markets PM market analysis — 2026-09-06

U.S. equities closed mixed as a stronger-than-expected labour report revived concern that interest rates could stay restrictive for longer. Technology and chip shares offered relative support, while several large-cap growth and consumer names lost ground, leaving leadership narrow rather than broad-based.

Cross-asset moves in bonds, currencies and commodities continue to track shifting expectations for monetary policy, and that link is doing more to explain the day’s action than any single equity story. Retail-investor sentiment has improved on the latest AAII reading, but bearish views remain substantial, so conviction reads as uneven rather than decisively positive.

With trading thinned around the U.S. market holiday, early-week signals carry less weight than usual. The more informative test is whether gains widen beyond chip and technology leaders, and whether bond yields stabilise or extend higher.