Market Summary
U.S. equities staged a broad, technology-led rebound on Friday, September 11, snapping a four-session losing streak as investors looked past a hotter-than-expected core CPI print and focused instead on retreating oil prices and renewed AI-infrastructure enthusiasm. The S&P 500 closed at 7,656.98 (+65.28, +0.86%), the Dow Jones Industrial Average rallied to 52,573.29 (+509.19, +0.98%), and the Nasdaq Composite advanced to 26,354.08 (+251.31, +0.96%). Small- and mid-caps also participated, with the Russell 2000 up 0.5% and the S&P Mid Cap 400 up 0.8%, though both still finished the holiday-shortened week firmly in the red.
The session’s leadership came from mega-cap growth and AI-infrastructure names. Alphabet (+1.53%) and Apple (+1.75%) powered communication services (+1.4%) and information technology (+1.1%) to the top of the sector leaderboard, while Oracle’s blockbuster cloud infrastructure results triggered outsized gains in server and data-center hardware plays Dell (+11.95%) and Hewlett Packard Enterprise (+12.42%). Industrials (+1.1%) and consumer discretionary (+1.1%) also outperformed, giving the advance a relatively broad foundation, while defensive sectors health care (-0.1%) and utilities (-0.3%) lagged.
Despite Friday’s strength, the week’s overhang remains squarely on next Wednesday’s FOMC decision. The August CPI report — total CPI +0.4% m/m as expected, but core CPI +0.3% m/m versus the 0.2% consensus — pushed the CME FedWatch-implied probability of a 25-basis-point hike to 86.5% (versus 69.4% pre-report), with The Big Picture column citing an even higher 90% reading intraday. Treasury yields backed up across the curve for the week even as they eased modestly on Friday, and a preliminary September University of Michigan Consumer Sentiment reading of just 47.8 (vs. 51.5 expected) underscored a deteriorating consumer outlook heading into the Fed meeting.
Market Snapshot
| Index | Level | Change | % Change |
|—|—|—|—|
| Dow Jones Industrial Average | 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/Nasdaq):
- NYSE: 1,662 advancers / 1,060 decliners; Volume 1.12 bln
- Nasdaq: 2,866 advancers / 2,026 decliners; Volume 6.60 bln
WaveFinder Market Breadth (as of 9/11/26):
- Primary Sentiment: Neutral | 4% Sentiment: Bullish | 40 SMA Sentiment: Bearish
- Primary Bulls/Bears: 635 / 635 (even split)
- 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 (Bull Follow-Through: 21.43%)
The breadth backdrop remains mixed — a positive advance/decline day on the exchanges contrasts with underlying WaveFinder data showing fewer than 40% of stocks trading above key intermediate moving averages, suggesting Friday’s rally has not yet been confirmed by a broad technical repair.
Sector Performance
Ranked by available same-session performance data (Briefing.com Industry Watch):
1. Communication Services +1.4% — mega-cap strength (Alphabet)
2. Information Technology +1.1% — semis and AI infrastructure rebound
3. Industrials +1.1%
4. Consumer Discretionary +1.1%
5–9. Financials, Materials, Energy, Consumer Staples, Real Estate — not separately quantified for the session
10. Health Care -0.1% — session laggard
11. Utilities -0.3% — session laggard
WaveFinder Sector ATR (volatility context, not performance): Energy remains the most volatile sector complex (ATR 1.82%, falling, P5), followed by Health Care (0.88%, falling, P5) and Technology (0.67%, rising, P100 — near peak volatility percentile). Real Estate (-2.70%), Utilities (-2.54%), and Industrials (-1.90%) show the most compressed/falling volatility readings.
Note: Weekly sector performance (full week ended 9/11) painted a starker picture — Health Care -3.6%, Materials -1.7%, Financials -1.5%, Consumer Discretionary -1.2%, Industrials -1.1%, and Real Estate -1.1% were the weekly laggards, while Energy (+2.0%) and Communication Services (+1.1%) were the only sectors to finish the week higher.
Key Earnings & Movers
- Alphabet (GOOG) — $335.45, +5.06 (+1.53%); mega-cap leadership drove communication services gains
- Apple (AAPL) — $332.27, +5.70 (+1.75%); broad tech strength
- Oracle (ORCL) — $150.15, -2.79 (-1.82%); gave back an early double-digit intraday jump despite 121% y/y cloud infrastructure revenue growth and >$30 bln in new AI-cloud contracts; maintained FY27 capex plans
- Dell Technologies (DELL) — $567.14, +60.52 (+11.95%); AI server/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 on Q2 EPS beat; revenue +2% y/y to $34.6 bln; reaffirmed adjusted EPS guidance of $5.10-5.30 despite trimming full-year identical-sales outlook (ex-fuel) to +0.2-0.8% from +1-2%
- RH — trading higher on a large Q2 beat; normalized adjusted EBITDA margin of 13.4% topped both guidance (11.5-13.0%) and consensus (12.8%), despite below-consensus Q3 revenue guidance
Stock Spotlight
Oracle (ORCL) and the AI-Infrastructure Read-Through
Oracle’s quarterly report was the single most consequential corporate catalyst of the week, even though the stock itself ultimately closed lower. Shares initially spiked by double digits on the print before fading to close at $150.15, down $2.79 (-1.82%), as investors digested the report’s substance rather than its headline pop. The underlying numbers were unambiguously strong: cloud infrastructure revenue grew 121% year-over-year, the company signed more than $30 billion in new AI-cloud contracts, and management reaffirmed its FY27 capital spending plans — a signal that the data-center investment cycle remains intact.
The read-through proved far more powerful than Oracle’s own share reaction. Dell Technologies surged $60.52 (+11.95%) to $567.14, and Hewlett Packard Enterprise jumped $6.86 (+12.42%) to $62.08, as investors positioned for sustained demand across servers, networking equipment, and storage tied to hyperscale AI buildouts. Combined with a Bloomberg report that Microsoft is aiming to more than triple its data-center capacity by 2032, Friday’s action reinforced that the AI capital expenditure narrative remains a dominant force in markets, capable of offsetting a firming rate-hike outlook.
Bond Market & Treasuries
U.S. Treasuries finished mostly lower Friday, capping a rough week that pushed yields on all notes and bonds to fresh highs for the year.
| Tenor | Yield | Daily Change | Weekly Change |
|—|—|—|—|
| 2-Year | 4.64% | +9 bps | +26 bps |
| 3-Year | 4.73% | +8 bps | +28 bps |
| 5-Year | 4.79% | +6 bps | +24 bps |
| 10-Year | 4.98% | +3 bps | +20 bps |
| 30-Year | 5.36% | -1 bp | +11 bps |
The curve flattened on the week: the 2s10s spread compressed 6 bps to 34 bps, while the 2s30s spread tightened 15 bps to 72 bps, reflecting front-end underperformance as rate-hike odds firmed. 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 primary driver was the August CPI report, whose hotter core reading (+0.3% m/m vs. 0.2% consensus) pushed the market-implied probability of a 25-bp hike at next week’s FOMC meeting to 86.5%-90%.
Commodities
- WTI Crude Oil: $100.08/bbl, -$2.31 (-2.3%) — pulled back from a Thursday spike above $102/bbl on reports that Gulf states will meet with Iran Monday to discuss the Strait of Hormuz; still up roughly 10% for the week
- Gold: $4,409.10/ozt, unchanged
- Copper: $6.55/lb, unchanged
- Silver: not reported in available data
Overseas Markets
Specific Asian and European equity index closing levels were not included in today’s data set; however, key macro and currency developments were notable:
Asia-Pacific:
- South Korea’s exports for the first ten days of September surged 82.6% y/y, with chip exports soaring 270.1%
- Japan’s August PPI fell 0.2% m/m (expected 0.0%, prior 0.4%) but rose 7.6% y/y (expected 7.4%)
- Japan’s Q3 BSI Large Manufacturing Conditions rose sharply to 7.6 from -1.8 (expected 2.5)
- New Zealand’s August Business PMI eased to 53.1 from 54.3
- China unveiled a five-year plan for intelligent connected new-energy vehicles; foreign automakers reportedly cutting gas-vehicle prices in China
Europe:
- U.K. July GDP expanded 0.4% m/m (expected 0.0%) and 1.6% y/y (expected 1.2%), with Industrial Production (+0.2% m/m) and Manufacturing Production (+0.9% m/m) both beating expectations
- U.K. July trade deficit narrowed to GBP 20.97 bln (better than the GBP 22.60 bln expected)
- Italy’s Q2 unemployment rate rose to 5.6% from 5.3% (expected 5.4%)
- Several ECB policymakers flagged persistently high inflation, stoking speculation of an October rate hike
- France’s finance ministry cut its domestic growth forecast to 0.5% from 0.7%
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 (in line with 0.4% consensus; prior 0.1%); Core CPI +0.3% m/m (vs. 0.2% consensus; prior 0.2%). Year-over-year: total CPI 3.4% (unchanged from July), core CPI 2.4% (down from 2.5%). Takeaway: not enough progress to forestall a September rate hike.
- September Univ. of Michigan Consumer Sentiment (Preliminary): 47.8 (vs. 51.5 consensus; prior 51.7) — sharp deterioration driven by worsening expectations for personal finances and business conditions.
- August Treasury Budget: -$166.8 bln deficit (vs. -$485.0 bln consensus; not seasonally adjusted, not comparable to July’s -$432.3 bln). Deficit down 52% y/y from -$344.8 bln a year ago, though fiscal YTD deficit remains near a record $1.97 trillion with interest costs up 13% y/y.
Looking Ahead
Monday, Sept. 14: Nothing of note scheduled.
Tuesday, Sept. 15: September Empire State Manufacturing Index (Briefing.com consensus 14.1; prior 20.6) at 8:30 ET; $13 bln 20-year Treasury bond reopening results at 13:00 ET.
Wednesday, Sept. 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%) also at 8:30 ET; July Business Inventories (consensus +0.2%; prior 0.0%) and September NAHB Housing Market Index at 10:00 ET.
Key Focus: The FOMC’s two-day meeting concludes Wednesday, September 16, with a policy rate decision widely expected to include a 25-basis-point hike (market-implied probability of ~86.5%-90% following Friday’s CPI report). This will be the dominant market driver into and through next week, alongside continued monitoring of Gulf-Iran diplomatic developments affecting the Strait of Hormuz and crude oil prices.