Yesterday was broadly positive, with decliners centered in Energy (XLE) on oil prices and in defensive sectors, while Communication Services (XLC) and Technology (XLK) were at the top of the leaderboard.

Market breadth was solidly positive, with advancers outpacing decliners on both exchanges and up volume swamping down volume, particularly on the Nasdaq, where it ran more than three to one.

Today’s Session

Stocks are set for a breather with futures flat following yesterday’s strong performance with energy prices and yields being lower for a second consecutive day.

Alibaba (BABA) announced what the company calls China's most powerful AI chip, which will compete directly with Nvidia (NVDA). As a result, chip names are mixed pre-market.

Oil erased its gains of as much as 2% after news that Iran has proposed to reopen Hormuz within seven days if the US blockade is lifted. Trump is scheduled to address the United Nations General Assembly later today, with investors watching for a possible meeting with his Iranian counterpart.

Economic News

ADP preliminary weekly hiring for the four weeks ending September 5^th bounced again to +80k. The 4-week moving average rose for a third week, the strongest since mid-June.