U.S. inflation data, higher oil prices and persistent pressure in long-dated Treasurys set the tone for markets heading into the August CPI release and the Federal Reserve meeting scheduled for Sept. 15–16 local time.
August PPI keeps inflation in focus
U.S. August PPI rose 0.4% month over month, above the revised 0.1% increase in July, and climbed 5.4% from a year earlier. Energy prices rose 4.2% on the month and were the main driver on the goods side. Excluding food, energy and trade services, PPI increased 0.3% from July.
The August CPI report is due at 20:30 UTC+8 on Sept. 11. The Fed’s Sept. 15–16 meeting will include an updated Summary of Economic Projections. Markets are trying to gauge whether higher energy costs are feeding into consumer prices. If CPI shows inflation pressure holding firm, richly valued technology stocks and crypto assets may face a higher rate hurdle. If core inflation cools, some of the tension ahead of the meeting could ease.
Red Sea tensions add to oil supply concerns
Xinhua, citing a Yemeni government military officer, reported that Houthi forces seized the Red Sea port city of Mocha on Sept. 10. The development has pushed markets to reassess whether conflict could further affect the Bab-el-Mandeb Strait and regional energy export routes, while existing transport risks tied to the Strait of Hormuz have not gone away.
The Houthis said international shipping remains safe, but maritime security professionals have warned that regional sea risk is rising. Supply and transport uncertainty has supported the risk premium in crude prices and lifted cost pressure for airlines, logistics companies and manufacturers. For U.S. equities, oil staying elevated affects both profit margins and inflation expectations, making the energy shock a key cross-asset pricing variable.
Treasury buyback lands, bond market pressure stays
The U.S. Treasury completed a liquidity support buyback for bonds with 10 to 20 years of remaining maturity, with an actual size of about $5.187 billion, below the $6 billion cap. Treasury Secretary Bessent said buybacks depend on whether pricing is appropriate and played down concern over the size of the operation.
Even after the buyback, selling pressure in Treasurys did not fade. Energy prices and the inflation outlook continued to shape long-term yields. The operation improved liquidity in part of the outstanding Treasury market, but it was not enough on its own to offset inflation and funding pressures. Capital-intensive sectors including AI data centers and real estate still face the constraint of higher financing costs on investment returns.
Commodities, FX and crypto snapshot
Spot gold was about $4,316.82 an ounce and spot silver traded near $63.58 an ounce. WTI crude futures for the October 2026 contract were around $103.04 a barrel, while Brent crude futures for the November 2026 contract were about $108.27. The U.S. Dollar Index stood near 99.08.
Both major crude benchmarks remained above $100, with transport risks in the Red Sea and Gulf region at the center of the energy market narrative. Gold was caught between haven demand and upward pressure on rates, while a firmer dollar added resistance for precious metals. The CPI report later in the day is expected to test whether higher energy costs are spreading into broader consumer prices.
In crypto, BTC traded around 76,901.67 USDT, down 1.57% in 24 hours. ETH changed hands near 2,456.68 USDT, down 0.35%. Total crypto market capitalization was about $2.71 trillion.
Both BTC and ETH declined over the past 24 hours, though ETH showed more resilience. Rising oil prices and inflation pressure kept rate expectations tied closely to risk appetite. Revised text of the CLARITY Act and a procedural vote expected next week also brought regulation back into focus, though legislative progress and actual capital inflows remain separate issues.
U.S. stocks close lower; megacaps split
The Dow Jones Industrial Average closed at 52,064.10, down 0.60%. The S&P 500 finished at 7,591.70, down 0.58%, and the Nasdaq closed at 26,081.72, down 0.65%.
Among large technology names, NVDA fell 2.37% to $218.36. AAPL rose 3.56% to $326.57. MSFT added 0.16% to $492.44, and GOOGL gained 0.59% to $332.60. AMZN slipped 0.20% to $251.89, META dropped 1.42% to $644.38, and TSLA lost 1.16% to $363.56. Using Google Class A shares as the reference, three of the Magnificent Seven rose and four fell.
Apple led the group after unveiling its foldable device. Microsoft and Google posted modest gains. Nvidia was the weakest performer, while Meta gave back part of the previous day’s advance. Higher oil prices and rate pressure kept broader risk appetite in check. News around Microsoft data center expansion and expectations for Google TPU purchases did not lift the whole sector, with investors still separating growth opportunities from the cost of capital required to pursue them.
Sector moves: memory names retreat, Apple bucks the market
Memory chip stocks
Memory chip shares pulled back after the previous day’s rebound. Micron Technology fell 4.90% and SanDisk dropped 4.06%.
A faster monthly PPI reading and crude above $100 added to concern over higher rates. The retreat in both stocks suggested that pricing expectations in the industry were not enough, at least for now, to offset macro pressure. Traders are still watching order conversion and changes in profit forecasts.
Consumer electronics
Apple stood out in consumer electronics, rising 3.56% on the day.
After the iPhone Duo launch, the market began reassessing Apple’s incremental opportunity in foldables. TrendForce expects 2026 shipments for the model to reach about 5 million units. The report noted that this figure is an institutional forecast and still needs to be tested against preorder and delivery data.
Single-stock focus: Oracle, Apple and Adobe
Oracle: cloud infrastructure revenue up 121%
Oracle fell 5.38% in regular trading on Sept. 10 to close at $152.94. After the bell, the company reported results for the first quarter of fiscal 2027: revenue of about $19.3 billion, up 30% year over year; cloud infrastructure revenue of about $7.4 billion, up 121%; and adjusted earnings per share of $1.92. As of 19:59 Eastern Time, Oracle was trading at $159.26 after hours, up 4.13% from the regular-session close.
Markets also focused on remaining performance obligations of $664 billion and a raised full-year adjusted EPS guide of $8.10, both of which pointed to ongoing demand for AI cloud services. At the same time, quarterly capital expenditure was about $28.5 billion, leaving funding needs high. Whether the large contract backlog converts into revenue on schedule, brings in cash and generates acceptable returns remains central to valuation.
Key items to watch include new data center deliveries, customer prepayments and follow-through in cash flow. How Oracle trades in the next regular session will show whether stronger earnings can offset concern over financing and capex.
Apple: foldable story enters the demand test
Apple rose 3.56% on Sept. 10 to close at $326.57. Its first foldable model, the iPhone Duo, carries a starting U.S. price of $1,999. Preorders are scheduled to begin on Oct. 16, with sales starting on Oct. 23. The product launch prompted investors to reassess premium replacement demand and the foldable phone competitive picture.
TrendForce expects Duo shipments to reach about 5 million units this year, equal to roughly 24.8% of the global foldable smartphone market. The report also states that this figure refers to a 2026 shipment forecast. For Apple, the core issue is whether incremental purchases can offset higher component costs and how much demand may cannibalize existing premium models. A larger market share does not automatically translate into stronger margins.
Preorder volume, delivery timelines and gross margin will be the next checkpoints. The stock has already reacted positively to the new product opportunity; sustaining earnings expectations will require actual demand.
Adobe: beats in the quarter, guide caps the reaction
Adobe fell 2.37% in regular trading on Sept. 10 to close at $248.83. After hours, the company reported third-quarter revenue of $6.76 billion, up 13% year over year, and non-GAAP EPS of $6.13. It also raised its full-year non-GAAP EPS guidance to $24.45-$24.50. As of 19:59 Eastern Time, Adobe traded at $242.99 after hours, down 2.35% from the regular close.
The company said AI-first annual recurring revenue grew by more than 150% year over year. Even so, its fourth-quarter revenue guidance of $6.8 billion to $6.85 billion had a midpoint below market expectations. Investors are not only looking at AI growth rates. They are also focused on absolute revenue contribution, paid conversion and the cost of widening user adoption.
AI-related revenue scale, subscription growth and margins remain the main metrics to follow. The combination of a higher full-year outlook and a weaker after-hours share price showed that the market still wants a stronger next step.
Market and project developments
- Republican senators in the U.S. Senate released revised text of the CLARITY Act. The proposal would require DeFi protocols that do not meet decentralization criteria to register with the CFTC, with implementation rules to be set by relevant agencies. A first procedural vote is expected on Sept. 15 local time in the U.S. The revised proposal has not become law.
- Kalshi is reportedly planning to seek regulatory approval to launch regulated perpetual futures tied to individual stocks including Tesla, Apple and Nvidia. The matter remains at the planning stage and should not be treated as approval or launch of a live product.
- trade.xyz, built on Hyperliquid, said it launched Events, an event market whose first batch of Up/Down contracts covers stocks, commodities and pre-IPO assets. The platform said contract outcomes will be determined by XYZ market prices, extending event trading within a unified account structure.
Market calendar for Sept. 11
Data releases
- 20:30 UTC+8: U.S. August CPI and core CPI. Market attention: ★★★★★
- 22:00 UTC+8: Preliminary University of Michigan consumer sentiment for September. Market attention: ★★★★
- 22:00 UTC+8: Preliminary U.S. inflation expectations for September. Market attention: ★★★★
Upcoming events
- Oracle and Adobe post-earnings trading: the regular U.S. session later in the day will continue to digest the two reports, with focus on AI cloud growth, software monetization and capital spending.
- Federal Reserve meeting: scheduled for Sept. 15–16 local time in the U.S., with an updated Summary of Economic Projections.
- CLARITY Act: a first procedural vote is expected on Sept. 15 local time in the U.S., with markets watching the revised text and legislative progress.
Institutional views cited in the report
According to a Sept. 11 report, the Krishna Guha team at Evercore ISI said Treasury buybacks have limited effect and that the Treasury cannot indefinitely prevent fundamentals from determining long-term yields. Ahead of Oracle’s earnings release, TD Cowen analyst Derrick Wood said funding needs, component costs and data center construction progress were key market concerns.
Those views point to two separate issues: the rate environment and execution risk. Further judgment will depend on incoming data and earnings follow-through.