Market Summary
U.S. equities closed out a volatile, holiday-shortened week with a broad-based rebound on Friday, September 11, snapping a four-session losing streak. The S&P 500 gained 65.28 points (+0.86%) to settle 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 rally was driven by a pullback in crude oil and renewed strength in mega-cap technology names, even as an August CPI report reinforced expectations for a Federal Reserve rate hike at next week’s FOMC meeting.
Despite Friday’s strength, all three major averages finished firmly lower for the week, pressured by a near-10% surge in oil prices amid U.S.-Iran tensions and a sharp rise in Treasury yields. The S&P 500 fell 0.8% for the week, the Nasdaq slipped 0.7%, and the DJIA dropped 1.6%, with small- and mid-caps faring worse (Russell 2000 -2.4%, S&P Mid Cap 400 -1.9%). Friday’s advance was broad, with communication services (+1.4%) and information technology (+1.1%) leading, alongside industrials (+1.1%) and consumer discretionary (+1.1%), while health care (-0.1%) and utilities (-0.3%) lagged.
Looking ahead into the new week, market attention shifts decisively to the September 15-16 FOMC meeting, where the CME FedWatch Tool now assigns an 86.5% probability to a 25-basis-point rate hike, up sharply from 69.4% ahead of Friday’s inflation data. Geopolitical developments also remain in focus, with reports that Gulf states will meet with Iran on Monday to discuss the Strait of Hormuz.
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 Market Breadth (as of 9/11/2026):
- 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 (Bull Follow-Through: 21.43%)
YTD Performance: Russell 2000 +17.0% | Nasdaq +13.3% | S&P Mid Cap 400 +12.4% | S&P 500 +11.9% | DJIA +9.4%
Sector Performance
Ranked by Friday session performance (Briefing.com Industry Watch):
1. Communication Services +1.4% (Strong) — led by Alphabet
2. Information Technology +1.1% (Strong) — semis rebound; WaveFinder ATR 0.67%, rising, P100
3. Industrials +1.1% (Strong)
4. Consumer Discretionary +1.1% (Strong) — WaveFinder ATR -1.22%, falling, P11
5. Financials — no Friday-specific figure provided; WaveFinder ATR 0.31%, flat, P26
6. Energy — no Friday-specific figure provided; WaveFinder ATR 1.82%, falling, P5
7. Materials — no Friday-specific figure provided; WaveFinder ATR -1.16%, falling, P5
8. Consumer Staples — no Friday-specific figure provided; WaveFinder ATR -1.17%, falling, P5
9. Real Estate — no Friday-specific figure provided; WaveFinder ATR -2.70%, falling, P5
10. Health Care -0.1% (Weak) — WaveFinder ATR 0.88%, falling, P5
11. Utilities -0.3% (Weak) — WaveFinder ATR -2.54%, flat, P0
Note: For the full week, health care fell 3.6%, materials -1.7%, financials -1.5%, consumer discretionary -1.2%, industrials -1.1%, real estate -1.1%, while energy (+2.0%) and communication services (+1.1%) were the only weekly gainers.
Key Earnings & Movers
- Dell Technologies (DELL) $567.14, +$60.52 (+11.95%) — Surged on AI infrastructure demand read-through following Oracle’s cloud results.
- Hewlett Packard Enterprise (HPE) $62.08, +$6.86 (+12.42%) — Rallied alongside Dell on expectations of sustained server/networking demand.
- Apple (AAPL) $332.27, +$5.70 (+1.75%) — Led mega-cap tech strength.
- Alphabet (GOOG) $335.45, +$5.06 (+1.53%) — Top performer in communication services.
- Oracle (ORCL) $150.15, -$2.79 (-1.82%) — Gave back an early double-digit gain despite strong cloud results.
- Kroger (KR) — Higher after Q2 EPS beat; revenue +2% yr/yr to $34.6 bln; reaffirmed adjusted EPS guidance of $5.10-$5.30 despite trimming comp outlook.
- RH — Higher after large Q2 beat; normalized adjusted EBITDA margin of 13.4% topped guidance (11.5-13.0%) and consensus (12.8%).
- Amgen (AMGN) $393.17, -$44.06 (-10.08%) — Tuesday decline tied to clinical trial setbacks at Novartis.
- Novartis (NVS) $137.70, -$22.29 (-13.93%) — Tuesday decline on trial setbacks.
Stock Spotlight
Oracle (ORCL) and the AI Infrastructure Trade
Oracle’s fiscal quarterly report emerged as the pivotal catalyst for Friday’s session, delivering an important read-through for the broader AI infrastructure trade. Shares initially jumped by double digits following the print but ultimately closed down $2.79 (-1.82%) at $150.15 as investors booked profits despite fundamentally strong results. The quarter featured 121% year-over-year cloud infrastructure revenue growth, more than $30 billion in new AI-cloud contracts, and maintained FY27 capital spending plans — all reinforcing expectations of continued data center investment.
The read-through proved far more impactful for related names than for Oracle itself. Dell Technologies rocketed $60.52 (+11.95%) to $567.14, while Hewlett Packard Enterprise jumped $6.86 (+12.42%) to $62.08, as investors positioned for sustained demand for servers, networking equipment, and storage tied to AI buildouts. The move helped lift the PHLX Semiconductor Index 1.8% on the session and underscored that despite Oracle’s own pullback, the underlying AI capital expenditure narrative remains firmly intact heading into the new week.
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-Yr | 4.64% | +9 bps | +26 bps |
| 3-Yr | 4.73% | +8 bps | +28 bps |
| 5-Yr | 4.79% | +6 bps | +24 bps |
| 10-Yr | 4.98% | +3 bps | +20 bps |
| 30-Yr | 5.36% | -1 bp | +11 bps |
The 2s10s spread compressed 6 bps to 34 bps this week, while the 2s30s spread tightened 15 bps to 72 bps, reflecting front-end underperformance tied to firming rate-hike expectations. 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 5-year breakeven inflation rate ticked up to 2.46% from 2.37% a week earlier, signaling modestly higher long-term inflation expectations among market participants.
Commodities
- WTI Crude Oil: $100.08/bbl, -$2.31 (-2.3%) — Retreated amid reports Gulf states will meet 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 index levels for Asian and European markets were not provided in today’s data; however, key overnight developments included:
Asia:
- China unveiled a five-year plan for intelligent connected new energy vehicle development; foreign automakers reportedly cutting gas-vehicle prices in China (South China Morning Post).
- South Korea’s first-10-days-of-September exports surged 82.6% yr/yr, 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% yr/yr (expected 7.4%; prior 7.7%).
- Japan’s Q3 BSI Large Manufacturing Conditions jumped to 7.6 from -1.8 (expected 2.5).
- New Zealand’s August Business PMI eased to 53.1 from 54.3.
Europe:
- Several ECB policymakers flagged inflation as “too high,” fueling speculation of an October rate hike.
- France’s finance ministry cut its 2026 domestic growth forecast to 0.5% from 0.7%.
- U.K. July GDP expanded 0.4% m/m (expected 0.0%; prior 0.3%), up 1.6% yr/yr (expected 1.2%; prior 1.1%); July trade deficit narrowed to GBP20.97 bln.
- U.K. July Industrial Production rose 0.2% m/m and Manufacturing Production rose 0.9% m/m, both topping expectations.
- Italy’s Q2 unemployment rate rose to 5.6% from 5.3% (expected 5.4%).
- Swiss August SECO Consumer Climate held steady at -33, as expected.
Economic Data
- August CPI: +0.4% m/m (consensus 0.4%; prior 0.1%); Core CPI +0.3% m/m (consensus 0.2%; 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 (Prelim): 47.8 (consensus 51.5; prior 51.7) — Sharp miss driven by a deteriorating outlook for personal finances and business conditions.
- U.S. Treasury Budget: August deficit of $166.8 bln (consensus -$485.0 bln; prior-year deficit $344.8 bln). Fiscal YTD deficit remains near a record $1.97 trillion; interest costs up 13% yr/yr.
Looking Ahead
Monday, Sept 14: No major economic data scheduled. Gulf states expected to meet with Iran to discuss the Strait of Hormuz — key geopolitical/oil catalyst.
Tuesday, Sept 15: September Empire State Manufacturing Index (consensus 14.1; prior 20.6) at 8:30 ET; $13 bln 20-year Treasury bond reopening at 13:00 ET. FOMC meeting begins.
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/Export Prices; 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 hike to 3.75-4.00%.