME FedWatch pricing for a hike at the 15 to 16 September meeting went to 58% from 49.4% the day before. The 2-year Treasury yield rose more than 4 basis points to 4.377% and the 10-year ended the week at 4.784%, up 6.4 basis points across the five sessions. The dollar index did not follow, closing 0.54% lower at 99.157.
California closed its 2026 legislative session on 31 August with SB 492 stripped of both the insurer subrogation ban and the $6 billion per-incident liability cap that utility investors had priced in, and EIX.US fell 23% that Monday, its steepest single day in more than 25 years. PCG.US fell 13.86% on the week on the same bill. On Friday the FHFA opened Fannie Mae and Freddie Mac mortgage underwriting to VantageScore, and the scoring chain repriced together: FICO.US -16.68%, EFX.US -6.37% and TRU.US -5.93%.
Week ahead, Mon to Fri (ET)
- Mon 7 Sep: US stock and bond markets closed for Labor Day. No scheduled data.
- Tue 8 Sep: NFIB small business optimism for August at 6:00am; Treasury sells 3-year notes at 1:00pm; GME.US and TTAN.US report after the close.
- Wed 9 Sep: MBA mortgage applications at 7:00am; Treasury sells 10-year notes at 1:00pm; AAPL.US holds its annual iPhone event.
- Thu 10 Sep: August PPI and weekly jobless claims at 8:30am; existing home sales and wholesale inventories at 10:00am; Treasury sells 30-year notes at 1:00pm; ORCL.US and ADBE.US report after the close.
- Fri 11 Sep: August CPI at 8:30am; University of Michigan September preliminary confidence at 10:00am; Cleveland Fed August CPI at 11:00am; August federal budget at 2:00pm.
Friday's CPI is the last inflation print before the FOMC meets on 15 and 16 September, and it lands in a week shortened to four sessions by the holiday.
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