9-3-26-SPY

The S&P 500 broke out of resistance in early August and is now trying to push through another level of resistance. We believe a move above this level should lead to a new all-time high on the S&P 500.

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CF Industries (CF) is making a push to break out at $139.00, along with AbbVie Inc. (ABBV) at $264.00. Gold is holding and looks like it is ready to move higher.

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9-3-26-gold

The small-cap Russell 2000 index led the stock market higher on Wednesday even as the 10-year Treasury yield topped 4.8% for the first time since January 2025. The rebound in equities comes in the wake of Tuesday’s sharp losses that downgraded the market outlook.

The Russell 2000 rallied 1.1% on Wednesday while the Dow Jones Industrial Average followed up by rising 295 points, or 0.6%. The S&P 500 and the tech-heavy Nasdaq composite each moved up 0.5%. All four indexes snapped a run of three consecutive losses.

Investors started the session with labor-market data in hand. ADP said private payrolls rose by 38,000 in August, missing estimates that called for a gain of 48,000. August marked the slowest pace of job creation since January. The ADP jobs data is seen as a precursor to Friday’s jobs report from the Labor Department.

Economists widely anticipated a moderate gain of 55,000 in U.S. payrolls after a surprising 23,000 decline in July. The unemployment rate is expected to tick higher to 4.2% from 4.1% in July, per Econoday.