The Week Ahead: US August CPI, PPI on Tap as Oracle, Adobe Report Earnings

TradingKey - In the week of September 7-11, the U.S. stock market will see major inflation data, including the August Consumer Price Index (CPI) and Producer Price Index (PPI). As the September FOMC meeting approaches, inflation data will serve as a key basis for the market to assess the Federal Reserve's future interest rate path.

Meanwhile, Oracle (ORCL), Adobe (ADBE), and Kroger (KR) and other companies will also report earnings, as AI cloud infrastructure, enterprise software demand, and U.S. consumer trends continue to be tested.

Major Events Preview

U.S. August PPI and CPI to Be Released Back-to-Back

During the week, the U.S. will release its August PPI and CPI data. Specifically, the PPI will be released on Thursday (September 10), followed by the CPI on Friday (September 11).

As the Federal Reserve's September meeting approaches, the importance of inflation data has heightened further. If inflationary pressures continue to cool, market expectations for a future policy pivot toward easing by the Fed could be reinforced; conversely, if inflation comes in higher than expected, it could push U.S. Treasury yields and the U.S. dollar higher again, putting pressure on high-valuation tech stocks.

Oracle Earnings: AI Cloud Demand Takes Center Stage

Oracle will report its first-quarter fiscal 2027 financial results after the market close on Thursday (September 10).

The market expects Oracle's revenue for the quarter to be approximately $19.1 billion, with adjusted earnings per share of around $1.73. The company previously provided Q1 fiscal guidance for year-over-year revenue growth of 27% to 29% and adjusted EPS of $1.72 to $1.76.

As hyperscale cloud providers continue to boost AI infrastructure spending, the market will focus on the growth rate of Oracle Cloud Infrastructure (OCI), remaining performance obligations (RPO), and capital expenditure plans. This earnings report may also offer new clues regarding AI data center demand and cloud computing investment trends.

Adobe Earnings: AI Commercialization and Software Demand Face the Test

Adobe will report its third-quarter fiscal 2026 financial results after the market close on Thursday (September 10).

The market expects the company's revenue for the quarter to be approximately $6.69 billion, with non-GAAP EPS of around $6.09. Adobe previously guided Q3 revenue to $6.67 billion to $6.72 billion and non-GAAP EPS to $6.05 to $6.10.

The market will focus on the performance of core businesses such as Digital Media and Digital Experience, as well as the commercialization progress of generative AI products. As the enterprise software market continues upgrading toward AI capabilities, Adobe's results and management guidance will serve as an important window into enterprise demand for AI software.

Core Schedule for the Week

Monday (September 7)

Key Events: U.S. Labor Day, U.S. stock market closed

U.S. financial markets are closed for the Labor Day holiday, and investors should note that U.S. stock trading is suspended.

Tuesday (September 8)

Key Events: New York Fed August Survey of Consumer Expectations, GameStop earnings

On the economic data front, the Federal Reserve Bank of New York will release its August Survey of Consumer Expectations. The survey covers consumer expectations regarding inflation, employment, income, and household finances, serving as a reference for the market to assess household inflation expectations and labor market confidence.

On the earnings front, GameStop (GME) will report its full fiscal 2026 second-quarter results after the market close. The company previously released preliminary data, expecting quarterly net sales of $780 million to $800 million, operating income of $150 million to $170 million, and net income of $290 million to $310 million. The official earnings report will provide further complete financial data and operating performance.

Wednesday (September 9)

Key Events: Employer Costs for Employee Compensation (ECEC)

On the economic data front, the U.S. Bureau of Labor Statistics will release the Employer Costs for Employee Compensation (ECEC) data for June 2026. This indicator reflects the costs incurred by employers for employee wages, salaries, and benefits, serving as a tool to monitor changes in labor costs.

If compensation costs continue to grow rapidly, it may increase inflationary pressures in the services sector; if growth slows further, it may indicate an easing of labor cost pressures.

Corporate earnings schedules are relatively light on the day, and market focus will be centered primarily on macroeconomic data.

Thursday (September 10)

Key Events: August PPI, Oracle earnings, Adobe earnings

On the economic data front, the U.S. will release the August PPI at 8:30 a.m. Eastern Time. The market will focus on upstream price pressures and their potential impact on future consumer inflation.

On the earnings front, both Oracle and Adobe will report results after the market close. Oracle will be a key test for AI cloud infrastructure demand and OCI business growth, while Adobe will be influenced by the commercialization of AI products and enterprise software demand.

Friday (September 11)

Key Events: August CPI, Kroger earnings

The U.S. will release August CPI and real earnings data, while the University of Michigan will release the preliminary September Consumer Sentiment Index.

The CPI will be one of the most crucial macroeconomic indicators of the week, especially with the September FOMC meeting approaching. If inflation continues to cool, it could reinforce market expectations for further monetary easing; if the reading exceeds expectations, it may reignite concerns over interest rates and inflation.

In addition, Kroger (KR) will report its fiscal 2026 second-quarter results, offering investors insight into U.S. consumer demand and retail sector performance.

Overall, the core trading drivers for the week of September 7-11 will focus on U.S. inflation data and major tech earnings. Among them, the August CPI, PPI, and Oracle's earnings report will be key events influencing market risk appetite.