Friday, September 04, 2026. August payrolls +162k, unemployment 4.1%, breadth best since late 2024; $NVDA buys Hugging Face for $12.9B; Kushner/Witkoff head to Moscow/Kyiv to revive peace talks.

The jobs print is the tape driver. 162k blowout, unemployment 4.1%, restaurants staff up while tech drops, payroll breadth highest since late 2024. Labor market fear fading—that trims Fed cut bets and keeps yields sticky. Geopolitics: Kushner and Witkoff are going to Russia and Ukraine. Putin says chance of a peace deal and wants full US relations restored. Good signal for risk if this gets real, but it's a headline trade until there's a signed framework. $NVDA paying $12.9B for Hugging Face is a moat move. Owns open-source model distribution and training ecosystem. AI equity portfolio already up tenfold to $99B; DeepSeek-Huawei still leaves NVIDIA doing the training. The issue is $NVDA is buying the layer everyone else needs. $ZS dips on Q4 earnings but analysts see upside into FY27. Security budgets sticky even when software spend is tight. Watch this—post-earnings dip in a high-margin cyber name can get bought quickly. Data center buildout is the real capex story. $1.3T projected 20

The jobs print is the tape driver. 162k blowout, unemployment 4.1%, restaurants staff up while tech drops, payroll breadth highest since late 2024. Labor market fear fading—that trims Fed cut bets and