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On September 7th (Monday), the US stock market was closed due to Labor Day, with no trading or economic data throughout the day. Therefore, this article is about this week's preview, not the market siOn September 7th (Monday), the US stock market was closed due to Labor Day, with no trading or economic data throughout the day. Therefore, this article is about this week's preview, not the market si

Pre-Market Briefing on Sept 7: Memory Stocks Surge 11.9%, KLAC Up 7.32% – Will Friday's Core CPI Break the Streak?

#US Stocks

2026/09/07 17:28

On September 7th (Monday), the US stock market was closed due to Labor Day, with no trading or economic data throughout the day. Therefore, this article is about this week's preview, not the market situation that night. The last trading day was September 4th (Friday), and only the Russell 2000 rose 0.25% among the four indices, the Dow Jones Industrial fell 0.51%, the S & P 500 fell 0.38%, and the Nasdaq Composite fell 0.29%. The star of the day is KLAC, which rose 7.32% and closed at $185.60 on a single day - and KLAC did not release any company announcements on this day.Today's US stock school made up for last weekend's class: on the same day and in the same fashion track, LULU fell 17.4% and ANF rose 4.3%, with no difference in performance from the previous quarter. The macro focus this week is the August CPI at 12:30 UTC on Friday. The data in this article is based on the closing of the US stock market on September 4, 2026.

Closing on September 4th: Only small cap flipped

The unit is%, and the rise and fall of the day is relative to the closing of the previous trading day. The index point was not given on the card of the day, so this article only writes about the rise and fall, not the points. On September 4th, among the four indices, only the Russell 2000 rose by 0.25%, the Dow Jones Industrial fell by 0.51%, the S & P 500 fell by 0.38%, and the Nasdaq Composite fell by 0.29%, which was the least.

The reason for the drop was written in the employment data on the same day: August's non-farm payroll added 162,000 people, the market expected only 55,000 people, and the unemployment rate remained unchanged at 4.1%. Employment is too good news, but at this stage it means money will become more expensive - the two-year US Treasury yield rose to 4.374% on the same day, a new high in a year, and the market's pricing for a rate hike in September once rose to about 50%.When the discount rate rises, the first to be suppressed are assets with lower cash flow. This is also why the three indexes where large technology heavyweights are located fell, while the small cap with low valuation and short duration turned red.

One thing worth remembering first: on this day, the drop in the US stock market was not profit, but the discount rate. The profit of the company did not decrease in one day, but the ratio at which the market discounts future cash flow. Only by understanding this can we understand why the following stocks, which have risen the most, follow a completely different logic from the market.

2. Today's Star KLAC: Full marks in the industry ranking, only 44 in the trend position.

The unit is 0-100 points. Compared with the same industry and its own one-year history, the benchmark is the closing price on September 4th. KLAC closed at $185.60 that day, up 7.32%, and its market value increased by $16.50 billion a day, reaching $242.4 billion. The trading volume remained the same as the 30-day average, without any significant increase. Among the five dimensions, the industry ranking reached a full score of 100, the industry valuation temperature was 93, the industry relative strength was 77, and the volatility control was 62. The trend position was only 44, which was the weakest corner in the five corners.

The real thing to look at is this gap. Ranking 100 in the same industry means that there is no one stronger than it in its group that day; trend position 44 means that the price is still in the lower half of its one-year range - the one-year range is 90.67 to 307.37 US dollars, and 185.60 falls at the 44% position. Rising the most and standing high are not the same thing: looking at + 7.32% alone, one would think this is a strong stock; adding trend position 44, one would know that this is a stock that is going back from a low position.

The column for trading volume should also be read together. The trading volume on that day was the same as the 30-day average, indicating that it was not the sudden influx of new funds that drove the stock price, but the same batch of money changing positions - it was a repricing, not a breakthrough in volume.

In the same supply chain, money flows upstream and is sold downstream

The unit is%, which represents the daily increase and decrease on September 4th. The comparison benchmark is the closing price of the previous trading day. The six companies are distributed in different links of the semiconductor chain. The order of the day is: KLAC rose 7.32%, Micron (MU) rose 6.10%, LRCX rose 5.12%, NVIDIA (NVDA) rose 0.84%, HPE fell 4.48%, and SNPS fell 5.40%.

The most important thing on this day is not who has risen more, but where the boundary between rise and fall is drawn. The three companies that have risen are all upstream equipment and storage, while the two companies that have fallen are downstream hardware and design software. The appearance of opposite directions on the same chain indicates that this is not a comprehensive purchase, but a shift of funds within the chain: money is withdrawn from downstream and put upstream.

NVIDIA's (NVDA) column is worth a separate look. It only rose 0.84% that day, making it the smallest rising stock among the six. Its stock price has approached its high point in the past year, and the space for high and upward positions has naturally been compressed. KLAC's position is in the lower half of the range, and the increase in the same amount of funds coming in is much greater. This is a difference in elasticity caused by differences in position, and has nothing to do with which company is better.

3.S has risen the most, but it does not mean standing high

The caliber is the closing price on September 4th. Breaking down this day, the increase was deduced as follows: First, the buying starting point was in the storage group - SK Hynix rose by about 7%, SanDisk rose by 11.9%, Micron (MU) rose by 6.1%, and storage factories were bought first that day; second, the money went up the chain because storage factories would place orders for testing and equipment before expanding production, and testing is KLAC's main business.In the third step, compare it with other sectors. The Nasdaq semiconductor sector rose an average of 1.96% that day, while Kelei rose 7.32%, an increase of 5.4 percentage points. This is its own relative strength.

The fourth case is a counter-proof of the same day, which cannot be offset by the first three cases: the 52-week drop point is only 44%. The first three cases explain "why it rose today", while the fourth case explains "where it stands after the rise". The answers to the two questions can be completely different.

One thing to note here: On this day, KLAC did not release any company announcements. The increase came from the overall capital shift of the equipment and storage group, not from the company's own new news. This brings a practical difference in judgment - the increase driven by the company's announcement, you can read the reason on the same day; the increase driven by the group's capital shift, the reason will not emerge until the order numbers in the next financial report. Before that, it is an expectation that has not been verified by performance.

The supporting role is Constellation Energy (CEG), which rose 4.88% to $298.96 on the same day, while the average price of independent power generators on NASDAQ rose 5.09% on the same day. Its common point with KLAC is the same business model: nuclear power plants sell their power generation capacity to data centers, which is equivalent to locking the shipments of the next few years into the contract; storage plants place equipment orders before expanding production, which also turns future production capacity into today's orders. The market buys the same thing - the future locked in advance.

4. US Stock Learning: On the same day, on the same track, guide one down and one up

The caliber is the financial report released on September 4th and the full-year EPS guidance. The rise and fall is the Closing Price of the day compared to the previous trading day. LULU's revenue in the previous quarter was $2.40 billion, with a gross profit margin of 60.5%. The profit exceeded market expectations, but same-store sales in the Americas fell by 12%. At the same time, the full-year EPS target was lowered from 10.95 to 11.15 to 9.48 to 9.73. The stock price fell 17.4% that day, closing at $100.61.Abercrombie (ANF) last quarter revenue was $1.27 billion, a new high for the same period, has grown for 15 consecutive quarters, profit margin increased from 17.1% to 19.9%, the full year EPS target was raised from 10.20 to 11.00 to 13.10 to 13.60; the stock price rose 4.3% that day, closing at $149.67.

Both companies won in the previous quarter, but their stock prices were 21.7 percentage points apart. It was not the revenue or gross profit margin line that killed the valuation, but the guidance line. LULU lowered its profit commitment for the next year, while ANF raised it for the same thing - the market reassessed "how much this company can earn in the next year", not "how much it earned in the previous quarter".

Why is this happening? The stock price reflects the future, not the past season. The performance in the financial report has already happened, and the market has already bought it into the price with expectations before it is announced. The guidance is the only public statement the company has made about the future, and it is the number signed by the management. Therefore, the same financial report can win and lose - winning in the previous quarter and losing in the next year, and the price follows the latter item. There is only one sentence to judge: first look at the guidance, then look at the performance.

On the same track, the drawdown difference between the two ends is 17 times

The unit is%, and the value is equal to the 52-week high point minus the latest Closing Price and then divided by the 52-week high point. The benchmark is the closing price on September 4th. The ranking of the six clothing companies is: ANF has retreated 3.2% from the high point, DECK has retreated 29.8%, UAA has retreated 35.6%, ONON has retreated 45.2%, Nike has retreated 50.1%, and LULU has retreated 55.5%. The difference between the two ends is about 17 times.

The same track, the same consumption environment, the same tariff and inventory cycle, but the drawdown can be so different. The cycle is the same for every company, the difference lies in whether the market still believes in the next chapter of this company: the company that raised the guidance is almost at its high point, and the company that lowered the guidance has fallen by more than half.

I know a company - Abercrombie (ANF): a US clothing group founded in 1892, with Abercrombie targeting adult customers and Hollister targeting teenage customers. The two brands share the same supply chain and store network, making money by updating styles. Its profit margin increased from 17.1% to 19.9% this season, not by selling things more expensive, but by reducing the number of things that cannot be sold.

5. What to watch this week: August CPI at 12:30 UTC on Friday

The unit is%, which is the year-on-year reading for July 2026. It is the last set of published values before the August CPI is released this Friday. The four criteria for July are: overall CPI increased by 3.4%, core CPI increased by 2.5%, services excluding energy increased by 3.0%, and core commodities increased by 0.8%.

This week's schedule is as follows: Monday is closed (Labor Day); Tuesday is the NFIB Small Business Optimism Index and Consumer Credit; Wednesday is the MBA mortgage application; Thursday 12:30 UTC releases PPI, Oracle (ORCL) and Adobe (ADBE) submit their papers after the market closes; Friday 12:30 UTC releases August CPI, Kroger (KR) releases it before the market closes. (US stocks open at 13:30 UTC, close at 20:00 UTC, and add one hour each during winter time.)

Why is Friday's data the most important? It is the last inflation data before the interest rate decision on September 16th. The current policy position is between 3.50% and 3.75%, and it has remained unchanged for five consecutive meetings. Inflation determines interest rates, which in turn determine the prices of stocks and bonds - this is the upstream of all asset prices this week.

We should focus on the core rather than the whole, and the reason is very specific: energy prices are determined by supply and geopolitics, and Monetary Policy cannot reach it. The gap between the whole and the core is 0.9 percentage points, and both the service and commodity lines are not far from the core, which indicates that the overall column is heavily dominated by energy.

6. What supports the whole is gasoline, and what determines the core is housing

The unit is%, which is the year-on-year reading of each sub-item in July 2026. Breaking down July, energy commodities (mainly gasoline) rose by 24.6%, the only double-digit increase; overall energy rose by 14.7%; housing rose by 3.2%; services excluding energy rose by 3.0%; core commodities rose by 0.8%.

There is a caliber issue that must be clarified first: energy commodities themselves are also included in the energy category, and the two will move together and cannot be added together . Seeing 24.6% and 14.7% side by side, do not think that the contribution of energy to inflation is the sum of the two.

The real comparison that should be remembered is this: the only two-digit item that holds up the overall reading is gasoline, while the core commodity only rose by 0.8%, with almost no push. The 3.2% increase in housing may not seem high, but it has the highest weight in the core, and whether the core can continue to go down is mainly determined by this column.

So when the data comes out this Friday, there are two steps to reading: the first step is to see if the core can hold on to 2.5% year-on-year, and the second step is to turn to the housing column. Relying solely on the decline of energy will not go far - because the effect of energy decline will disappear with the change of the base period, and housing is a slow variable. Once it sticks, the core cannot come down.

7. Frequently Asked Questions

Q1: KLAC rose 7.32% in one day, why is the "trend position" in the 5D score only 44 points?

Because the two quantities are not the same thing. The daily increase is compared to the performance of today, and the trend position is compared to the position of the price within its own 52-week range. KLAC closed at $185.60 on September 4th, with a one-year range of $90.67 to $307.37, a drop point of 44%, still in the lower half of the range. In the same rating, the industry ranking is out of 100, and the trend position is only 44, which is exactly what it means: no one was stronger than it that day, but its position was not high.

Q2: There was no company announcement from KLAC on this day. Where did the increase come from?

Overall funds from the storage community have shifted. On that day, SK Hynix rose by about 7%, SanDisk rose by 11.9%, and Micron (MU) rose by 6.1%. Storage factories were bought first. Before expanding production, storage factories will place orders for testing and equipment, and testing is KLAC's main business. Therefore, funds are flowing up the chain. It should be noted that such increases are not supported by company-level evidence on that day, and the actual number of orders will not appear until the next financial report.

Q3: Why do some supply chains rise and some fall within the same supply chain?

Because this is not a comprehensive purchase, but a change of position within the chain. On September 4th, upstream companies such as KLAC rose 7.32%, Micron (MU) rose 6.10%, and LRCX rose 5.12%. Downstream companies such as HPE fell 4.48% and SNPS fell 5.40%. If there are opposite directions on the same chain, it means that money is being withdrawn from downstream and put upstream. Only looking at the sector average (the Nasdaq semiconductor sector rose 1.96% on that day) will completely miss this internal gap.

Q4: Why did LULU's stock price fall by 17.4% despite its expected profit in the previous quarter?

Because the market pricing is not based on the previous quarter. The revenue in that financial report was $2.40 billion, the gross profit margin was 60.5%, and the profit exceeded expectations. However, the same-store sales in the Americas decreased by 12%. More importantly, the annual EPS target was lowered from 10.95 to 11.15 to 9.48 to 9.73. Performance has already happened, and guidance is the company's public statement on the future.On the same day, Abekronbi (ANF) raised its target from 10.20 to 11.00 to 13.10 to 13.60, and the stock price rose by 4.3% - both companies won in the previous quarter, with the difference in guidance.

Q5: Which column should we look at first for Friday's CPI?

First, let's see if the core can hold up to 2.5% year-on-year, and then move on to the housing column. The reading for July is that the overall CPI rose by 3.4% and the core CPI rose by 2.5%, with a difference of 0.9 percentage points. The energy commodity (gasoline) rose by 24.6%, which is the only double-digit increase, while the core commodity only rose by 0.8%. Housing rose by 3.2%, with the largest weight in the core, which determines whether the core can continue to go down. In addition, a reminder: energy commodities are already included in the energy category, and the two cannot be added together.

Disclaimer: This article is compiled and written by the MEXC RealStocks team. The data in this article is based on the closing of the US stock market on September 4, 2026; The US stock market will be closed for Labor Day on September 7. The content is a compilation of public market information, and individual stocks are publicly discussed targets, which do not represent the recommendation or opinion of MEXC and do not constitute any investment advice. More US stock content: @MEXC | @Alpha_MEXC | @MEXC_Research

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