Report published September 3, 2026
Goldman Sachs Midday Market Intelligence: Service Economy & AI Divergence (September 3, 2026)
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 3, 2026
- Analysis as of
- September 3, 2026
Authors / editors: Chris Hussey, Sarah Herr, Kshitij Garg
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
US stocks moved higher on Thursday driven by dovish comments from Fed Governor Waller, stronger-than-expected ISM Services data, and resilient AI-driven corporate earnings. Bond yields eased slightly as market focus shifts to Friday's non-farm payrolls data.
Key Takeaways
- 1.US equities traded higher supported by dovish Fed remarks from Governor Waller citing signs of disinflation and advocating holding policy rates steady.
- 2.Service sector activity showed resilience globally and domestically, with the US ISM Services index rising 1.3 points to 55.4, driven by strong new orders, contrasting with factory sector sluggishness.
- 3.AI-related software and hardware earnings displayed diverging market reactions, with Snowflake rising over 20% on strong results and Broadcom declining over 5% despite strong long-term AI guidance.
Table of Contents
- Midday Market Intelligence: service economy
- ... plus rates & AI, too
- What to watch for
- Today's market performance - September 3, 2026, 11:03 AM
- Global Market Intelligence
- Resource Corner
- Disclosure Appendix
Report data
Today's market performance - September 3, 2026, 11:03 AM — as of September 3, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 10-Year US Treasury Yield | 4.75% | Yields fell 3bp intraday following Waller's disinflation comments. |
| ISM Services Index | 55.4 index points | Improved index driven particularly by forward-looking new orders. |
| US Nonfarm Productivity Growth (QoQ annualized) | 1.4% | Nonfarm productivity growth for 2Q26 was unrevised at +1.4% quarter-over-quarter annualized. |
| US Nonfarm Productivity Growth (YoY) | 2.2% | Year-over-year rate unrevised at +2.2%. |
| Goldman Sachs US GDP Tracking Estimate | 2.5% | GS economists trimmed the GDP tracking estimate following recent productivity and economic data. |
Reports in this series
Midday Market Intelligence is shown in chronological order through this edition, published on September 3, 2026.
Part of the Midday Market Intelligence series — view all 11 editions
Looking for the latest edition? Midday Market Intelligence geopolitics vs AI (Sep 9, 2026)
- May 11Midday Market Intelligence Monday
- May 28Midday Market Intelligence earnings...
- Jun 5Midday Market Intelligence curtain call
- Jun 9Midday Market Intelligence not yet ready to 86 it...
- Jun 10Midday Market Intelligence somos 26
- Jun 15Midday Market Intelligence: moving on
- Jul 6Midday Market Intelligence: themes
- Jul 22Midday Market Intelligence split screen
- Sep 1Midday Market Intelligence sentiment shift
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Authors / Editors
Reported Data Context
- 10-Year US Treasury Yield: 4.75 % (2026-09-03)
- ISM Services Index: 55.4 index points (August 2026) · Source: ISM
- US Nonfarm Productivity Growth (QoQ annualized): 1.4 % (2Q26) · Source: Bureau of Labor Statistics / GS Economics
- US Nonfarm Productivity Growth (YoY): 2.2 % (2Q26) · Source: Bureau of Labor Statistics / GS Economics
- Goldman Sachs US GDP Tracking Estimate: 2.5 % (2Q26) · Source: Goldman Sachs Global Investment Research
Securities
Themes
Regions
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