Market Summary — Post market — 2026-09-13

Market Summary

U.S. equities snapped a four-session losing streak on Friday, September 11, as the S&P 500 climbed 0.86% to 7656.98, the Nasdaq Composite gained 0.96% to 26354.08, and the DJIA advanced 0.98% to 52573.29. The broad-based rally was fueled by a pullback in crude oil and renewed leadership from technology and communication services stocks, which was enough to offset a hotter-than-expected core CPI reading that pushed rate-hike odds for next week’s FOMC meeting sharply higher. Despite Friday’s strength, the major averages still finished the holiday-shortened week firmly in the red, with the S&P 500 down 0.8%, the Nasdaq off 0.7%, and the DJIA sliding 1.6% week-to-date, as small- and mid-caps underperformed (Russell 2000 -2.4%, S&P Mid Cap 400 -1.9%).

Sector rotation on Friday favored growth and cyclical exposure. Communication services (+1.4%), information technology (+1.1%), industrials (+1.1%), and consumer discretionary (+1.1%) led the advance, powered by gains in Alphabet, Apple, and a resurgent AI-infrastructure trade following Oracle’s earnings. Defensive sectors lagged, with health care (-0.1%) and utilities (-0.3%) the only two groups in negative territory. Market breadth was constructive but not overwhelming, with advancers outpacing decliners on the NYSE (1,662 to 1,060) and a more mixed picture on the Nasdaq (2,866 to 2,026).

The dominant macro narrative remains the Fed. August CPI data — in line on the headline (0.4% m/m) but hotter than expected at the core (0.3% m/m vs. 0.2% consensus) — pushed the market-implied probability of a 25-basis-point hike at next week’s FOMC meeting to as high as 86.5%-90.4% depending on the measure cited, up from roughly 69.4% pre-report. Treasury yields moved higher across the curve for the week even as they eased modestly intraday Friday, and attention now shifts decisively to the September 15-16 FOMC decision.

Market Snapshot

| Index | Level | Change | % Change |
|—|—|—|—|
| DJIA | 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% |

Advance/Decline (NYSE): 1,662 advancers / 1,060 decliners | Volume: 1.12 bln
Advance/Decline (Nasdaq): 2,866 advancers / 2,026 decliners | Volume: 6.60 bln

WaveFinder Breadth (as of 2026-09-11):

• Primary Sentiment: Neutral | 4% Sentiment: Bullish | 40 SMA Sentiment: Bearish
• Primary Bulls: 635 | Primary Bears: 635
• 4% Bulls: 169 | 4% Bears: 117
• Stocks Above 20-day SMA: 40.00%
• Stocks Above 40-day SMA: 36.94%
• 9-Month Bulls: 17 | 9-Month Bears: 4 (Follow-Through: 21.43%)

Weekly Performance: S&P 500 -0.8% | Nasdaq -0.7% | DJIA -1.6% | S&P Mid Cap 400 -1.9% | Russell 2000 -2.4%
Year-to-Date: Russell 2000 +17.0% | Nasdaq +13.3% | S&P Mid Cap 400 +12.4% | S&P 500 +11.9% | DJIA +9.4%

Sector Performance (Friday Session)

1. Communication Services +1.4% — led by Alphabet strength
2. Information Technology +1.1% — semiconductor bounce, AI infrastructure demand
3. Industrials +1.1%
4. Consumer Discretionary +1.1%
5. Health Care -0.1% — session laggard
6. Utilities -0.3% — session laggard

Energy, Financials, Materials, Consumer Staples, and Real Estate performance figures were not specified for Friday’s session in available data. Per WaveFinder ATR volatility readings, Real Estate (-2.70%, falling), Utilities (-2.54%, flat), and Energy (1.82%, falling) showed the most notable volatility shifts, while Technology ATR is rising (0.67%, P100 percentile rank), indicating elevated relative volatility in the sector.

Weekly Sector Context: Energy +2.0% (only clear weekly gainer alongside Communication Services +1.1%); Health Care -3.6%; Materials -1.7%; Financials -1.5%; Consumer Discretionary -1.2%; Industrials -1.1%; Real Estate -1.1%; Information Technology -0.2% (relatively resilient).

Key Earnings & Movers

• Oracle (ORCL) 150.15, -2.79 (-1.82%) — Gave back an initial double-digit gain despite strong quarterly results (121% y/y cloud infrastructure revenue growth, $30+ bln in new AI-cloud contracts).
• Dell Technologies (DELL) 567.14, +60.52 (+11.95%) — Rallied on AI-infrastructure demand read-through from Oracle’s results.
• Hewlett Packard Enterprise (HPE) 62.08, +6.86 (+12.42%) — Similarly boosted by server/networking demand outlook.
• Apple (AAPL) 332.27, +5.70 (+1.75%) — Contributed to mega-cap tech leadership.
• Alphabet (GOOG) 335.45, +5.06 (+1.53%) — Led communication services strength.
• Kroger (KR) — Beat Q2 EPS; reaffirmed adjusted EPS guidance of $5.10-5.30 despite lowering full-year identical-sales outlook to +0.2-0.8% from +1-2%.
• RH — Traded higher on a large Q2 earnings beat and better-than-expected normalized margins (13.4% vs. 11.5-13.0% guidance), despite below-consensus Q3 revenue guidance.
• Amgen (AMGN) 393.17, -44.06 (-10.08%) (Tuesday) — Pressured after clinical trial setbacks at Novartis weighed on the biotech group.
• Novartis (NVS) 137.70, -22.29 (-13.93%) (Tuesday).

Stock Spotlight

Oracle (ORCL) was the session’s most consequential mover, serving as a bellwether for the broader AI-infrastructure trade. Shares initially surged by double digits following the company’s quarterly report before fading to close down 1.82% at $150.15. The pullback from highs belied an otherwise strong 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 of which reinforced expectations for sustained data center investment.

The read-through proved more impactful than Oracle’s own share performance, fueling outsized gains in server, networking, and storage names as investors positioned for continued AI-driven demand. Dell Technologies surged 11.95% to $567.14 and Hewlett Packard Enterprise jumped 12.42% to $62.08, both significantly outperforming the broader tech tape. This dynamic — a “sell-the-news” reaction in the reporting company alongside strong follow-through in adjacent beneficiaries — underscored the market’s continued appetite for AI infrastructure exposure even as headline earnings reactions grew more selective.

Bond Market & Treasuries

U.S. Treasuries finished mostly lower on Friday, capping a rough week that saw yields across the curve hit fresh highs for the year on firming rate-hike expectations.

Yield Levels (Friday close):

• 2-Year: 4.64% (+9 bps session, +26 bps week)
• 3-Year: 4.73% (+8 bps session, +28 bps week)
• 5-Year: 4.79% (+6 bps session, +24 bps week)
• 10-Year: 4.98% (+3 bps session, +20 bps week)
• 30-Year: 5.36% (-1 bp session, +11 bps week)

The curve continued to flatten, with the 2s10s spread compressing 6 bps this week to 34 bps and the 2s30s spread tightening 15 bps to 72 bps. The hotter-than-expected core CPI print triggered an initial bout of selling before the complex staged a partial intraday recovery; longer tenors outperformed shorter maturities on the week. The U.S. Dollar Index rose 0.1% to 99.14, matching its 200-day moving average and finishing roughly unchanged for the week.

Commodities

• WTI Crude Oil: $100.08/bbl, -$2.31 (-2.3%) — Retreated on reports that Gulf states will meet with Iran Monday to discuss the Strait of Hormuz, trimming the week’s advance to roughly 10%.
• Gold: $4,409.10/ozt, unchanged
• Copper: $6.55/lb, unchanged
• Silver: Not reported in available data

Overseas Markets

Specific overseas equity index levels were not provided in today’s data; however, notable international developments and data points included:

• China: Released a five-year plan for developing intelligent connected new energy vehicles; foreign automakers reportedly cutting gas-powered vehicle prices amid competitive pressure (South China Morning Post).
• South Korea: Exports for the first ten days of September surged 82.6% y/y, with chip exports soaring 270.1%.
• Japan: August PPI -0.2% m/m (expected 0.0%) but +7.6% y/y (expected 7.4%); Q3 BSI Large Manufacturing Conditions rose sharply to 7.6 from -1.8 (expected 2.5).
• New Zealand: August Business PMI 53.1, down from 54.3.
• United Kingdom: July GDP expanded 0.4% m/m (expected 0.0%), +1.6% y/y; July trade deficit narrowed to GBP20.97 bln (expected GBP22.60 bln deficit); Industrial Production +0.2% m/m; Manufacturing Production +0.9% m/m (expected 0.2%).
• Eurozone: Several ECB policymakers flagged persistently high inflation, stoking speculation of an October rate hike; France cut its 2026 domestic growth forecast to 0.5% from 0.7%.
• Italy: Q2 unemployment rate rose to 5.6% from 5.3% (expected 5.4%).

Currencies: EUR/USD -0.1% to 1.1594 | GBP/USD +0.1% to 1.3525 | USD/JPY -0.4% to 153.75 | USD/CNH -0.1% to 6.7085

Economic Data

• August CPI: +0.4% m/m (as expected); Core CPI +0.3% m/m (vs. 0.2% consensus). Year-over-year: total CPI 3.4% (unchanged from July); core CPI 2.4% (down from 2.5%). Impact: Not strong enough to alleviate September rate-hike expectations; probability of a 25 bp hike jumped to 86.5%-90.4% from 69.4%.
• September University of Michigan Consumer Sentiment (Preliminary): 47.8 (vs. 51.5 consensus; prior 51.7). Impact: Sharp decline driven by deteriorating consumer expectations for personal finances and business conditions.
• August Treasury Budget: Deficit of $166.8 bln (vs. -$485.0 bln consensus; year-ago deficit $344.8 bln). Impact: Headline improvement (down 52% y/y) driven largely by calendar shifts and lower tariff-refund outlays; fiscal YTD deficit remains near a record $1.97 trillion with interest costs up 13% y/y.

Looking Ahead

• Wednesday, September 16: FOMC rate decision — markets pricing an 86.5%+ probability of a 25 bp hike to 3.75-4.00%.
• Tuesday, September 15: September Empire State Manufacturing Index (consensus 14.1; prior 20.6); $13 bln 20-year Treasury bond reopening.
• Wednesday, September 16: Weekly MBA Mortgage Index (prior -2.7%); August Retail Sales (consensus 0.9%; prior -0.6%), Retail Sales ex-auto (consensus 0.5%; prior -0.3%); August Import/Export Prices; July Business Inventories (consensus 0.2%; prior 0.0%); September NAHB Housing Market Index.
• Geopolitical Watch: Gulf states scheduled to meet with Iran on Monday, September 14, to discuss the Strait of Hormuz — a potential catalyst for further oil price moves.
• Ongoing Focus: Market participants will closely monitor Fed commentary and the post-meeting statement for guidance on the pace of future tightening given persistent inflation pressures (5-year breakeven inflation rate near 2.46%).