On the first trading day of September, indexes opened much lower, but main indexes still held short-term key support. SPY dropped to around the suggested $635 level (actual low 634.92) and then rebounded. In pre-market, the gap was fully filled. If at the open SPY can move quickly above $643–644, bulls may regain control. The next target would be the previous high area. Below this zone, bears still hold the short-term advantage.
At 10:00 AM, July new jobs data will be released. At 2:00 PM, the Fed Beige Book will be published. Both may guide intraday market direction.
A court ruled that GOOGL does not need to sell Chrome, only share data with competitors. This avoided the worst case. Pre-market, the stock rose 7% and hit a new all-time high. AAPL rose 4% pre-market.
Retailer DLTR beat earnings, but next-quarter guidance was weaker due to higher tariff costs. Stock fell 7%. M reported same-store sales growth for the first time. Stock rose 13%. Other stocks showed mixed moves, mostly small.
Focus remains on leading AI stocks that corrected earlier. MSFT, META, PLTR, NVDA, AMD and others have consolidated near mid-term support for a long time. They need to stop falling and rebound quickly.
Just before market open, the indexes and many stocks are stuck at key resistance levels. AAPL needs to break $235 to move higher. GOOGL already broke above the long-term trend channel around $220 pre-market. Intraday resistance is near $230. A drop back under $220 would mean pullback.
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