TLDR
- Stock futures edged higher Friday after Iran and Oman sought a deal to restore shipping through the Strait of Hormuz
- August CPI data is due Friday, with economists expecting a 0.4% monthly rise and 3.4% annual rate
- Oracle surged 4.3% after hours after beating earnings estimates and raising its fiscal 2027 guidance
- The Dow, S&P 500, and Nasdaq all fell Thursday for the fourth straight losing day, dragged down by oil prices and rising yields
- Markets now price in a 66.7% chance the Fed hikes rates at its September 16 meeting
Stock futures rose slightly on Friday morning after a rough week on Wall Street. Investors were watching two things closely: a potential deal over Middle East shipping lanes, and a key inflation report due later in the day.
S&P 500 futures climbed 0.38%, Nasdaq 100 futures rose 0.3%, and Dow Jones futures gained 0.4%. This came after Thursday’s session left the major indexes lower for the fourth straight day.
A Week of Losses
The Dow fell more than 300 points on Thursday, while the S&P 500 and Nasdaq each dropped around 0.6% to 0.7%. For the week, the Dow is on pace for a 2.5% decline.
Oil prices were a big driver of Thursday’s selloff. West Texas Intermediate crude jumped above $100 per barrel, its highest level since May, as the conflict between the U.S. and Iran stretched into its seventh month.
The fighting has included the U.S. Navy sinking five oil tankers in the Strait of Hormuz this week. That pushed up Treasury yields too, with the 10-year note topping 4.95%, a level not seen since October 2023.
Overnight, the Financial Times reported that Oman was organizing a meeting of Gulf states and Iran to work toward a deal to restore commercial shipping through Hormuz. The meeting is set for Monday in the Omani city of Salalah. Oil prices dropped more than 1% on the news.
It is unclear how durable any deal would be. The U.S. has largely opposed past Iran-Oman negotiations, and Washington’s naval blockade remains in place.
Oracle Earnings Lift Sentiment
Oracle rose 4.3% in after-hours trading after reporting stronger-than-expected quarterly results. The company booked more than $30 billion in new AI cloud contracts during the quarter, pushing its total revenue backlog to $664 billion.
ORACLE $ORCL Q1’27 EARNINGS HIGHLIGHTS
🔹 Revenue: $19.3B (Est. $19.14B) 🟢; +30% YoY
🔹 Adj. EPS: $1.92 (Est. $1.74) 🟢; +30% YoY
🔹 RPO: $664B; +$209B YoYFY Guide:
🔹 Revenue: At least $90B (Est. $89.79B) 🟢
🔹 Adj. EPS: $8.10 (Est. $8.07) 🟢Q2 Guide:
🔹 Adj. EPS:… pic.twitter.com/eIVYUkzDTC— Wall St Engine (@wallstengine) September 10, 2026
Oracle also raised its fiscal 2027 adjusted earnings forecast by five cents to $8.10 per share. Its cash burn came in lower than expected, easing concerns that heavy AI spending was hurting the balance sheet.
The stock had fallen more than 20% in 2026 before the report, with investors worried about AI investment returns. Thursday’s results helped ease some of those fears.
Adobe fell 2% after hours despite strong earnings, after its guidance came in slightly below expectations.
Asia-Pacific markets were broadly lower. South Korea’s Kospi dropped 2.8%, Japan’s Nikkei 225 fell 2.6%, and Hong Kong’s Hang Seng Index declined 1.4%. European markets opened in positive territory, with the pan-European Stoxx 600 gaining 0.31%.
Thursday also brought a hot producer price index reading, with wholesale inflation rising 0.4% for the month and 5.4% year over year. That pushed traders to raise bets on a Fed rate hike.
Markets now price in a 66.7% chance of a 25 basis point hike at the Fed’s September 16 meeting, up from 60.4% the day before. The August CPI report, expected to show a 3.4% annual rate, will be the final major data point before that decision.
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