Markets: 2026-09-04 Close

A sourced recap of the previous completed U.S. trading session. Closing moves are not real-time quotes.

The market tape

- **S&P 500 (SPX)**: -0.38%, closed at 7,718.6 - **Nasdaq Composite (COMP)**: -0.29%, closed at 26,506.99 - **Dow Jones Industrial Average (DJIA)**: -0.51%, closed at 53,414.25 - **Russell 2000 (RUT)**: +0.25%, closed at 2,975.65

Sector leaders and laggards

- Leaders: Information Technology +0.71%; Industrials +0.41%; Utilities +0.04% - Laggards: Consumer Discretionary -1.34%; Communication Services -1.18%; Health Care -1.04%

Notable movers

lululemon athletica inc. (LULU) -17.38%

Fiscal second-quarter revenue declined, Americas demand weakened and management cut full-year revenue and earnings guidance for a second time. The selloff erased billions in value and highlighted weakening premium-apparel demand, merchandising problems and the challenge facing the incoming chief executive.

Sources: primary catalyst · catalyst corroboration · closing quote

Fair Isaac Corporation (FICO) -16.68%

FHFA Director Bill Pulte directed Fannie Mae and Freddie Mac to approve all lenders to use rival VantageScore, expanding a rollout previously limited to 50 lenders. The federal action directly challenges FICO's dominant mortgage-scoring economics and triggered an unusually large policy-driven valuation shock.

Sources: policy catalyst · closing quote

Tesla, Inc. (TSLA) -5.92%

Tesla reversed the prior session's Cybercab enthusiasm after the Austin launch underwhelmed investors and NHTSA opened an audit into whether the steering-wheel-free vehicle complied with federal safety standards. The move tested a central element of Tesla's autonomy valuation thesis and followed a direct federal intervention immediately after commercial deployment.

Sources: primary regulatory catalyst · catalyst and closing-move corroboration · closing quote

Quanex Building Products Corporation (NX) +22.23%

Fiscal third-quarter results showed $501.8 million of sales, improved consolidated margins, adjusted earnings materially above consensus and $42.25 million of debt repayment. A large earnings-driven revaluation in a housing-products supplier despite a rate-sensitive macro backdrop.

Sources: primary catalyst · closing quote · catalyst corroboration

Guidewire Software, Inc. (GWRE) -19.93%

Shares reset sharply after fiscal fourth-quarter results as investors focused on fiscal 2027 guidance implying slower growth, despite quarterly revenue and adjusted earnings exceeding expectations. A nearly 20% decline in a large vertical-software company illustrates the market's intolerance for decelerating forward growth at premium valuations.

Sources: primary catalyst · closing quote

UiPath Inc. (PATH) -16.63%

Although UiPath beat its quarterly guidance and modestly raised its full-year revenue outlook, net-new annual recurring revenue slowed sequentially and investors remained unconvinced that AI products were accelerating growth. The reaction shows investors distinguishing between AI positioning and measurable subscription acceleration in enterprise software.

Sources: primary catalyst · catalyst analysis · closing quote

Equifax Inc. (EFX) -6.37%

FHFA Director Bill Pulte expanded VantageScore availability to all Fannie Mae and Freddie Mac lenders while accusing the major credit bureaus of overcharging and considering additional changes to credit-report requirements. Equifax jointly owns VantageScore but also faces regulatory and pricing pressure on credit reports, producing a complex negative read-through from the policy announcement.

Sources: policy catalyst and move corroboration · closing quote

Belite Bio, Inc. (BLTE) +13.16%

The stock extended gains following a September 2 commercial update covering FDA priority review of tinlarebant for Stargardt disease, a February 12, 2027 target action date and launch preparations. The move reflects increasing investor confidence in a potential first-in-class rare-eye-disease launch ahead of a defined regulatory decision.

Sources: recent catalyst · closing quote

Stock spotlight

No mover met the source-confidence threshold for a detailed spotlight.

_MacroShed Markets is informational analysis, not investment advice._