Wall Street Climbs to New Highs Ahead of Jobs Report

Major Indices Surged :

S&P 500 (SPX): +0.83% to 6,502.09

Dow Jones (DJI): +0.77% to 45,621.29

Russell 2000 (RUT): +1.26% to 2,379.61

S&P 500 rose 0.8% to a new record high, Dow up 0.8%, Nasdaq Composite climbed 1%, all on pace for weekly gains.

ADP reported weaker-than-expected private hiring in August, with jobless claims slightly above estimates, signaling a cooling U.S. labor market. Weakening data reinforces the anticipation of Federal Reserve interest rate cuts at the September 17 meeting.

10-year Treasury yield dropped to 4.16%, its lowest since early May, amid growing confidence in rate cuts. Gold futures dropped 0.9% to $3,600/oz while WTI crude oil futures slid 1% to $63.35/barrel.

Major tech firms advanced, led by Amazon up over 4%, Broadcom up 1% ahead of earnings, and gains in Meta, Tesla, Nvidia, Microsoft, Apple, and Alphabet.

Salesforce fell nearly 5% on weak guidance despite strong quarterly results; HPE rose 1.5% after earnings.

T. Rowe Price surged 5.8% on a Goldman Sachs partnership, Williams-Sonoma up 5.6% amid a housing sector boost, and Amazon gained 4.3% on a JetBlue deal. NiSource and Centene both fell 4.7% due to regulatory uncertainty and outlook concerns, respectively.

C3.ai dropped over 7% after the CEO change, weak Q1 results, and withdrawn guidance; American Eagle was up 38% on sales momentum and endorsements.

8:30 am- U.S. employment report and U.S. unemployment rate (Aug).

8:30 am- U.S. hourly wages (Aug & YoY).

The Dow gained 0.77%, closing at 45,621.29. Key support sits at 45,510.79; holding above could spark a rebound toward 45,698.33 and 45,757.84.

The index ended at 23,633.01. Key support lies at 23,535.99; holding above this level could open upside toward 23,748.55 and 23,863.81.

Closing at 6,502.08, the S&P is trading above support at 6,481.17. If buyers hold this level, potential upside targets are 6,508 and 6,525.

SPY was trading at $650.60 pre-market, with support at $649.50 and potential upside targets at $650.85 and $652.

QQQ was trading at $578.33 pre-market, with key support at $577.07. Holding above this level keeps upside targets in play at $580.83 and $582.09.

IWM was trading at $237.18 pre-market. Support is nearby at $235.34, while the potential upside levels stand at $237.76 and $239.

SMH traded at $292.79 pre-market. Support lies at $291.10; a bounce could test $294.01 and $295.

SOXL was at $26.32 pre-market. Support at $26.17 must hold to fuel a move towards $26.57 and $26.77.

Financial Performance- Samsara reported Q2 CY2025 revenue of $391.5 million, surpassing analyst estimates by 5.2% with 30.4% year-on-year growth. Operating margin improved to -6.8% from -19.4% in the same quarter last year, and free cash flow margin was 11.3%, slightly down from 12.5% in the previous quarter.

Earnings and Profitability- Adjusted EPS was $0.12, beating analyst expectations of $0.07 by 65.6%.

Revenue Guidance- Management raised full-year revenue guidance to $1.58 billion, a 1.6% increase from the prior forecast.

Customer Growth- Samsara had 2,771 customers paying over $100,000 annually, up by 133 from the prior quarter. ARR reached $1.64 billion, exceeding estimates by 1% with 29.8% year-on-year growth.

IOT was trading at $39.50 pre-market. Support is at $39.06, while the potential upside levels stand at $40.15 and $40.60.

Q4 2025 Performance- Guidewire reported Q4 2025 revenue of $356.6 million, up 22% year-over-year, beating estimates by 5.5%.

Earnings Strength- Non-GAAP EPS reached $0.84, surpassing analyst expectations of $0.63 by 33.33%.

Q1 2026 Guidance- Revenue guidance for Q1 2026 is $315–$321 million, implying a 3.2% beat over analyst estimates.

Annual Recurring Revenue (ARR)- ARR hit $1.03 billion in Q4 2025, with 74% from cloud services, and is projected to reach $1.21–$1.22 billion in FY2026. Cloud ARR grew 74% year-over-year, expected to accelerate to 36% in FY2026, driven by AI and analytics tools.

Profitability Outlook- Non-GAAP operating income for FY2026 is forecasted at $259–$279 million, up from $208 million in FY2025.

Strategic Focus- Transition to cloud subscriptions and AI-driven solutions enhances margins and customer retention.

GWRE was trading at $245.99 pre-market. Support is at $243, while the potential upside levels stand at $248.63 and $250.84.

Q2 2026 Performance- DocuSign reported $800.6 million in revenue, up 9% year-over-year, beating analyst estimates of $780.24 million. Non-GAAP operating margin reached 30%, reflecting efficient scaling despite cloud migration costs, and the free cash flow margin was 27%, supporting $200 million in share repurchases.

Subscription and Billings Growth- Subscription revenue grew 9% to $784.4 million, with billings surging 13% to $818 million.

AI and International Expansion- AI-powered IAM platform and 13% international revenue growth, particularly in Asia-Pacific, drove performance.

Full-Year Guidance- Revenue guidance raised to $3.189–$3.201 billion, signaling confidence in sustained growth.

DOCU was trading at $82.23 pre-market. Support is at $81.14, while the potential upside levels stand at $83.38 and $84.12.

Q3 Earnings Expectations- Analysts expect ABM’s Q3 revenue to grow 3.1% year-on-year to $2.16 billion, with adjusted earnings of $0.95 per share.

Recent Performance- Last quarter, ABM reported $2.11 billion in revenue, beating estimates by 2.1% with 4.6% year-on-year growth.

Historical Accuracy- ABM has missed revenue estimates only once in the past two years, typically exceeding expectations by 2% on average.

ABM was trading at $48.41 pre-market. Support is at $48.07, while the potential upside levels stand at $48.74 and $49.21.