Tonight’s Highlights | August ADP Jobs Miss Expectations, US Stock Futures Mixed
US stock futures edge higher, major European indices mostly rise.
Data released pre-market by Automatic Data Processing (ADP) showed that US private-sector job growth in August was 54,000, below economists’ expectations of 75,000 and the revised July figure of 106,000.
Market reaction was limited, with investors viewing the data as weak enough to prompt a Federal Reserve rate cut in September, yet not severe enough to signal an economic recession.
In the previous trading session, major US stock indices showed divergent performance, with the tech-heavy Nasdaq rising over 1% and the S&P 500 up 0.51%, while the Dow Jones, with a greater focus on traditional economy stocks, edged down 0.05%.
This divergence was largely driven by Google’s strong performance, with its stock surging over 9% to a new all-time high. A US district judge ruled on Tuesday in Google’s antitrust case, allowing the company to avoid being broken up.
“I expect these pressures to intensify further by the end of the year, but before the holiday season ends, the market’s upward momentum is unlikely to face a substantial challenge,” said Lauren Goodwin, Chief Market Strategist at New York Life Investments.
She added, “This is because there’s still time for price pressures—such as the ‘neither hiring nor firing’ employment trend—to impact the overall optimistic market environment.”
Traders are also monitoring trade developments in Washington. US President Trump on Wednesday requested the Supreme Court to expedite the appeal of his “reciprocal tariffs” being ruled invalid.
Company News
Tesla: Robotaxi App Now Open to Public
Tesla announced on September 3 local time that its Robotaxi app is now available to the public.
OpenAI Reportedly Increases Secondary Stock Sale to $10.3 Billion, Valuation Hits $500 Billion
According to insiders, OpenAI is expanding its secondary stock sale by over $4 billion, offering eligible current and former employees the chance to sell approximately $10.3 billion in stock, a significant increase from the initial $6 billion target.
This sale is expected to value OpenAI at $500 billion, aligning with market expectations. The offer was presented to employees on September 3 local time, with those holding shares for over two years required to decide by the end of September. The transaction is slated to close in October.
Amazon Completes Acquisition of Indian Online Finance Platform Axio
Amazon announced on September 4 that, following regulatory approval from the Reserve Bank of India (RBI), it has completed the acquisition of Indian online finance platform Axio. As one of Amazon’s largest acquisitions in India, this deal combines Amazon’s extensive network with Axio’s digital lending expertise to expand credit coverage across the country.
ConocoPhillips to Cut Up to 25% of Workforce
A ConocoPhillips spokesperson confirmed on September 3 local time that the company will reduce its workforce by up to 25%, affecting approximately 3,250 employees. The spokesperson stated that most layoffs are expected to be completed by year-end, adding, “We’ve been exploring how to utilize our resources more effectively.”
SK On Signs Battery Supply Agreement with US Flatiron Energy for Energy Storage Systems
SK On of South Korea announced on September 4 that it has signed an agreement with US-based Flatiron Energy Development to supply lithium iron phosphate (LFP) batteries for its energy storage systems (ESS).
The deal’s value was not disclosed. SK On plans to supply up to 7.2 gigawatt-hours of ESS batteries from 2026 to 2030. The company intends to convert part of its electric vehicle battery production line at its Georgia, USA, factory into an ESS production line, with mass production of LFP batteries for ESS starting next year, and deliveries beginning in the second half of 2026.
FF: Jia Yueting Increases Stake Again
On September 4, Faraday Future announced that its founder and Co-CEO Jia Yueting completed a second purchase of FFAI common stock on September 3, 2025, under his previously signed Rule 10b5-1 trading plan, amounting to approximately $180,000.
The remaining purchases under this plan are expected to be completed next week. According to earlier disclosures, Jia plans to buy a total of about $560,000 in company common stock, which represents the entire after-tax portion of his $1.2 million signing bonus upon becoming Global CEO.