Broadcom, Dell, and a Jobs Report with 57% Hike odds

TL;DR

• The August jobs report lands Friday, September 4 at 8:30am ET, per the BLS release schedule. A Reuters poll has payrolls at +58,000 and unemployment at 4.1%, level with July. July payrolls fell by 23,000.
• A September hike is priced near 57%, up from about 35% before Kevin Warsh spoke at Jackson Hole on Friday. That print and August CPI on the 11th are the two releases left that can move it.
• Broadcom (AVGO) reports Wednesday after the close, call at 5:00pm ET. Its own guide is $29.4bn of revenue and $16.0bn of AI semiconductor sales.
• Dell moved to Tuesday, September 1 (from Sept. 3rd). The company's advisory sets the call at 3:30pm CDT, which is 4:30pm ET, with results before it. Palo Alto Networks and MongoDB report the same afternoon.
• The Fed goes quiet on Saturday. The blackout for the September 15-16 meeting runs September 5 to 17. This is the last week a policymaker can answer the data in public.

What to Expect From the Stock Market This Week

Five labour-market reports arrive this week: JOLTS on Tuesday, ADP on Wednesday, jobless claims and Challenger job cuts on Thursday, and payrolls on Friday. Markets spent most of August pricing out a September hike, but Warsh put it back in play on Friday - increasing hike odds. Now each report could shift expectations for the Fed.

The S&P 500 closed Friday's regular session at 7,711, down 0.25% on the day and up 0.49% across the week. The Nasdaq finished at 26,402 and the Dow at 53,560, both higher on the week. Trading volumes in the indices were below the 2026 average and the VIX near its low for the year. That is an August lull, and it likely ends this week. The sector heatmap is where a payrolls surprise will show up first.

Monday, August 31

Nothing on the US statistical calendar. Nor is there a holiday (other than a UK bank holiday). Labor Day falls on September 7 this year, the latest date it can, so this is a full five-session week. Germany's flash August CPI is the only print before the US open worth a look.

One date a lot of calendars still carry for Monday is not on Monday. Figma's final lock-up release, roughly 77.7 million Class A shares, is listed by most trackers as expiring August 31. The Extended Lock-Up Agreement filed with the SEC sets two triggers and takes whichever comes first. One is August 31. The other is the second trading day after Figma announces its June-quarter results. Figma announced those results on August 5, which put the release on Friday, August 7. The float before it was about 371 million shares, so the block was roughly 21% of the tradeable stock. Our IPO lock-up calendar states August 7.

Tuesday, September 1: JOLTS, ISM Manufacturing, and Dell

ISM manufacturing and the July JOLTS report both publish at 10:00am ET. JOLTS is the one to watch. It is a July reading landing four days before the August payrolls number, and job openings have often been the first sign that the labour market is turning.

The afternoon is busier. Dell reports fiscal Q2 after the close, with the call at 4:30pm ET. Dell only confirmed the date on August 18, while many calendars had shown September 3. It took in $24.4bn of AI orders last quarter but shipped $16.1bn. Its full-year guidance suggests shipments slow from here.

Palo Alto Networks reports the same afternoon, with its webcast at 4:30pm ET. Its guidance points to 32% revenue growth, but only 1% to 3% earnings growth. MongoDB reports afterwards.

Wednesday, September 2: Broadcom

ADP’s August jobs report arrives at 8:15am ET, followed by the Fed’s Beige Book at 2:00pm. Then comes the week’s main event. Broadcom reports fiscal Q3 after the close, with its call at 5:00pm ET. Broadcom has guided for $29.4bn in revenue and $16.0bn from AI semiconductors, up more than 200% from a year ago. As we just saw with NVDA this week, even crushing estimates is no guarantee the gap-up holds.

That $16 billion has been guided before. Broadcom put the same number out for the July quarter, delivered $10.8bn, re-guided to $16bn, and the stock fell about 3% on it. AVGO closed Friday near $368.

The comparison is unhelpful. Nvidia guided its October quarter to $108bn, and its chief executive put fiscal 2028 growth near 70%. Reuters framed this week's question as whether Broadcom can give investors the same confidence about future growth. NVDA closed Friday at $217.55, down ~4.5%, giving back half of Thursday's post-earnings gain.

Snowflake reports the same hour, product revenue is guided at $1.42bn, with a growth rate the company itself guided down four points.

Thursday, September 3: Jobless claims, ISM Services and Software earnings

Weekly jobless claims at 8:30am, ISM services at 10:00am, with Challenger's August job-cut report around the same time. Services inflation is still the Fed’s main concern. A strong ISM services reading would make a rate hike more likely, while a weak manufacturing reading would do less to change that.

Zscaler, DocuSign, UiPath and Asana report after the close. Times for the full week are on the earnings calendar.

Friday, September 4: 8:30am August Employment

The August Employment Situation publishes at 8:30am ET. Reuters expects +58,000 payrolls and 4.1% unemployment. Other forecasts predict 60,000 and 4.2%. In July, payrolls fell by 23,000, and the previous two months were revised down by a combined 103,000. Unemployment also fell, but mainly because fewer people were looking for work.

The market is more sensitive to a strong jobs report now. A month ago, weak jobs data made a September rate hike less likely. Now markets put the chance of a hike at around 57%, while the Fed chair says inflation has not improved much. A weak jobs report would need to change that view. A strong one would make a hike look more likely. The jobs hub carries the scenarios and the Fed hub tracks the runway to the 16th.