TLDR
- Friday’s CPI report could push the Fed to raise interest rates at its September meeting
- The US added 162,000 jobs in August, well above the 55,000 forecast
- Oracle shares are down nearly 20% this year amid debt concerns tied to its data center expansion
- US diesel prices hit an all-time high of $5.85 per gallon driven by the Iran conflict and Russian supply cuts
- Apple is set to unveil the iPhone 18 Pro and a foldable iPhone under new CEO John Ternus
Friday’s Consumer Price Index report for August is the most-watched event of the week. Economists expect a 3.4% year-over-year increase, matching July’s figure. The core CPI is forecast to rise 2.4%, which would be the slowest pace since March 2021.
Key Events This Week:
1. US Markets Closed, Labor Day – Monday
2. US 10Y Note Auction – Wednesday
3. August PPI Inflation data – Thursday
4. August Existing Home Sales data – Thursday
5. August CPI Inflation data – Friday
6. September MI Inflation Expectations data -…
— The Kobeissi Letter (@KobeissiLetter) September 6, 2026
The strong jobs report adds pressure to the decision. The US added 162,000 jobs in August, well above the 55,000 forecast. That gives the Federal Reserve less reason to hold back on a rate hike.
Traders are currently pricing in a 60% chance the Fed raises rates at its September 15-16 meeting. Fed Chairman Kevin Warsh has kept inflation at the center of his agenda, noting that price stability is not automatic.
Thursday’s Producer Price Index report will offer an early look at price pressures before the CPI lands Friday. The PPI is expected to show a 5.2% year-over-year jump.
Oracle Earnings in Focus
Oracle reports earnings Thursday. The company’s shares are down nearly 20% this year and close to 30% over the past 12 months. Concerns center on the debt the company has taken on to fund its data center build-out.
Bank of America analyst Tal Liani remains positive. He expects infrastructure-as-a-service revenue to grow 116% year over year. He believes Wall Street may be underpricing the company’s growth potential tied to data center milestones.
Adobe also reports Thursday following a recent CEO change. Macy’s reports the same day, giving investors a read on consumer spending.
The software sector has been outperforming chips lately. The iShares Expanded Tech-Software Sector ETF is up 15% since July, while the semiconductor index is down 18% over the same period.
Diesel Hits Record High
US diesel prices hit an all-time high of $5.85 per gallon. That tops the previous record of $5.816 set in June 2022.
Diesel is about to make a new all-time high…
Rising diesel prices are a tax on everything.
Brace for inflation. pic.twitter.com/aiyrOGbxZL
— Lukas Ekwueme (@ekwufinance) September 6, 2026
The Iran conflict has cut off refined product flows from the Persian Gulf. Ukrainian attacks on Russian refineries have further tightened global supply.
US distillate stockpiles are at their lowest levels on record for this time of year. East Coast inventories are at all-time lows, just as the region heads into the winter heating season.
“Record diesel will start funneling down into the economy,” said Patrick de Haan of GasBuddy.
Apple holds its product event Wednesday. The company is expected to unveil the iPhone 18 Pro, Pro Max, and a foldable iPhone. It will be the first launch under new CEO John Ternus, who replaced Tim Cook on September 1.
Markets were closed Monday for Labor Day.
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