U.S. date: Thursday, September 3, 2026
Location: New York, USA — EDT (Eastern Daylight Time).

Wall Street started Thursday with a clear change in mood.

After a difficult stretch driven by rising oil prices, higher Treasury yields and fears about another Federal Reserve rate increase, U.S. stocks moved higher during the morning session.

Between roughly 10 AM and 11 AM Eastern Time, buyers remained active.

The important message for traders was simple:

Stocks were bullish, Treasury yields were easing, but oil was still creating risk.

U.S. Market Data: 10–11 AM ET

Market / Asset	Morning Reading	Direction	Trader View
Dow Jones	Around +0.7%	↑	Bullish
S&P 500	Around +0.5%	↑	Bullish
Nasdaq Composite	Around +0.7%	↑	Strong
Russell 2000	Around flat to slightly higher	→ / ↑	Mixed
10-Year Treasury Yield	Around 4.74–4.75%	↓	Positive for stocks
WTI Crude	Above $91	↑	Inflation risk
Brent Crude	Above $95	↑	Major risk
Market Mood	Risk-on	↑	Buyers active

The exact numbers moved during the morning. Reuters later reported the Dow up 1.16%, S&P 500 up 0.98% and Nasdaq up 1.29% as the rally strengthened.

Why Did U.S. Stocks Rise?

The biggest reason was the Federal Reserve.

Fed Governor Christopher Waller indicated that he could support keeping interest rates unchanged in September if upcoming inflation data confirms that price pressures are cooling.

That was important because traders had recently become worried that high oil prices could push inflation higher and force the Fed toward another rate increase.

After Waller’s comments, market expectations for a September rate hike dropped from roughly 63% to around 50% according to CME FedWatch data cited by Reuters.

For stock traders, that was welcome news.

Treasury Yields Gave Stocks Some Breathing Room

The 10-year Treasury yield fell to around 4.75%.

That matters because high bond yields can make stocks, particularly expensive growth and technology stocks, less attractive.

When yields decline, investors often become more comfortable taking risk.

That helped the Nasdaq lead the morning rally.

Reuters reported that the 10-year Treasury yield fell about 3.6 basis points to 4.758%.

Technology Stocks Take the Lead

Technology was one of the strongest parts of the market.

Large technology companies helped push the Nasdaq higher, while investors also reacted to corporate earnings.

Snowflake was one of the biggest winners, surging more than 20% after stronger-than-expected results and an upbeat outlook.

On the other side, Broadcom fell after its forward revenue outlook failed to satisfy the very high expectations surrounding AI-related businesses.

This creates an important lesson for traders:

A bullish Nasdaq does not mean every technology stock is a buy.

Stock-specific earnings and guidance still matter.

Oil Is Still the Biggest Warning

The market has another story running in the background.

Oil prices continued moving higher.

Brent crude was above $95 per barrel, while WTI was above $91 during the morning.

The increase was linked to continuing Middle East tensions and concerns about oil supplies.

For traders, high oil prices create a difficult chain reaction:

Oil ↑ → gasoline costs ↑ → inflation pressure ↑ → Fed pressure ↑ → interest rates stay higher → stocks face pressure.

That is why today’s rally cannot be viewed as completely risk-free.

What Does Bullish Mean Today?

When traders say the U.S. market is bullish, they simply mean buyers are currently stronger than sellers and major indexes are moving higher.

Today’s market showed several bullish signs:

• Dow moving higher
• S&P 500 gaining
• Nasdaq outperforming
• Treasury yields falling
• Technology stocks attracting buyers
• Fed rate-hike expectations cooling

But bullish does not mean stocks can only go up.

The trend can change quickly if oil spikes, Treasury yields reverse higher or economic data surprises investors.

Trader’s 10–11 AM Checklist

For someone watching the market during this period, five signals were especially important.

1. Watch the S&P 500

If the S&P 500 holds its morning gains, the bullish trend has better confirmation.

A sharp reversal would be a warning.

2. Watch Nasdaq

Nasdaq leadership is positive because it shows investors are willing to take risk.

If technology begins giving back its gains, traders should become more cautious.

3. Watch the 10-Year Treasury

This may be one of the most important signals today.

Yield falling = generally supportive for stocks.

Yield rising sharply = possible pressure on growth stocks.

4. Watch Oil

Oil is the market’s biggest outside risk.

If Brent continues toward $100, inflation concerns could quickly return.

5. Watch the Fed

Today’s rally is partly based on expectations that the Fed may not raise rates in September.

That expectation can change when new inflation and employment data arrive.

Should Traders Chase the Rally?

This is where discipline matters.

A market that is suddenly up around 1% can tempt traders to buy simply because prices are moving higher.

That can be dangerous.

Instead, traders should ask:

Is the market holding the gains?

If indexes continue higher after the opening move, market strength is more convincing.

If stocks rise early and then reverse sharply, the morning rally may have been temporary.

The goal is not to buy every green candle.

The goal is to identify whether the buying pressure is actually lasting.

What About Energy Stocks?

Oil prices remain favorable for many energy companies.

When crude prices rise, producers can potentially benefit from stronger selling prices.

But traders should not assume that every energy stock will automatically rise.

Company earnings, production costs, debt and broader market sentiment still matter.

What About Small-Cap Stocks?

The Russell 2000 was not showing the same strength as the Nasdaq during the morning.

That is worth watching.

A truly broad risk-on market usually benefits more than just large technology companies.

If small caps begin participating more strongly, it could provide additional confirmation that investors are becoming comfortable with risk.

The Bullish Scenario

The bullish setup becomes stronger if:

Stocks continue higher

• Treasury yields remain controlled
• Oil stops climbing
• Technology continues leading
• Fed rate-hike expectations remain lower

That combination would give Wall Street a healthier environment.

The Warning Scenario

The situation changes if:

Oil jumps sharply

• Treasury yields rise
• Nasdaq reverses
• Fed rate-hike expectations increase

That combination could put pressure back on stocks.

The Next Big Market Test

Friday’s U.S. employment report is one of the biggest events for traders this week.

The jobs data could influence expectations about the Federal Reserve’s next interest-rate decision.

A weaker labor market could strengthen expectations for a more patient Fed.

A very strong jobs report, especially alongside elevated oil prices, could revive concerns about inflation and higher interest rates.

Investors are therefore watching economic data very closely.

Bottom Line for U.S. Traders

The 10–11 AM ET market picture on September 3, 2026 was bullish.

The strongest positive signals were:

Stocks ↑

Nasdaq leadership ↑

Treasury yields ↓

Fed rate-hike expectations ↓

But there was one major problem:

Oil remained high.

That means traders should respect the bullish trend without becoming overconfident.

The simple market equation today is:

Lower yields + softer Fed expectations = bullish for stocks.

But:

Higher oil + higher inflation = risk for stocks.

For today’s session, keep watching S&P 500, Nasdaq, Treasury yields, oil prices and Fed expectations together.

The market is giving buyers an advantage right now, but the next move will depend on whether that strength can survive the oil and inflation risks.

Trade the setup—not the emotion.

This article is for general educational and informational purposes only and is not individualized investment advice. Trading and investing involve risk, including possible loss of money.

Sources

• Federal Reserve — Christopher Waller, September 3, 2026 — Economic outlook and monetary-policy comments. (Federal Reserve)
• Federal Reserve — Official Website — Federal Reserve policy, economic data and official releases. (Federal Reserve)
• NYSE — September 3, 2026 Market Update — U.S. equity-market conditions and market commentary. (New York Stock Exchange)
• Nasdaq — Market Data — Nasdaq market and stock data. (Nasdaq)
• NYSE — Real-Time Market Data — NYSE real-time quotes and trading data. (New York Stock Exchange)

Source note: Market prices can change throughout the trading session. Data and analysis should be read with the stated U.S. Eastern Time timestamp.