【US Pre-Market】PPI Set for Release, Brent Crude Tops $102, Memory Chip Stocks Fall Broadly, SK Hynix Drops Over 3%

TradingKey - On Thursday (September 10) US Eastern Time, futures on the three major US stock indices were mixed in pre-market trading. Brent crude rose past $102, as rising energy prices stoked inflation concerns again. Investors were also awaiting US August PPI and initial jobless claims data to gauge the Fed's future interest rate policy, with the overall US stock market remaining cautious.

As of press time, Nasdaq 100 futures fell 0.30%, S&P 500 futures rose 0.06%, and Dow 30 futures gained 0.21%.

Source: Investing

In commodities, gold (XAUUSD) retreated below $4,400 per ounce, while silver (XAGUSD) fell below $66 per ounce. Rising oil prices reinforced expectations of higher-for-longer inflation and interest rates, placing short-term pressure on the precious metals market.

International oil prices continued to rise, with WTI (USOIL) crude breaking above $97 per barrel and Brent crude (UKOIL) briefly surging past $102 per barrel. As the war in Yemen continued to escalate, Houthi forces advanced toward the Bab el-Mandeb Strait, causing further regional conflict spillover and posing new risks to global energy transportation and supply chains.

In cryptocurrencies, Bitcoin (BTCUSD) fell below $78,000. Rising energy prices and mounting inflation fears suppressed market risk appetite, weighing on digital assets in the short term.

Market Moves

Memory chip stocks generally fell in pre-market trading. SK Hynix (SKHY) fell over 3% after recently setting an all-time high; Western Digital (WDC), SanDisk (SNDK), Seagate Technology (STX), and Micron Technology (MU) all fell over 1%.

CooperCompanies (COO) plummeted over 15% pre-market. Although the company's third-quarter fiscal 2026 earnings per share slightly exceeded expectations, revenue missed market forecasts, and full-year performance guidance was significantly lowered. The company also announced the end of its strategic review, deciding to retain its CooperSurgical business rather than sell it, as multiple headwinds jointly weighed on market confidence.

American Eagle Outfitters (AEO) fell about 11% pre-market. The company's second-quarter revenue grew 8% year-over-year to $1.38 billion, slightly above market expectations; adjusted EPS came in at $0.79, significantly higher than the expected $0.22, but earnings growth was mainly driven by a tariff refund of approximately $161 million.

This one-time gain boosted the operating margin by approximately 1,170 basis points; excluding its impact, the operating margin was only about 3.6%. Meanwhile, the company lowered its full-year outlook, raising investor concerns over its true profitability and future growth prospects.

AeroVironment (AVAV) rose over 6% pre-market. First-fiscal-quarter revenue for the defense contractor grew 6% year-over-year to $481 million, reaching a record high for the period and topping market expectations of $456 million; adjusted EPS rose from $0.32 to $0.59, above the expected $0.25.

Revenue in the company's Autonomous Systems segment increased 21% to $346 million. As of August 1, funded backlog reached a record $1.5 billion, providing strong visibility for future revenue.

Apple (AAPL) rose over 1% pre-market. Apple officially unveiled its first foldable smartphone, the iPhone Duo, at its autumn new product launch event, alongside new-generation chips, an upgraded camera system, and Apple Intelligence feature enhancements. The market is evaluating whether foldable products can kick off a new upgrade cycle for Apple.

Market News

Trump says US-Iran conflict could end after midterms. Despite ongoing airstrikes by both sides recently, US President Donald Trump stated that the conflict could come to an end after the November midterm elections. The war with Iran has driven up US gasoline prices significantly, putting pressure on Trump's approval ratings and the Republican Party's electoral prospects.

Trump accused Iran of attempting to interfere in the US midterm elections. If Republicans lose control of Congress, the White House's ability to advance its domestic and foreign policies could be significantly impaired. However, with military actions ongoing on both sides, the market remains cautious about a short-term ceasefire.

Palantir partners with Nvidia to advance sovereign AI deployment. Palantir (PLTR) and Nvidia (NVDA) announced a collaboration to introduce sovereign AI to critical supply chains, with the first implementation deployed in Nvidia's own operational system. The two companies plan to combine the Palantir Foundry platform with Nvidia's AI models and computing power technology to enhance supply chain forecasting, production scheduling, and risk management capabilities.

Goldman Sachs projects foldable iPhone shipments could reach up to 35 million units. Goldman Sachs stated that the pricing strategy and product design for Apple's first foldable iPhone are better than expected, which is likely to drive foldable smartphones further into the mass market. The bank expects shipments to reach approximately 14 million units under a base-case scenario in 2026, and up to 35 million units in an optimistic scenario.

TSMC August revenue hits record high for fourth consecutive month. TSMC (TSM) reported consolidated revenue of NT$514.86 billion for August 2026, up 53.3% year-over-year and 10.1% month-over-month, setting a historical record for the fourth straight month. Cumulative revenue for the first eight months of the year rose 39.3% year-over-year, indicating that AI chip demand continues to drive the expansion of the global foundry market.

The Boring Company completes $3 billion funding round. Elon Musk's tunneling firm, The Boring Company, completed a new funding round of $3 billion, raising its valuation to approximately $23 billion. The funds are expected to be used to expand underground transportation networks and advance new projects.

JPMorgan initiates SK Hynix at Overweight. JPMorgan initiated coverage on SK Hynix with an "Overweight" rating and set a price target of $245. The bank believes that demand for HBM and high-end DRAM from AI servers could drive the current memory upcycle to last for more than five years.

DOJ investigates Nvidia's $17 billion deal with Groq. The New York Times reported that the US Department of Justice is investigating whether Nvidia's deal with AI chip startup Groq circumvented antitrust scrutiny. Under the terms of the deal, Nvidia obtained a non-exclusive license to Groq's chip technology and hired several executives, including founder Jonathan Ross.

The US Department of Justice has formally requested that Nvidia disclose transaction details. If the investigation finds issues with how the transaction was handled, Nvidia could face fines, but the likelihood of being required to unwind the deal is relatively low.

Key Data and Events Preview

At 8:30 a.m. Eastern Time, the U.S. will release the August PPI MoM rate and initial jobless claims for the week.

After U.S. market close, Oracle (ORCL) and Adobe (ADBE) will report quarterly earnings.