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FollowingCore Points
Wholesale price indicators are in line with analyst expectations
Oracle's quarterly report draws market attention
Nasdaq 100 futures fell, and crude oil prices soared pushed up Treasury yields.
In early Thursday morning, U.S. stock index futures diverged. Investor sentiment is under pressure as energy costs rise and the latest inflation data are released. Nasdaq 100 futures fell as much as 1%, Dow Jones Industrial Average futures remained relatively stable, and S & P 500 futures fell about 0.4%.
The energy market dominated trading this week. Brent crude oil futures broke through the $105 mark per barrel, and West Texas Intermediate crude oil (WTI) futures also approached the $100 mark. Oil prices have been driven by the ongoing U.S. -Iran conflict and supply chain disruptions affecting the Strait of Hormuz, fueling market concerns about a broader energy crisis.
On Wednesday, President Trump said oil prices could remain high until the November midterm elections. This statement failed to alleviate market anxiety.
Wholesale price indicators meet analyst expectations
The producer price index (PPI) released on Thursday showed that wholesale costs rose 5.4% year-on-year, and rose 4.6% year-on-year after excluding volatile components. Both data are basically in line with economists 'forecasts.
Breaking news: PPI inflation rose to 5.4% in August, above expectations of 5.3%.
Core PPI inflation rose to 4.6%, the highest level since June 2026.
Overall and core PPI inflation data for July were also revised upward.
Affected by this news, the probability of raising interest rates further increased.
- The Kobeissi Letter (@KobeissiLetter) September 10, 2026
PPI data provides background for Friday's upcoming release of the Consumer Price Index (CPI), which will be closely watched by market participants and Federal Reserve policymakers. High energy bills may put upward pressure on this indicator.
Government bond yields also rose. The yield on the benchmark 10-year Treasury note hit a three-year high on Wednesday as the Treasury Department announced plans to buy up to $6 billion in long-term securities. By Thursday's opening session, yields were hovering around 4.9%.
The European Central Bank has further exacerbated tensions in the international interest rate environment. The bank raised its three main lending rates by 25 basis points and raised its inflation forecast, signaling that monetary tightening continues across the Atlantic.
Oracle's quarterly report attracts market attention
Market participants are closely watching Oracle's upcoming financial report. The enterprise software giant will report quarterly results after the close, as investors are eager to assess whether its AI-related capital spending remains strong or shows signs of slowing.
Oracle has become a barometer for measuring the real demand for artificial intelligence infrastructure investment. The company's performance could affect the trend of the technology sector on Friday.
On the political front, President Trump made a proposal in Dallas on Wednesday: $5000 would be paid to every American adult if Republicans retained control of Congress after the midterm elections. Any such appropriations require congressional approval, and the funding mechanism is not yet clear.
The stock market has had a difficult trading day recently. The S & P 500 and Nasdaq have fallen for three consecutive sessions, and investors are worried that Friday's inflation report could add to downward pressure.
Brent crude oil's $105 level and rising bond yields constitute two significant headwinds to valuations. Market observers will focus on Oracle's financial results and Friday's CPI data for clues on the direction of recent market trends.
