TLDR
- Nasdaq 100 futures fell as much as 1%, while Dow futures held near flat
- Oil prices climbed toward $104-$105 a barrel, pushing Treasury yields to 4.9%
- The Producer Price Index rose 5.4% year-on-year, in line with expectations
- The European Central Bank raised three key rates by 25 basis points
- Oracle is set to report earnings after the bell, with AI spending in focus
US stock futures split on Thursday morning as rising oil prices and fresh inflation data put pressure on markets. Nasdaq 100 futures dropped as much as 1%, while Dow Jones futures stayed roughly flat and S&P 500 futures dipped around 0.4%.
Oil has been the dominant story this week. Brent crude climbed above $105 a barrel, and WTI futures moved toward $100. The rally in oil is tied to the ongoing US-Iran war and disruptions in the Strait of Hormuz, which have raised fears of a wider energy shock.
President Trump said Wednesday that oil prices may not fall until after the midterm elections two months away. That comment did little to ease market concerns.
Inflation Data Comes in Close to Expectations
Thursday’s Producer Price Index report showed wholesale prices rose 5.4% year-on-year and 4.6% on a core basis. Both figures came in largely in line with what analysts expected.
BREAKING: August PPI Inflation rises to 5.4%, above expectations of 5.3%.
Core PPI Inflation rose to 4.6%, the highest since June 2026.
July's headline and core PPI inflation numbers were also revised higher.
The odds of rate hikes are rising further on the news.
— The Kobeissi Letter (@KobeissiLetter) September 10, 2026
The PPI report sets the stage for Friday’s consumer inflation data, which will be watched closely by traders and the Federal Reserve. Rising energy costs could push that number higher.
Treasury yields also moved up. The 10-year yield hit a three-year high on Wednesday after the Treasury said it would buy up to $6 billion in longer-term debt. By Thursday morning, yields were near 4.9%.
The European Central Bank added pressure to the global rate picture. It raised three key interest rates by 25 basis points and raised its inflation outlook, signaling that rate hikes are not done in Europe either.
Oracle Earnings in Focus After the Bell
Markets are also watching Oracle closely. The company is set to report earnings after the closing bell, and investors want to see whether AI-related spending is holding up or starting to slow.
Oracle has been seen as a gauge of real demand for AI infrastructure. The results could move tech stocks on Friday.
On the political side, President Trump floated a plan in Dallas on Wednesday to send every American adult a $5,000 check if Republicans hold Congress in the midterms. Congress would need to approve any such payment, and it is not clear how it would be funded.
Stock markets have had a rough week. The S&P 500 and Nasdaq are both on three-day losing streaks, and investors are hoping Friday’s consumer inflation report does not make things worse.
Brent crude at $105 and rising yields are two factors keeping pressure on equities. Traders will look to Oracle’s earnings and Friday’s CPI for the next clear signal on where markets are headed.
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