【US Pre-Market】US Treasury Yields Fall, Stock Futures Mixed; Cybercab Set to Debut, Snowflake Surges Over 24%

TradingKey - On Thursday, September 3, Eastern Time, futures on the three major U.S. stock indices were mixed in pre-market trading. Global bond yields pulled back from highs, while U.S. Treasuries extended their gains from the previous session, with the 10-year Treasury yield remaining largely steady near 4.77%. U.S. August ADP employment data came in below expectations, shifting market focus further toward Friday's nonfarm payrolls report to gauge the Federal Reserve's next monetary policy path.

Nasdaq 100 futures fell 0.08%, S&P 500 futures rose 0.06%, and Dow 30 futures rose 0.22%.

Source: Investing

In commodities, gold (XAUUSD) rebounded over 1%, reclaiming $4,400/oz; silver (XAGUSD) also rose over 1%, approaching $66/oz. U.S. August ADP employment increased by just 38,000, below market expectations of 47,000 and hitting the lowest level since January this year. The weak employment data drove U.S. Treasury yields down, providing support for precious metals prices.

International oil prices continued to rise, with WTI (USOIL) crude rising above $92/barrel and Brent crude (UKOIL) breaking above $97/barrel. The U.S.-Iran conflict escalated further, raising market concerns that Middle East crude production and transportation could continue to be affected.

In cryptocurrencies, Bitcoin (BTCUSD) broke above $78,000 intraday. Coinglass data showed that over 100,000 traders were liquidated in the crypto market over the past 24 hours, with total liquidations reaching approximately $277 million.

Market Action

Snowflake (SNOW) surged over 24% in premarket trading. The company's Q2 FY2027 revenue grew 35% year-over-year to $1.55 billion, beating market expectations of $1.49 billion; core product revenue reached $1.49 billion, up 37% year-over-year, also exceeding market expectations of $1.42 billion. Robust demand for AI and data cloud prompted the company to raise its full-year product revenue guidance, serving as the main catalyst for the sharp stock rally.

GoPro (GPRO) rose over 13% in premarket trading. The company announced an all-cash acquisition agreement worth $285 million with optical module manufacturer StarmanOptical, further boosting market expectations for its business transformation and future growth potential.

Memory chip stocks generally fell in premarket trading. SK Hynix (SKHY) fell over 3%, SanDisk (SNDK) dropped about 0.9%, and Micron Technology (MU) slipped approximately 0.72%.

Broadcom (AVGO) fell over 3% in premarket trading. The company's third-quarter net revenue grew 86% year-over-year to $29.591 billion, continuing to set new single-quarter revenue records and achieving the highest growth rate in over nine years. However, against the backdrop of prior stock price gains and high market expectations for its AI chip business, the strong performance still failed to fully satisfy investors.

Software stocks generally strengthened in premarket trading. ServiceNow (NOW) rose about 3%, Adobe (ADBE) gained approximately 1.4%, and Salesforce (CRM) advanced around 1.63%. Snowflake's across-the-board beat in earnings also boosted market confidence in demand for AI software and data cloud.

Market News

Tesla's Cybercab will be officially unveiled on Thursday. Tesla (TSLA) will launch the Cybercab, built specifically for its robotaxi business, in Austin, Texas. This event is viewed as a key milestone in transitioning Tesla's Robotaxi strategy from a product showcase to scaled operations.

Morgan Stanley analyst Andrew Percoco believes that this launch is of greater significance than previous product showcases. The firm maintains a $400 price target on Tesla, with approximately $120 of that valuation derived from the robotaxi business; therefore, the technical performance and commercialization progress of the Cybercab could directly impact the market's assessment of Tesla's long-term value.

Iran attacks US military bases in the UAE and Kuwait. The Iranian military stated that it used missiles and drones to strike satellite communications systems, equipment warehouses, and fighter jet hangars at the US military's Ahmed Al-Jaber base in Kuwait, as well as facilities including radar at the Minhad base in the UAE.

Iran emphasized that it will respond strongly to any further attacks by the US military. The news pushed international oil prices from losses to gains and heightened market concerns over Middle East energy supplies and shipping security in the Strait of Hormuz.

Uber plans to lay off about 10% of its global workforce. Uber (UBER) announced the elimination of approximately 3,300 jobs and a further compression of management tiers. The company plans to reduce the number of employees seven or more levels away from the CEO by 20%, while cutting the number of micro-teams by nearly 50%.

Uber also stated that only about 1% of its employees will be permitted to work remotely on a long-term basis in the future. The adjustments aim to streamline its organizational structure and direct more resources into core businesses such as ride-hailing, food delivery, and robotaxis.

Key Data and Events Preview

At 8:30 a.m. ET, the U.S. will release initial jobless claims, continuing jobless claims, the July trade balance, and export data.

After the U.S. market close, Lululemon (LULU) will report quarterly financial results.