Nasdaq under pressure at the start of September… Oil at $91 and rising bond yields weigh on tech stocks (September 1, 2026)

The Nasdaq began September under clear pressure, with the index’s futures contracts declining at the start of trading, coinciding with a rise in oil prices to around $91 a barrel and a strong sell-off in global bond markets, which pushed US bond yields to high levels that threaten to reduce investors’ appetite for technology stocks.

These moves come as markets prepare for the first new indicators of the US economy ahead of Friday’s monthly jobs report , which could be the most important factor in determining the direction of monetary policy in the coming period.

Nasdaq futures fell on Tuesday after the index closed slightly lower on Monday, down about 0.1% . The S&P 500 also declined on the same day, falling about 0.3%, while the Dow Jones Industrial Average lost about 374 points, or 0.7%. Despite this weak start, all three indexes ended August with gains, but the beginning of September brought a very different tone, with rising borrowing costs and renewed inflationary pressures dominating the markets.

The immediate risk for technology stocks is the rise in the yield on the benchmark 10-year US Treasury note to around 4.78% , near its highest level in about 20 months. Higher yields create a double whammy for growth stocks. On the one hand, bonds become more attractive to investors than stocks. On the other hand, the higher discount rate reduces the present value of the earnings that companies expect to generate years from now.

This equation particularly hits technology companies that are priced based on strong growth prospects extending many years into the future.

The Fed and bonds: Double pressure on technology. Markets have become more sensitive to interest rates following Federal Reserve Chairman Kevin Warsh’s remarks during the Jackson Hole meetings, which were characterized by a more hawkish tone regarding inflation.

Market pricing currently indicates a near 65% probability of a US interest rate hike in September . This means that software and semiconductor stocks, among the most sensitive sectors to interest rate changes, begin September facing a more challenging environment; investors are not only confronted with the prospect of tighter monetary policy, but also find government bonds with increasingly attractive yields.

In other words, competition for investor capital has become fiercer. Oil is once again fueling inflation fears, and the pressure hasn’t stopped at the bond market. Brent crude surpassed $91 a barrel after renewed attacks between the US and Iran, reigniting concerns about potential disruptions to oil supplies through the Strait of Hormuz .

West Texas Intermediate crude also rose to near $87 a barrel .

The Strait of Hormuz is crucial because, before its closure, roughly one-fifth of the world’s oil flows passed through it, making any renewed escalation in the region a highly sensitive factor for energy markets and global inflation. Rising energy prices pose a threat from multiple directions. They squeeze corporate profit margins, increase transportation and operating costs, and impact consumer spending, while simultaneously making it more difficult for the Federal Reserve to bring inflation back to its 2% target.

Energy stocks benefited from rising oil prices on Monday, but most other sectors came under pressure. While higher oil prices may be good news for a crude producer, they translate into additional costs for almost every company that relies on electricity, fuel, or transportation.

Interestingly, the rise in bond yields is not limited to the United States. The yield on Japan’s 10-year government bonds approached 3% for the first time in a generation, while long-term German and French bond yields reached their highest levels in nearly 15 years . These developments were also reflected in Asian markets, with Japan’s Nikkei index declining, coinciding with a drop in the shares of chipmakers, including Tokyo Electron, Renesas, and Lasertec , by between 3% and 4%.

This reflects that investors are not treating the movement of US yields as just a domestic problem, but as a global repricing of the cost of capital.

Meanwhile, markets are gearing up for the JOLTS job openings report due Tuesday at 10 a.m. New York time, with expectations of around 7.33 million job vacancies. A strong report could bolster expectations of an interest rate hike, potentially pushing bond yields higher and putting further pressure on technology stocks.

If the data shows a sharp decline in labor demand, markets may find some relief, with yields potentially falling and growth stocks receiving support. However, the biggest test will come on Friday with the release of the US jobs report, where markets are expecting only around 50,000 new jobs to be added. Meanwhile, the artificial intelligence sector continues to demonstrate a strong appetite for infrastructure investment.

Nvidia received further confirmation of strong demand after Anthropic announced a $35 billion cloud computing agreement with Nvidia-backed Lambda. The project in Texas includes approximately 350 megawatts of data center capacity . The message is clear: the expansion of artificial intelligence is no longer just a software race; it now requires massive investments in data centers, power, and infrastructure—in sums approaching national infrastructure budgets.

Outside of the technology sector, some major companies are still facing their own set of challenges. Amazon came under pressure following reports of a potential new lawsuit from the US Federal Trade Commission, while Shein’s shares declined after its Hong Kong debut. In other asset markets, gold fell toward $4,430 an ounce , while Bitcoin moved closer to the $78,000 mark.

As September begins, it might be a mistake to focus solely on technology stocks when trying to predict the next move of the Nasdaq. More important factors may come from outside the tech sector itself. The yield on the 10-year US Treasury note, the price of Brent crude at $91, the JOLTS job openings data, and then Friday’s jobs report will all determine the amount of pressure that growth stocks will face in the coming days.

A scenario combining rising oil prices, high bond yields, and strong jobs data could present a very challenging environment for technology stocks, especially those whose current valuations are based on long-term earnings. Conversely, declining bond yields, easing oil pressures, and clear signs of a slowing labor market could restore some momentum to growth stocks. After August’s gains, the Nasdaq enters September facing a different test: Can the technology sector continue to carry the market as the cost of capital rises and inflation fears resurface? The answer may not come from a tech company’s earnings report, but rather from the bond market, the oil market, and the US labor market .