Market Midday: Dow Eyes Best Day in a Month; Canada Trade Deal Hope Fades • 9/3/26

Summary

CNBC Business News Update reports a broad midday rally with the Dow up more than 600 points and all three major averages on pace for a winning week. Fed Governor Waller's comments lower September rate-hike odds, while Patrick Morehead says Nvidia's $13 billion Hugging Face acquisition makes strategic sense. Canada trade deal hopes fade ahead of tariffs, and Meta agrees to a $17 billion teen social media settlement with app changes.

• Dow up 618 points, with S&P 500 and Nasdaq also up more than 1%.
• Oil names Marathon Petroleum, Phillips 66 and Valero hit all-time highs.
• US crude is above $90 and Brent crude is near $100.
• Fed Governor Waller says August inflation data will decide a September hike or hold.
• Market-implied odds of a September Fed hike fall to 50% from 61%.
• Nvidia is buying Hugging Face for $13 billion; Patrick Morehead sees distribution and hedge benefits.
• Canada tariffs on American goods are set for September 8 with no resolution path.
• Meta settles teen social media addiction case for $17 billion and plans app limits.