Market Summary — Pre market — 2026-09-11

Market Summary

U.S. equity futures are pointing sharply higher this morning after the major averages closed lower for a third consecutive session on Thursday. The S&P 500 fell 44.66 points (-0.6%) to 7591.70, the Dow shed 316.56 points (-0.6%) to 52064.10, and the Nasdaq Composite dropped 171.62 points (-0.7%) to 26102.77, as a surge in crude oil, climbing Treasury yields, and rising rate-hike odds weighed on sentiment. Ahead of today’s open, S&P futures are trading 40.00 points above fair value and Nasdaq futures are up 166.00 points, buoyed by a sharp pullback in oil prices following reports that Gulf states will meet with Iran on Monday to try to ease tensions around the Strait of Hormuz.

The single biggest catalyst for today’s session is the 8:30 a.m. ET release of the August Consumer Price Index (Briefing.com consensus 0.4%; Core CPI consensus 0.2%), which markets view as the deciding data point ahead of the September 16 FOMC decision. Following Thursday’s in-line PPI report, the CME FedWatch Tool currently assigns a 69.4% probability to a 25-basis-point hike, down modestly from 73.1% in the wake of the PPI print. Corporate news is also driving pre-market action, with Oracle (ORCL) surging on a strong cloud-fueled earnings beat while Adobe (ADBE) is sliding despite in-line guidance, as investors question its ability to monetize AI engagement.

Sector rotation on Thursday was broadly negative, with nine of 11 S&P 500 sectors finishing lower; Materials (-1.5%) brought up the rear amid weaker precious metals and copper, while Information Technology (-0.9%) weighed heavily on the indices as semiconductors sold off (PHLX Semiconductor Index -2.7%). Only Communication Services (+0.3%) and Consumer Staples (+0.2%) finished in positive territory. WaveFinder breadth data confirms the deteriorating technical backdrop heading into today’s session, with “Very Bearish” primary sentiment and just 20% of stocks trading above their 20-day moving average.

Market Snapshot

Thursday’s Close (09/10/26):

• DJIA: 52,064.10 (-316.56, -0.6%)
• S&P 500: 7,591.70 (-44.66, -0.6%)
• Nasdaq Composite: 26,102.77 (-171.62, -0.7%)
• Russell 2000: -1.0% (day); +16.5% YTD
• S&P Mid Cap 400: -0.9% (day); +11.5% YTD

Pre-Market Futures (09/11/26, 08:01 ET):

• S&P futures vs. fair value: +40.00
• Nasdaq futures vs. fair value: +166.00

YTD Performance (as of 09/10 close):

• Nasdaq Composite: +12.2%
• S&P Mid Cap 400: +11.5%
• S&P 500: +10.9%
• DJIA: +8.3%

Market Breadth (WaveFinder, 09/11):

• Primary Sentiment: Very Bearish
• 40 SMA Sentiment: Bearish
• Primary Bulls/Bears: 767 / 778
• Stocks Above 20-day SMA: 20%
• Stocks Above 40-day SMA: 28.88%

Sector Performance

Thursday’s S&P 500 Sector Results (9 of 11 sectors declined):
1. Communication Services: +0.3%
2. Consumer Staples: +0.2%
3. Information Technology: -0.9% (semiconductor weakness a key drag)
4. Materials: -1.5% (worst-performing sector; weak precious metals/copper)
5. Broader market (S&P 500): -0.6%
6. DJIA: -0.6%
7. Nasdaq Composite: -0.7%
8. Russell 2000: -1.0% (underperformer)
9. S&P Mid Cap 400: -0.9% (underperformer)

WaveFinder Sector ATR/Volatility (09/11):

• Technology: ATR 0.23% (rising, P100) — highest volatility percentile
• Communication Services: ATR 0.28% (falling, P5)
• Health Care: ATR 0.60% (falling, P0)
• Energy: ATR 1.81% (falling, P5)
• Financials: ATR 0.14% (flat, P11)
• Consumer Discretionary: ATR -1.93% (falling, P0)
• Consumer Staples: ATR -1.39% (falling, P0)
• Materials: ATR -1.24% (falling, P0)
• Industrials: ATR -2.03% (flat, P0)
• Utilities: ATR -2.65% (flat, P0)
• Real Estate: ATR -2.91% (falling, P0)

Key Earnings & Movers

Pre-Market (09/11):

• Oracle (ORCL) 162.01, +8.84 (+5.77%) — Beat Q1 earnings and revenue estimates; total cloud revenue up 62%; FY2027 earnings outlook above consensus.
• Adobe (ADBE) — Down sharply pre-market despite a modest Q3 beat and in-line Q4 guidance; concerns persist about converting AI engagement into paid recurring revenue.
• Copart (CPRT) 32.55, +1.80 (+5.85%) — Missed EPS estimate, in-line revenue; agreed to acquire ACV Auctions for cash.
• ACV Auctions (ACVA) 10.43, +3.21 (+44.46%) — Surged on acquisition news from Copart.
• Microsoft (MSFT) 495.48, +2.92 (+0.6%) — Reportedly planning to triple data center capacity by 2032 (Bloomberg).

Thursday’s Session (09/10):

• Cooper Companies (COO) 54.17, -9.31 (-14.67%) — Q3 revenue miss, weak Q4 guidance ($1.05-$1.09 EPS vs. $1.19 consensus) on accelerated CooperVision destocking.
• American Eagle (AEO) 14.54, -2.35 (-13.91%) — Softness at core AEO brand overshadowed strength at Aerie; apparel peers traded lower in sympathy.
• Navan (NAVN) -19% — Beat-and-raise Q2 results overshadowed by decelerating growth guidance and only modest operating margin improvement.
• Skyworks (SWKS) 84.03, +7.49 (+9.79%) and Qorvo (QRVO) 112.36, +7.12 (+6.77%) — Rallied on optimism their proposed merger will close.
• Reddit (RDDT) 155.36, +8.92 (+6.09%) — Among the better-performing S&P 500 components.
• Comcast (CMCSA) 25.17, +0.58 (+2.36%) — Rebounded after Wednesday’s “competitive intensity” concerns.
• NVIDIA (NVDA) 218.40, -5.27 (-2.36%) and Taiwan Semiconductor (TSM) 428.31, -7.05 (-1.62%) — Semiconductor weakness despite TSM’s 53.3% yr/yr August revenue increase.

Stock Spotlight

Oracle (ORCL) is the standout pre-market mover, up $8.84 (+5.77%) to $162.01 after delivering a quarterly earnings and revenue beat driven by a 62% surge in total cloud revenue. The company’s fiscal 2027 earnings outlook also came in above consensus, easing concerns about the pace and payoff of its massive AI infrastructure buildout. The rally marks a sharp reversal from Thursday’s after-hours session, when the stock had initially traded lower (closing regular hours at 153.17, -8.46, -5.23%) amid elevated expectations heading into the print.

The results are particularly significant given the broader market’s recent anxiety over whether hyperscalers can convert heavy AI infrastructure spending into durable, accelerating revenue growth — a concern that has weighed on peers like Adobe this same morning. Oracle’s cloud acceleration and above-consensus guidance offer evidence that new data center capacity is translating into tangible growth, providing a bullish counterpoint to the market’s data-center monetization debate and a supportive catalyst for tech futures heading into today’s open.

Bond Market & Treasuries

Overnight/Pre-Market Levels (09/11, 07:58 ET):

• 2-yr: 4.57% (+2 bps)
• 3-yr: 4.67% (+2 bps)
• 5-yr: 4.74% (+1 bp)
• 10-yr: 4.953% (+1 bp)
• 30-yr: 5.36% (unchanged)

Thursday’s Close (09/10):

• 2-yr: 4.55% (+12 bps)
• 10-yr: 4.94% (+11 bps)
• 30-yr: Approached its highest level since June 2007 (5.408% peak reference), briefly touching that range following a strong $22 billion 30-year reopening.

Treasuries produced fresh 2026 highs in yields across all tenors on Thursday, driven by hawkish BOJ commentary, an ECB rate hike, and an in-line-but-upwardly-revised August PPI report. Yields are little changed to slightly higher this morning in shorter tenors ahead of the CPI release, with longer tenors near flat after an overnight dip and bounce in Treasury futures. The U.S. Dollar Index is up 0.1% to 99.14.

Commodities

• WTI Crude Oil: $99.10/bbl, -3.3% (pulling back after a ~11.5% weekly surge; settled Thursday at $102.30, +6.6%)
• Gold: $4,377.60/ozt, -0.7%
• Copper: $6.535/lb, -0.2% (retreated from a near-record high close to $7/lb earlier in the week)

Oil’s pullback follows a Financial Times report that Gulf states will meet with Iran on Monday to help de-escalate tensions around the Strait of Hormuz, offering relief after crude’s aggressive multi-day rally.

Overseas Markets

Asia (lower across the board on BOJ rate-hike speculation):

• Nikkei 225: 64,011.34, -1,259.60 (-1.9%)
• Hang Seng: 24,805.63, -148.90 (-0.6%)
• Shanghai Composite: -1.2%
• Sensex: -0.2%
• Kospi: -1.8%
• ASX All Ordinaries: -1.0%

Key drivers: Speculation the Bank of Japan could accelerate its rate-hike pace; China released a five-year plan for intelligent connected new energy vehicles; foreign automakers reportedly cutting gas-vehicle prices in China; South Korea’s first-ten-days-of-September exports jumped 82.6% yr/yr with chip exports up 270.1%.

Europe (higher, supported by falling oil):

• STOXX Europe 600: +0.6%
• DAX: +0.5%
• FTSE 100: +0.6%
• CAC 40: +0.6%
• FTSE MIB: +0.7%
• IBEX 35: +0.6%

Key drivers: Pullback in oil prices supportive; ECB policymaker comments on persistent inflation fueling speculation of another rate hike in October; France’s finance ministry cut its 2026 growth forecast to 0.5% from 0.7%.

Economic Data

Overnight/International Releases:

• Japan August PPI: -0.2% m/m (expected 0.0%; prior 0.4%); +7.6% yr/yr (expected 7.4%; prior 7.7%)
• Japan Q3 BSI Large Manufacturing Conditions: 7.6 (expected 2.5; prior -1.8)
• New Zealand August Business PMI: 53.1 (prior 54.3)
• U.K. July GDP: +0.4% m/m (expected 0.0%; prior 0.3%); +1.6% yr/yr (expected 1.2%; prior 1.1%)
• U.K. July trade deficit: GBP20.97 bln (expected deficit GBP22.60 bln; prior deficit GBP23.01 bln)
• U.K. July Industrial Production: +0.2% m/m (expected -0.2%; prior -0.2%)
• U.K. July Manufacturing Production: +0.9% m/m (expected 0.2%; prior -0.5%)
• U.K. July Construction Output: +0.1% m/m, as expected (prior 0.1%)
• Italy Q2 Unemployment Rate: 5.6% (expected 5.4%; prior 5.3%)
• Swiss August SECO Consumer Climate: -33, as expected (prior -33)

Thursday’s U.S. Data:

• August PPI: +0.4% m/m (consensus 0.4%; prior revised to 0.1% from 0.0%)
• August Core PPI: +0.2% m/m (consensus 0.3%; prior revised to 0.3% from 0.2%); PPI up 5.4% yr/yr, Core PPI up 4.6% yr/yr
• Initial Jobless Claims (week ended 9/5): 206,000 (consensus 208,000; prior revised to 207,000)
• Continuing Claims (week ended 8/29): 1.774 million (prior revised to 1.775 million)

Today’s Pending U.S. Releases:

• 8:30 ET: August CPI (Briefing.com consensus 0.4%; prior 0.1%)
• 8:30 ET: August Core CPI (Briefing.com consensus 0.2%; prior 0.2%)
• 10:00 ET: September Univ. of Michigan Consumer Sentiment – Prelim (Briefing.com consensus 51.5; prior 51.7)
• 14:00 ET: August Treasury Budget (Briefing.com consensus -$485.0B; prior -$432.3B)

Looking Ahead

• Today, 8:30 ET: August CPI and Core CPI — the pivotal data point for gauging the Fed’s next move.
• Today, 10:00 ET: Preliminary September University of Michigan Consumer Sentiment.
• Today, 14:00 ET: August Treasury Budget.
• September 15-16: FOMC meeting — CME FedWatch currently assigns a 69.4% probability to a 25-basis-point rate hike, subject to revision following today’s CPI print.
• Continued monitoring of Strait of Hormuz/Iran geopolitical developments following Monday’s planned Gulf states-Iran meeting, given oil’s outsized influence on recent equity market volatility.