Closing Bell Overtime 9/2/26

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**Michael Santoli** (0:56)
Bell is bringing an end to the trading day at the NYSE Metafast, ringing the closing bell, and at the NASDAQ SL Science closing out the trading day. Welcome to Closing Bell Overtime, live from Studio B at the NASDAQ market site. I'm Mike Santoli. Melissa Lee is off. Stock's moving higher after three straight days of losses. The Dow adding nearly 300 points, the S&P 500 up half a percent, the NASDAQ composite and the 100 with gains as well. Stock's getting a bit of a reprieve from oil and treasuries today. Oil still was just slightly higher. The 10-year yield down a bit, but early in the day got as high as 4.82 percent. That was its highest since November of 2023 Much more on the markets coming up. And another big hour of earnings as well. Broadcom, Snowflake and Hewlett-Hackard Enterprise, all are due out in minutes. But let's begin with a look at the stocks and sectors making big moves that it Christina Parchment. Let's hear with those, Christina.

**Christina Parchment** (1:50)
Well, NVIDIA led the way. The chip maker climbed roughly 3% on report as closing in on Hugging Face, which is the hub for open source AI and a deal that could total around 14 billion with a billion dollar package to keep its people. Bloomberg says nothing's signed yet. Reached out to NVIDIA, haven't heard anything back about this, which means maybe something's up. That read through lifted the broader chip trade, helped also by Dell's Beat and Raise just yesterday. Another sign, the AI data center build just really isn't slowing. The next test will land in just the next few minutes, which is HPE and Broadcom. Cybersecurity though went in the other direction. Palo Alto Networks was the worst stock in the S&P 500, down roughly 9%.
It beat and raised guidance, but gross margins slipped its cloud cost climb. And on a stock this richly valued, that was enough to drag it down. CrowdStrike, Fortinet, also down with it in sympathy. Uber, switching gears completely, said it is cutting roughly about 10% of its workforce, just over 3,000 jobs. Its biggest reduction since the pandemic with management. A ranks trimmed roughly 20%. So that's where a lot of the job cuts car as it braces for a robo taxi. Future stock though, you could see almost 2% higher. So still in the green. And the green also showed up where you might not necessarily expect it. Comm services, communication services and materials, both ended the day up more than 1% with almost all of their constituents higher on the day. Reddit, Charter, you can see Reddit up over 9%.
Charter led comms, while Steel Dynamics and Newcore led in material, which overall is a welcome shift. Yesterday was the market's worst start to a month all year. September 1st had more lows than any selloff since May. One day later, the green came back.

**Michael Santoli** (3:28)
It is interesting. There's been some wear and tear below the surface. And I think also, you have more months down than up, yet the market is up solidly for the year. So it's coming in spurts. You mentioned NVIDIA leading the way, obviously a little bit headline driven, going off of the earnings last week. It sometimes works against the rest of semis, or at least it sort of acts as a maybe defensive quality play within semiconductors.
You saw a little bit of that today. Not every semiconductor stock participated.

**Christina Parchment** (3:57)
And you've seen that for the last several months, the divergence between NVIDIA and then all of the other chips. NVIDIA being used as a source of funding for whatever higher rated stock there might be or whatever bonus they might get through the earnings cycle. And so maybe today is that reversal. Will that hold? On the technical standpoint, I was reading one note just saying that yes, NVIDIA has really hit the threshold with that 70% growths revenue target is helping. But overall, I know you talked about it with Scott in the last hour, yields, the 10-year yield really playing a big part in just the sell-off that we're seeing in tech. Momentum basket, there was many notes about that this morning just speaking about how you've really seen a reversal in down to the July lows near situational awareness when that blew up.