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The previous trading day was September 4th (Friday), and September 7th was closed for Labor Day. On that day, only the Russell 2000 rose 0.25% among the four indices, the S & P 500 closed at 7,718.60 The previous trading day was September 4th (Friday), and September 7th was closed for Labor Day. On that day, only the Russell 2000 rose 0.25% among the four indices, the S & P 500 closed at 7,718.60

Pre-Market Briefing on Sept 8: AI Infrastructure Stocks Rally Broadly, IREN Jumps 7.27%; CASY Earnings Due Tonight – Will Same-Store Sales Clear the 5% Hurdle?

#US Stocks

2026/09/08 17:09

The previous trading day was September 4th (Friday), and September 7th was closed for Labor Day. On that day, only the Russell 2000 rose 0.25% among the four indices, the S & P 500 closed at 7,718.60 points, down 0.38%, the Nasdaq Composite closed at 26,506.99 points, down 0.29%, and the Dow Jones Industrial closed at 53,414.25 points, down 0.51%.The star of the day is IREN, which rose 7.27% in a single day to close at $44.68. On this day, IREN did not release any company announcements, and the increase came from the AI infrastructure sentiment triggered by NVIDIA's acquisition of Hugging Face for $12.90 billion. After 20:00 UTC tonight, Casey General Store (CASY) released its first financial report of the new fiscal year. Today's US stock school is about changes in equity: if the market value rises, your share may not necessarily follow.The data in this article is based on the closing of the US stock market on September 4, 2026.

Closing on September 4th: Employment is too good, only small cap flips

The unit is%, and the rise and fall of the day is relative to the closing of the previous trading day. On September 4th, only the Russell 2000 rose by 0.25% among the four indices, and the Dow Jones Industrial fell by 0.51%, which was the largest drop. The S & P 500 fell by 0.38% to close at 7,718.60 points, and the Nasdaq Composite fell by 0.29% to close at 26,506.99 points.

The reason for the fall is written in the employment data of the same day: 162,000 new non-farm payrolls in August, the market expectation is only about 55,000, and the total of the first two months has been revised up by about 55,000, and the unemployment rate remains at 4.1%. The data is too strong, and the pricing of interest rate futures for a 25 basis point interest rate hike in September has risen significantly, reaching more than 50% at one point during the day. The US bond yield rose synchronously with the US dollar, and the panic index VIX closed at 15.30, up 5.3%.

It's worth remembering one thing first: what fell on this day was not the profit, but the discount rate. The profit of the company did not deteriorate within a day, but the ratio at which the market discounted future cash flow. As the discount rate rises, assets that rely on future cash flow to support their valuations are first suppressed - this is also why the three indexes where large technology heavyweights are located fell, while the small cap, which is already undervalued and has a short duration, turned red.

There is also a time background to keep in mind: Fed officials have entered a pre-meeting silence period this week and will no longer speak publicly. The meeting will be held on September 15th to 16th. This means that in the next few days, the market can only rely on the data itself to price, and no officials will come out to correct expectations.

Star of the Day IREN: Full marks in industry ranking, 0 points in volatility control

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. IREN closed at $44.68 that day, up 7.27%, and the market value increased by about $1.10 billion a day, reaching $15.90 billion; the transaction volume was 36.27 million shares, about 0.76 times the average. Among the five dimensions, the industry ranking got a full score of 100, the relative strength of the industry was 84, the industry valuation temperature was 81, and the trend position was 37, while the volatility control was 0 points , which was the weakest corner in the five corners.

Getting 0 points for volatility control is not a scoring error. IREN's Beta is 4.29 , which means the market moves 1%, and it averages 4.3%, which is extremely high in the market. A company that bets on a single track with its Balance Sheet, volatility is the norm.

The real practical thing is the next step of conversion: dividing + 7.27% by 4.29 is about equal to 1.7% of the market caliber. Looking at it from this caliber, the daily increase is not as prominent as it seems. This is a division that high beta stocks must do - if you don't do this division, you will mistake "amplified volatility" for "particularly strong performance".

The trading volume column should also be read together. The trading volume on that day was only 0.76 times the average volume, without any volume increase. What drives the stock price is not the sudden influx of new funds, but the same batch of money repricing - it is the repricing of emotions, not the breakthrough of volume increase.

The same group of cryptocurrency stocks have a difference of 11.5 percentage points between the beginning and the end

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 stocks belonging to the same currency stock group were ranked as follows: IREN rose 7.27%, Riot Platforms (RIOT) rose 3.12%, TeraWulf (WULF) rose 1.73%, Core Scientific (CORZ) fell 0.06%, MARA Holdings (MARA) fell 2.50%, and Coinbase (COIN) fell 4.18%.The difference between head and tail is 11.5 percentage points.

The same group of targets, on the same day, the gap can be pulled to this extent, indicating that the label of "cryptocurrency stocks" is no longer enough to explain their stock prices. The real dividing line is: whether AI revenue has landed . IREN's AI cloud revenue reached $128.80 million in the FY26 financial report, with a year-on-year growth of 7.9 times, and the production capacity for 2026 has been signed for $4 billion - what it is priced at is migrating from "mining" to "AI data center".

But the same financial report also gave the other half of the truth: Mining still accounts for 82% of IREN's revenue . So this is a company that is transitioning but has not yet completed its transition. The market bought the direction of the transition that day, not the completed result. Supporting actor CoreWeave (CRWV) rose 5.68% that day. It is a pure AI cloud that does not mine at all, and it also rose with it - which further shows that the price was driven by the sentiment of the group, not the fundamental differences of each company.

It's the ethnic group that's rising, not the company

The caliber is the closing on September 4th. If we break down this day, 7.27% is as follows: First, the starting point is industry-level news - NVIDIA (NVDA) acquired Hugging Face for $12.90 billion, and AI infrastructure was re-priced; second, emotions spilled over to IREN, and IREN itself did not have any company announcements on this day ; third, compared with the industry, the industry average on the same day was only + 0.42%, 7.27 ÷ 0.42 is about 17 times, which is its relative strength.

The fourth box is the conversion of the same day, which cannot be offset by the first three boxes: first divide by Beta 4.29 , and the 7.27% discount back to the market is about 1.7%. The first three boxes explain "why did it rise today", and the fourth box says "how big is this increase in market language". The answers to the two questions are very different.

There is a very practical difference in judgment here: for the increase driven by company announcements, you can read the reason on the same day; for the increase driven by group emotions, the reason will not emerge until the revenue numbers in the next financial report. Before that, it is an expectation that has not been verified by performance. IREN's AI cloud revenue increased by 7.9 times annually, which has already happened, but the 7.27% on that day bought not this thing, but the industry sentiment brought by the NVDA acquisition.

What to watch tonight: Casey General Store (CASY) after-hours financial report

The unit is%, which is the same-store sales year-on-year, excluding fuel and new stores that have been open for less than a year. Casey General Store (CASY) will announce FY27 for the first quarter after 20:00 UTC tonight, and the call will be at 12:30 UTC the next day. There will also be July consumer credit at 19:00 UTC and the New York Fed Consumer Inflation Expectations Survey at 15:00 UTC on the same day.

Let's get to know this company first: the third largest convenience store chain in the United States with 2,944 stores, and also the fifth largest pizza chain in the United States. More than half of the stores are located in small towns in the Midwest, selling oil and freshly made food at one end. Therefore, the report is a high-frequency sample of consumption and gas demand in non-metropolitan areas of the United States.

The core indicator is the same-store sales within the same store. We don't look at the total revenue because about 60% of the total revenue is from fuel, following the oil price; the same-store within the same store excludes oil prices and new stores that have been open for less than a year to capture the true customer flow and order. The four quarters of FY26 are 4.3%, 3.3%, 4.0%, and 5.5% respectively - from 3.3% to 5.5%, it is accelerating.

The company's guidance for FY27 is in-store same-store + 2% to + 5%, with EBITDA growth rate of 8% to 10%. Tonight's report is the first report card of the new fiscal year: Standing at 5% is equivalent to hitting the upper edge of their own guidance at the beginning If it falls back to around 3%, we have to look back and ask how much of last quarter's 5.5% was due to last year's low base. These two results point to completely different stories, not strong and weak versions of the same story.

The mismatch between revenue structure and gross profit structure is the norm in this business

The unit is million US dollars, which represents the gross profit of each Line of Business in the first quarter of FY26 (as of July 31, 2025). The four lines are: Grocery and General Merchandise 440, Fuel 374, Meal Food and Beverage 266, and Other Revenue 33, totaling about 1.11 billion US dollars - this is also the base number to be compared in tonight's financial report.

Fuel contributes about 60% of revenue, but gross profit only accounts for a little over 30%; food and beverage preparation only accounts for 10% of revenue, but gross profit accounts for nearly a quarter. The reason is simple: the gross profit margin of food preparation is 58.0%, while fuel conversion is only about 14%. Convenience store reports must separate the "revenue structure" and "gross profit structure". The mismatch between the two is the norm in this business, not an anomaly.

So what really determines the profit tonight is not how many gallons of oil are sold, but how many freshly made pizzas and drinks are sold in the store. The second thing to look at is the gross profit per gallon: last quarter's 46.9 cents was the highest in four quarters, and high oil profits are difficult to sustain; how much can be held after 46.9 can better explain the profit than how many gallons are sold.

US Stock Academy: The market value has risen, but your share may not follow suit

The unit is%, which is equal to the number of shares at the end of the latest quarter divided by the number of shares at the end of the same quarter a year ago minus 1, taken from the latest quarterly reports of each company. The changes in the number of shares of the five companies in the past year are: Apple (AAPL) decreased by 1.7%, NVIDIA (NVDA) decreased by 0.8%, Palantir (PLTR) increased by 1.3%, Rocket Lab (RKLB) increased by 24.8%, and IonQ (IONQ) increased by 28.4%.

Market capitalization equals the stock price multiplied by the number of shares. The stock price line moves every day and someone watches it every day; the number of shares line only moves once a year, and it is not on the K-line chart . This is the whole point of this lesson: just look at the stock price, you can't tell whether the share in your hand has increased or decreased.

The difference between the two ends is about 30 percentage points: one end buys its own stocks back and cancels them, and the other end issues new stocks for cash. The middle is almost empty - The change in the number of shares rarely stops in the middle, because it reflects not the degree, but two completely different ways of living.

Where does the money come from? The number of shares will answer for the company

The caliber is the latest quarterly report of each company. When getting to know a company, first ask where its money comes from, and the number of shares will answer for it. There are only three answers:

The first type is the money earned from selling things . Apple (AAPL) relies on iPhone, Mac, and App Store subscriptions, with so much cash that it can't be spent. For many years, it has been fixed to buy back its own stocks and cancel them. It cancels about 250 million shares a year; NVIDIA (NVDA) sells AI acceleration cards and Data center network equipment, and its profits can also support buybacks, with a net reduction of about 200 million shares a year. The number of shares of such companies is going down.

The second type is stocks issued to employees . PLTR provides a Data Analysis platform for the government and large enterprises. Almost all of the slight increase in the number of shares comes from the equity stake issued to employees. The cost of equity stake in the second quarter 265 million US dollars. The cost is recorded in the equity stake expense, not in cash, so the number of shares is only moderately rising.

The third type is the money exchanged by selling their own stocks . IonQ (IONQ) does ion trap Quantum Computer. Its revenue in the second quarter increased by 287% year-on-year, but it is still losing money. It relies on continuous issuance to sell future equity stakes to the market for time. At the end of June, it had cash and investment of about 3 billion US dollars. The number of shares in such companies is going up, and it is going fast.

Rocket Lab (RKLB) is the most complete example of this logic. Its Electron small launch vehicle puts small satellites into orbit, and it also has a Photon satellite platform and satellite component business. In the second quarter, revenue was $234 million, a year-on-year increase of 62%, and orders on hand were $2.36 billion, a year-on-year increase of 137%. The business itself is not weak at all But free cash flow in the second quarter was − 110 million dollars, the 8-ton Neutron rocket is still being invested, and the company says the window for first flights this year is narrowing.About 119 million shares that came out this year are the price of this road.

The transferable criterion is only one sentence: First, look at where the number of shares goes, and then decide how to read the stock price line. For companies with lower stock numbers, the increase is actually in your hands; for companies with higher stock numbers, you should first ask what the money from selling stocks has bought.

FAQs

Q1: IREN rose 7.27% in one day, why is the "volatility control" score 0 in the five-dimensional score?

Because the fluctuation control quantity is the fluctuation range of this stock, not its daily rise and fall direction. IREN's Beta is 4.29, and the market moves by 1%, with an average movement of 4.3%, which belongs to the extremely high-end market, so this corner gets 0 points. In the same rating, the full score of the industry ranking is 100, and the fluctuation control score is 0, which is exactly about this matter: no one was stronger than it that day, but its strength was already magnified more than four times.

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

Industry-level news spilled over. On the same day, NVIDIA (NVDA) acquired Hugging Face for $12.90 billion, AI infrastructure was repriced, and emotions spilled over to the AI Data Center community. On the same day, the industry average was only + 0.42%, IREN rose 7.27%, which is 17 times the industry; supporting role CoreWeave (CRWV) rose 5.68%, which is a pure AI cloud and does not mine at all, and also rose.It should be noted that such increases are not supported by company-level evidence on that day, and the actual changes in income will not appear until the next financial report.

Why do we need to divide + 7.27% by 4.29?

Because 4.29 is the Beta of IREN, which is a multiple of "the market moves 1%, how many% does this average move". Dividing the daily increase by Beta is equivalent to converting it back to the market scale: 7.27 ÷ 4.29 is about 1.7%. This step only makes sense when comparing stocks with different volatility - the rise and fall of high Beta stocks are naturally magnified, and it is unfair to directly compare them with low Beta stocks. Note that this conversion is only used for comparison, not prediction.

Q4: Does CASY's same-store rate of 5.5% and guidance of 2% to 5% mean a decline?

No, they are not the same thing. 5.5% is the published value for the fourth quarter of FY26, and 2% to 5% is the guidance range for FY27 for the whole year. The company's annual guidance usually leaves room for error. Comparing a realized quarterly value with the guidance range for the whole year side by side will lead to incorrect conclusions. Tonight's focus is on where the first quarter of the new fiscal year falls: standing above 5% is the top of the opening, and only when it falls back to around 3% do we need to look back at the 5.5% base from the previous quarter.

Q5: Why is it said that the market value has risen, but my share may not follow suit?

Because the market value is equal to the stock price multiplied by the number of shares, and the number of shares only moves once a year, this line is not on the K-line chart. In the past year, the number of shares of Apple (AAPL) has decreased by 1.7%, Rocket Lab (RKLB) has increased by 24.8%, and IonQ (IONQ) has increased by 28.4%, with a difference of about 30 percentage points between the two ends. Companies with lower stock numbers will have more complete market value growth on each share; companies with higher stock numbers will have the same market value allocated to more shares, so we need to first ask what the money from selling stocks has bought.

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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