Why Are Three Major US Stock Index Futures Under Pressure to Start September? Nvidia, Apple, Tesla, Micron in Focus

TradingKey - On the first trading day of September, US stock futures all moved lower in pre-market trading. As of press time, Dow Jones Industrial Average futures fell 0.55%, S&P 500 futures fell 0.57%, and Nasdaq 100 futures slipped about 1.05%. Rising oil prices, higher US Treasury yields, and escalating Middle East tensions significantly dampened market risk appetite.

[Source: CME Group]

As US stocks came under pressure, Nvidia (NVDA), Apple (AAPL), Tesla (TSLA), and Micron (MU) became the focus of market attention, with Micron falling over 2% in pre-market trading due to strike threats from a union in Taiwan.

The weak start to September was also influenced by seasonal factors. According to Dow Jones Market Data, the S&P 500 Index has posted an average net return of around -0.6% to -0.72% in September since 1950, making it the weakest month of the year.

On the macro front, investors are awaiting the US August non-farm payrolls report to be released on September 4. The US Bureau of Labor Statistics has confirmed that the August employment report will be released on September 4 at 8:30 a.m. Eastern Time. Employment, wage, and unemployment rate data will serve as crucial indicators for the market to gauge the Federal Reserve's subsequent policy moves.

Nvidia Partners With Lambda in $35 Billion Cloud Computing Deal

According to The Wall Street Journal, Anthropic has signed a cloud computing agreement worth approximately $35 billion with Nvidia-backed AI cloud provider Lambda.

Lambda will use a data center developed by Hut 8 (HUT) in Nueces County, Texas, to provide computing power, while Nvidia had previously reached an agreement with Hut 8 to lock in the data center's capacity and holds related leasehold interests, while supplying GPUs to Lambda. The facility's planned capacity reaches up to 700 megawatts. As of press time, Hut 8 was up about 1.6% in premarket trading.

The deal indicates that Nvidia is expanding beyond being a mere GPU supplier to delve deeper into AI data center financing, compute leasing, and cloud service infrastructure systems.

Apple: Cook Steps Down, Ternus Takes Over

On September 1, John Ternus officially succeeded Tim Cook as Apple's CEO, with Cook transitioning to executive chairman. Cook had served as CEO since 2011, overseeing substantial growth in Apple's revenue, profit, and market capitalization during his tenure; Reuters reported that Apple's market capitalization has expanded from approximately $350 billion when Cook took office to about $4.5 trillion.

Meanwhile, new developments have emerged in the trade secret lawsuit between Apple and OpenAI. Apple submitted supplementary filings to a U.S. court, accusing former Apple engineer and current OpenAI employee Chang Liu of downloading and using confidential Apple circuit designs, and further alleging that the individuals involved may have engaged in the spoliation of evidence. OpenAI denied the allegations and is seeking to dismiss the lawsuit.

On the product front, Apple has officially confirmed that it will hold its autumn special event at 10 a.m. U.S. time on September 9, with the market expecting new iPhone products to be the centerpiece of the event.

Notably, this special event will also mark the global debut of new CEO John Ternus after taking office, with Wall Street closely focused on his latest deliverables for the Apple Intelligence hardware ecosystem.

Tesla Faces Test After August Surge as Cybercab Event Nears

Tesla, which accumulated a gain of over 18% in August, faced profit-taking pressure on the first trading day of September. As of press time, Tesla was down about 1.18% in pre-market trading.

The Cybercab launch event on September 3 has drawn significant market attention. Designed from the outset without a steering wheel, pedals, or side mirrors, the Cybercab model relies entirely on the FSD system to operate. According to media reports, the event is invitation-only, and invitees can watch via the official livestream.

Ahead of the launch event, Tesla has recently continued to expand its Robotaxi operating area. Industry tracking data shows that the Robotaxi operational footprint in Austin has expanded to approximately 264 square miles, and the number of Cybercab-related vehicles continues to grow.

On valuation, Wedbush analyst Dan Ives maintained a $600 price target, with the core rationale being that FSD, Robotaxi, and Optimus could drive Tesla's transformation from an automaker into a physical AI platform.

Micron: Taiwan Union Threatens Strike

Two major unions of Micron Technology in Taiwan recently threatened strike action. The two unions have a total of about 10,000 members in Taoyuan and Taichung, accounting for two-thirds of Micron's roughly 15,000 local employees; the unions stated that in an internal survey in August, over 80% of participating members supported a strike.

The unions are demanding reforms to the current bonus system and proposing a scheme with more of a profit-sharing nature. Micron responded that performance bonuses this year will hit a record high, stating it will continue to communicate with employees through existing channels.

Since Taiwan is Micron's largest manufacturing hub globally, producing products such as DRAM and HBM, a large-scale, prolonged strike could disrupt the supply of certain memory chips if it ultimately occurs.

Summary

In early September, market focus was primarily centered on three main themes: U.S. nonfarm payrolls data on September 4, Tesla's Cybercab event on September 3, and Apple's fall launch event on September 9.

In the short term, U.S. Treasury yields, oil prices, and the situation in the Middle East are heightening market volatility, while employment data will further influence investors' judgment on the Federal Reserve's policy path.

Meanwhile, investment in AI infrastructure continues to accelerate. Anthropic's $35 billion cloud computing agreement with Lambda, along with labor disputes at Micron Technology in Taiwan, show that competition in the AI industry chain has extended from chips to computing power, electricity, and supply chain stability.