Market Summary
U.S. equities snapped a four-session losing streak on Friday, September 11, as a pullback in crude oil and renewed technology leadership fueled a broad rebound. The S&P 500 gained 65.28 points (+0.86%) to close at 7656.98, the Dow Jones Industrial Average surged 509.19 points (+0.98%) to 52573.29, and the Nasdaq Composite advanced 251.31 points (+0.96%) to 26354.08. The Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.8%) also participated in the advance, though on a smaller scale.
The rally came despite an August CPI report that reinforced expectations for a rate hike at next week’s FOMC meeting. Core CPI rose a hotter-than-expected 0.3% month-over-month (consensus: 0.2%), pushing the CME FedWatch-implied probability of a 25-basis-point hike to 86.5% from 69.4% ahead of the release. Investors largely looked past the hawkish inflation read as WTI crude retreated 2.3% to $100.08/bbl on reports that Gulf states will meet with Iran on Monday to discuss the Strait of Hormuz, easing some of the geopolitical premium built into oil prices this week.
Sector rotation favored growth and cyclical areas, with Communication Services (+1.4%) and Information Technology (+1.1%) leading, aided by gains in Alphabet (+1.53%) and Apple (+1.75%), alongside a 1.8% rally in the PHLX Semiconductor Index following Oracle’s strong cloud infrastructure results. Industrials (+1.1%) and Consumer Discretionary (+1.1%) also outperformed, giving the advance a broad foundation, while defensive sectors Health Care (-0.1%) and Utilities (-0.3%) lagged. Despite Friday’s strength, the major averages still finished firmly lower for the holiday-shortened week (S&P 500 -0.8%, Nasdaq -0.7%, DJIA -1.6%), with attention now shifting to Wednesday’s FOMC decision.
Market Snapshot
| Index | Level | Change | % Change |
|—|—|—|—|
| Dow Jones | 52,573.29 | +509.19 | +0.98% |
| Nasdaq Composite | 26,354.08 | +251.31 | +0.96% |
| S&P 500 | 7,656.98 | +65.28 | +0.86% |
Breadth (NYSE): Advancers 1,662 | Decliners 1,060 | Volume 1.12 bln
Breadth (Nasdaq): Advancers 2,866 | Decliners 2,026 | Volume 6.60 bln
WaveFinder Breadth (as of 2026-09-11):
- Primary Sentiment: Neutral
- 4% Sentiment: Bullish
- 40 SMA Sentiment: Bearish
- Primary Bulls/Bears: 635 / 635
- 4% Bulls/Bears: 169 / 117
- Stocks Above 20-day SMA: 40.0%
- Stocks Above 40-day SMA: 36.94%
- 9-Month Bulls/Bears: 17 / 4 (Follow-Through: 21.43%)
Sector Performance
Ranked from strongest to weakest (Briefing.com Industry Watch):
1. Communication Services — Strong (+1.4% on the session; led by Alphabet)
2. Information Technology — Strong (+1.1%; semis +1.8% via PHLX Index)
3. Industrials — Strong (+1.1%)
4. Consumer Discretionary — Strong (+1.1%)
5. Financials — Not specifically flagged (mixed)
6. Materials — Not specifically flagged (mixed)
7. Energy — Not specifically flagged (mixed; oil fell 2.3%)
8. Real Estate — Not specifically flagged (mixed)
9. Consumer Staples — Not specifically flagged (mixed; note KR earnings strength)
10. Health Care — Weak (-0.1%)
11. Utilities — Weak (-0.3%)
WaveFinder Sector ATR (Volatility, trend):
- Technology: 0.67% (rising, P100)
- Health Care: 0.88% (falling, P5)
- Energy: 1.82% (falling, P5)
- Communication Services: 0.57% (falling, P11)
- Financials: 0.31% (flat, P26)
- Consumer Discretionary: -1.22% (falling, P11)
- Consumer Staples: -1.17% (falling, P5)
- Materials: -1.16% (falling, P5)
- Industrials: -1.90% (flat, P11)
- Utilities: -2.54% (flat, P0)
- Real Estate: -2.70% (falling, P5)
Key Earnings & Movers
- Apple (AAPL) — $332.27, +$5.70 (+1.75%); part of broad mega-cap tech leadership
- Alphabet (GOOG) — $335.45, +$5.06 (+1.53%); communication services leadership
- Oracle (ORCL) — $150.15, -$2.79 (-1.82%); initially jumped double-digits on strong earnings (121% YoY cloud infrastructure revenue growth, $30 bln+ new AI-cloud contracts, maintained FY27 capex plans) before fading into the close
- Dell (DELL) — $567.14, +$60.52 (+11.95%); rallied on AI infrastructure demand read-through from Oracle results
- Hewlett Packard Enterprise (HPE) — $62.08, +$6.86 (+12.42%); same AI-infrastructure demand tailwind
- Kroger (KR) — Higher after Q2 EPS beat; revenue +2% YoY to $34.6 bln; reaffirmed adjusted EPS guidance of $5.10-5.30 despite lowering full-year identical-sales outlook (ex-fuel) to +0.2-0.8% from +1-2%
- RH — Trading higher after large Q2 EPS beat and better-than-expected normalized margins (13.4% vs. 11.5-13.0% guidance), despite below-consensus Q3 revenue guidance
- Amgen (AMGN) — Earlier in the week fell to $393.17, -$44.06 (-10.08%) on Novartis clinical trial setbacks weighing on biotech sector
Stock Spotlight
Oracle (ORCL) and the AI Infrastructure Read-Through
Oracle shares initially surged nearly 8-10% intraday following its quarterly report before fading to close down 1.82% at $150.15. The volatility masked an otherwise strong underlying report: cloud infrastructure revenue grew 121% year-over-year, the company signed more than $30 billion in new AI-cloud contracts, and management maintained its FY27 capital spending plans — all signals reinforcing continued data center investment momentum. While ORCL itself gave back its early gains, the report served as a powerful positive catalyst for the broader AI infrastructure trade.
The read-through was most visible in server and enterprise hardware names, where Dell surged 11.95% to $567.14 and Hewlett Packard Enterprise jumped 12.42% to $62.08, as investors positioned for sustained demand for servers, networking equipment, and storage tied to AI-driven data center buildouts. The divergence between Oracle’s fade and the sharp rallies in Dell and HPE illustrates how the market is increasingly parsing AI capex beneficiaries by degree of direct infrastructure exposure rather than treating the trade as monolithic.
Bond Market & Treasuries
U.S. Treasuries finished mostly lower Friday, capping a rough week in which yields on all notes and bonds hit fresh 2026 highs amid firming rate-hike expectations.
Yield Levels (Friday close):
- 2-year: 4.64% (+9 bps on day; +26 bps week)
- 3-year: 4.73% (+8 bps on day; +28 bps week)
- 5-year: 4.79% (+6 bps on day; +24 bps week)
- 10-year: 4.98% (+3 bps on day; +20 bps week)
- 30-year: 5.36% (-1 bp on day; +11 bps week)
The 2s10s spread compressed by 6 bps to 34 bps this week, while the 2s30s spread tightened 15 bps to 72 bps. The U.S. Dollar Index rose 0.1% to 99.14, returning to its 200-day moving average and finishing roughly unchanged for the week. The hotter-than-expected core CPI print drove an initial impulse sell-off in Treasuries, with the market ultimately pricing an ~86.5%-90% probability of a 25-basis-point Fed hike at next week’s FOMC meeting.
Commodities
- WTI Crude Oil: $100.08/bbl, -$2.31 (-2.3%); still up roughly 10% for the week on Middle East tensions before Friday’s reversal on reports of a Gulf states-Iran meeting Monday regarding the Strait of Hormuz
- Gold: $4,409.10/ozt, unchanged
- Copper: $6.55/lb, unchanged
- Silver: No data provided
Overseas Markets
Specific index levels for Asian and European markets were not provided in the source data; however, key regional developments included:
- China: Released a five-year plan for developing intelligent connected new energy vehicles; foreign automakers reportedly slashing prices on gas-powered vehicles amid competition
- South Korea: Exports for the first ten days of September up 82.6% YoY, with chip exports soaring 270.1%
- Japan: August PPI -0.2% m/m (expected 0.0%) but +7.6% yr/yr (expected 7.4%); Q3 BSI Large Manufacturing Conditions rose to 7.6 from -1.8 (expected 2.5)
- New Zealand: August Business PMI at 53.1 (prior 54.3)
- U.K.: July GDP +0.4% m/m (expected 0.0%), +1.6% yr/yr; July trade deficit narrowed to GBP 20.97 bln; Industrial Production +0.2% m/m; Manufacturing Production +0.9% m/m
- France: Finance ministry lowered domestic growth forecast to 0.5% from 0.7%
- Italy: Q2 unemployment rate rose to 5.6% from 5.3% (expected 5.4%)
- ECB: Several policymakers commented that inflation remains too high, sparking speculation of an October rate hike
Currencies: EUR/USD -0.1% to 1.1594; GBP/USD +0.1% to 1.3525; USD/CNH -0.1% to 6.7085; USD/JPY -0.4% to 153.75
Economic Data
- August CPI: +0.4% m/m (consensus +0.4%), matching expectations; Core CPI +0.3% m/m (consensus +0.2%), hotter than expected. Year-over-year: total CPI 3.4% (unchanged from July), core CPI 2.4% (down from 2.5%). Takeaway: not enough progress to prevent a September rate hike.
- September University of Michigan Consumer Sentiment (Preliminary): 47.8 (consensus 51.5; prior 51.7) — a significant miss driven by a dour outlook on personal finances and business conditions.
- U.S. Treasury Budget (August): Deficit of $166.8 billion (consensus -$485.0 bln estimate framework; not seasonally adjusted, not directly comparable to July’s $432.3 bln deficit). Down 52% yr/yr from $344.8 billion a year ago, though fiscal YTD deficit remains near a record $1.97 trillion with interest costs up 13% yr/yr.
Looking Ahead
Monday (9/14): Nothing of note scheduled.
Tuesday (9/15):
- September Empire State Manufacturing Index (consensus 14.1; prior 20.6) at 8:30 ET
- $13 billion 20-year Treasury bond reopening results at 13:00 ET
Wednesday (9/16):
- Weekly MBA Mortgage Index (prior -2.7%) at 7:00 ET
- August Retail Sales (consensus 0.9%; prior -0.6%) and Retail Sales ex-auto (consensus 0.5%; prior -0.3%) at 8:30 ET
- August Import Prices (prior -0.4%) and Export Prices (prior -1.3%) at 8:30 ET
- July Business Inventories (consensus 0.2%; prior 0.0%) and September NAHB Housing Market Index at 10:00 ET
- FOMC Rate Decision — markets pricing an ~86.5% probability of a 25-basis-point rate hike, the key event of the week
Investors will be closely watching whether the Fed follows through on the hike priced into markets, along with any forward guidance on the pace of future tightening given persistent above-target inflation readings and elevated oil prices.