Market Movers

S&P 500 — daily market movers

Macro backdrop

Indices fell. The S&P 500 dropped roughly 0.7% (Nasdaq -1.0%, Dow -0.8%) on Tuesday, September 1, 2026, as fresh U.S. strikes near the Strait of Hormuz sent oil up 3-5% and pushed the 10-year Treasury yield to about 4.8%, its highest level in over a year. The resulting risk-off, rate-sensitive selloff hit high-multiple growth and software names hardest. A softer-than-expected ISM Manufacturing PMI reading (54.6, down from 55.6) added to the cautious tone.

Top 10 gainers

  • 1. MRNA+9.93%
    Moderna, Inc.
    Develops and manufactures mRNA-based vaccines and therapeutics for infectious disease and oncology
    Continued buying following the Aug 19 Phase 3 readout showing Moderna and Merck's personalized melanoma cancer vaccine (mRNA-4157) plus Keytruda cut recurrence risk, extending enthusiasm for Moderna's oncology pipeline.
  • 2. EIX+8.93%
    Edison International
    Holding company for Southern California Edison, a regulated electric utility
    Rebounded from an Aug 31 plunge after California lawmakers rejected a wildfire-liability shield bill; the move looks like an oversold, short-covering bounce rather than genuinely positive news.
  • 3. PCG+5.95%
    PG&E Corporation
    Holding company for Pacific Gas & Electric, a regulated Northern California utility
    Bounced alongside EIX after its own wildfire-bill-driven selloff and fresh analyst downgrades, consistent with value buying off 52-week lows rather than new good news.
  • 4. HPQ+4.33%
    HP Inc.
    Manufactures personal computers, printers and related supplies for consumer and commercial markets
    Likely continued momentum after HP's Aug 28 fiscal Q3 earnings beat and raised guidance on AI-PC shipment growth.
  • 5. CF+4.28%
    CF Industries Holdings, Inc.
    Produces and distributes nitrogen fertilizer products for agricultural and industrial customers
    No company-specific news found; likely rode a sector-wide grain and fertilizer rally driven by fresh Chinese soybean purchases and weak U.S. crop ratings.
  • 6. BG+4.16%
    Bunge Global SA
    Global agribusiness that processes and trades oilseeds, grains and other agricultural commodities
    Agreed to sell two Brazilian sugarcane mills to COFCO International, plus a tailwind from the same grain-price rally that lifted ADM and CF.
  • 7. HWM+4.06%
    Howmet Aerospace Inc.
    Manufactures engineered metal forgings, castings and fasteners for aerospace and industrial turbines
    Likely dip-buying after a recent pullback left shares oversold, plus optimism that AI-data-center power demand will sustain industrial gas-turbine orders.
  • 8. DLTR+4.04%
    Dollar Tree, Inc.
    Operates discount variety retail stores selling general merchandise at low fixed price points
    No Sept 1-specific catalyst found; likely a continuation of an existing analyst upgrade cycle from July-August on improving foot traffic and tariff-driven pricing power.
  • 9. ADM+4.01%
    Archer-Daniels-Midland Company
    Processes and trades agricultural commodities including grains, oilseeds and food ingredients globally
    Coincided with the broad Sept 1 grain-price rally that also lifted BG and CF; no ADM-specific news was identified.
  • 10. CVS+3.93%
    CVS Health Corporation
    Operates retail pharmacies, health insurance (Aetna) and pharmacy-benefit management services
    Jefferies reiterated a Buy rating and named CVS its top large-cap healthcare-services pick, citing Aetna's Medicare Advantage margin recovery and expected buyback resumption.

Common Themes

No single theme ties all ten gainers together. The clearest cluster is agriculture: ADM, BG and CF all likely benefited from a September 1 grain-price surge driven by Chinese soybean buying and weak crop ratings. EIX and PCG form a second, unrelated cluster — both are California utilities bouncing off an August 31 wildfire-liability-driven selloff rather than rallying on genuinely new good news. The rest (MRNA, HPQ, HWM, DLTR, CVS) moved on idiosyncratic, unconnected catalysts — trial data, post-earnings drift and analyst notes. Notably, the broad market fell that day, so these gains reflect stock- and sector-specific rotation rather than a market-wide risk-on move.

Top 10 losers

  • 1. AXON-8.52%
    Axon Enterprise, Inc.
    Makes TASER conducted-energy weapons, body cameras and cloud software for law enforcement and public safety
    Likely tied to the yield spike compressing valuation on a premium growth stock, compounded by lingering concern from its Aug 5 earnings that flat EBITDA-margin guidance signals heavy reinvestment rather than margin expansion.
  • 2. CDNS-7.60%
    Cadence Design Systems, Inc.
    Sells electronic design automation (EDA) software used to design semiconductor chips
    No CDNS-specific news found for the day; likely fell with the broad rate-driven software selloff, layered on an unresolved overhang about open-source AI chip-design tools threatening EDA incumbents.
  • 3. IBKR-7.09%
    Interactive Brokers Group, Inc.
    Runs an electronic brokerage platform for trading stocks, options, futures and other securities
    UBS downgraded shares to Neutral from Buy, calling its roughly 39x trailing P/E excessive after a 47% one-year run, even while raising its price target.
  • 4. CRWD-6.90%
    CrowdStrike Holdings, Inc.
    Provides cloud-based endpoint detection and cybersecurity software
    Likely tied to the broad yield-driven growth-stock selloff plus profit-taking after a sharp post-earnings rally; looks more macro and technical than fundamental.
  • 5. DELL-6.80%
    Dell Technologies Inc.
    Makes servers, PCs, storage and enterprise IT infrastructure, including AI-optimized servers
    A 'sell the news' reaction to Q2 earnings: EPS and revenue beat estimates and guidance was raised, but free cash flow fell 47% year-over-year on rising AI-server capex.
  • 6. ODFL-6.48%
    Old Dominion Freight Line, Inc.
    Operates a less-than-truckload (LTL) freight trucking network across North America
    No ODFL-specific news found; likely tied to a soft ISM Manufacturing print (new orders declining) that stoked broader industrial and freight-demand concerns.
  • 7. COIN-6.01%
    Coinbase Global, Inc.
    Operates a cryptocurrency exchange and trading platform
    Bitcoin and Ethereum were roughly flat, so the drop looks driven by the Treasury-yield spike hitting this high-beta, rate-sensitive name harder than the broader market.
  • 8. CIEN-5.87%
    Ciena Corporation
    Makes optical networking hardware and software for telecom and data-center operators
    No specific news found; likely pre-earnings positioning ahead of its September 3 report, layered on lingering 'optics trade' valuation nerves and the day's rate-driven selloff.
  • 9. SNPS-5.63%
    Synopsys, Inc.
    Sells electronic design automation (EDA) software for semiconductor design and verification
    No SNPS-specific news found; likely moved with the same rate-sensitive software selloff and shares Cadence's overhang about open-source AI chip-design tools.
  • 10. DDOG-5.57%
    Datadog, Inc.
    Provides cloud monitoring and observability software for IT infrastructure and applications
    No DDOG-specific news found; likely part of the broad rate-driven repricing of high-multiple SaaS and software names that day.

Common Themes

Most of the list — AXON, CDNS, IBKR, CRWD, COIN, SNPS and DDOG — shares a clear macro driver: a spike in the 10-year Treasury yield to about 4.8%, its highest in over a year, triggered by an oil-price surge tied to Iran/Strait-of-Hormuz tensions and rising Fed rate-hike odds, which compressed valuations on high-multiple, high-beta growth and software names market-wide. DELL and CIEN look more idiosyncratic — a "sell the news" earnings reaction and pre-earnings positioning, respectively — while ODFL's driver is the least clear, possibly tied to a soft ISM print rather than a distinct company catalyst.

Overall read

Money did not broadly rotate into one new theme today — it moved out of rate-sensitive, high-multiple growth and software names (crypto, cybersecurity, EDA, brokerage) as yields spiked, while flowing into a mix of oversold utilities (EIX and PCG bouncing off a wildfire-liability selloff), a grain and agribusiness pocket (ADM, BG, CF) riding a commodity rally, and a handful of idiosyncratic earnings- or trial-driven winners (MRNA, HPQ, CVS). The pattern looks more like short-term mean-reversion and stock-picking than a durable sector rotation.

Sources