TradingKey Daily Market Briefing: WTI Oil Tops $100, US Stocks Fall for 4th Day, Apple Bucks Trend, CPI Ahead

Tracking Market Trends

TradingKey - On September 10 Eastern Time, the three major US stock indices fell for the fourth consecutive trading day. US August PPI showed upstream price pressures continued to rise, while international oil prices surged further, with WTI crude breaking back above $100 a barrel, bolstering expectations for a September Fed rate hike. US Treasury yields continued to climb, putting pressure on tech stocks and high-valuation assets, as market focus shifted to Friday's upcoming US August CPI data.

At the close, the Dow Jones Industrial Average fell 0.61% to 52,069.22; the S&P 500 Index dropped 0.58% to 7,591.70; and the Nasdaq Composite Index slipped 0.65% to 26,081.72.

In sector and individual stock moves, semiconductor shares came under pressure. Nvidia (NVDA) fell 2.37%, while Micron Technology (MU) dropped 4.9%, ranking among the major tech heavyweights dragging down the S&P 500. Apple (AAPL) bucked the trend to rise 3.56% as investors continued to digest the company's newly released $1,999 foldable iPhone.

In commodities, oil prices became the day's most significant market driver. Brent crude (UKOIL) surged 7.43% to settle at $109.30 a barrel; WTI crude (USOIL) rose 7.51% to close at $103.94, reclaiming $100 for the first time since May. Military actions between Iran and the US targeting oil tankers continued to escalate, while Houthi forces took control of Yemen's Mocha port, further elevating the risk of Red Sea shipping disruptions.

In precious metals, gold (XAUUSD) fell 1.94% to close at $4,316.64. Rising US PPI and oil prices fueled expectations for Fed rate hikes, while a strengthening US dollar and higher Treasury yields added pressure on gold.

In cryptocurrencies, Bitcoin (BTCUSD) remained under pressure, dropping 2.22%. Following the release of US PPI data, Bitcoin briefly slipped below $77,000, having previously traded mainly around $78,000. Oil prices breaking above $100 and rising US Treasury yields kept short-term crypto trading focused primarily on Fed policy expectations rather than industry-specific factors.

Market Headlines

U.S. August PPI rose 0.4% month-over-month, rising to 5.4% year-over-year. Data from the U.S. Department of Labor showed that the Producer Price Index for August rose 0.4% month-over-month, in line with market expectations and higher than the revised 0.1% in July; the year-over-year gain accelerated from 4.8% to 5.4%. Among components, energy prices rose 4.2% in a single month, with diesel prices surging 24.1%. Following the release of the data, market expectations for a 25-basis-point rate hike by the Federal Reserve in September rose from around 62% to 70%.

Average U.S. diesel price tops $6 per gallon for the first time in history. GasBuddy data showed that the average national diesel price rose above $6 per gallon for the first time on Thursday. Because diesel is widely used in trucking, logistics, and agriculture, high fuel costs could further pass through to goods and service prices, drawing increased attention to the impact of rising oil prices on U.S. inflation.

Middle East conflict expands further as both WTI and Brent top $100. Iran claimed it had attacked 10 vessels near the Strait of Hormuz, while the U.S. struck five Iranian tankers. Meanwhile, Iran-backed Houthi rebels seized control of Yemen's Mocha port, extending supply risks from the Strait of Hormuz to the Red Sea. OPEC also lowered its 2026 global oil demand growth forecast to 380,000 barrels per day, but supply disruption risks continue to dominate short-term oil prices.

ECB raises interest rates by another 25 bps, pushing deposit rate to 2.5%. The European Central Bank raised interest rates for the second time this year, primarily to address energy inflation triggered by the war in the Middle East. The ECB expects the average inflation rate in the eurozone to reach 3.0% in 2026 and upgraded its economic growth forecast from 0.8% to 0.9%. Lagarde stated that there remain clear upside risks to the inflation outlook.

Oracle beats earnings expectations, shares up about 4% after hours. Oracle (ORCL) reported a 30% year-over-year increase in first-quarter revenue to $19.3 billion, topping market expectations of $19.14 billion; adjusted EPS came in at $1.92, above the expected $1.74. The company added more than $30 billion in new AI cloud contracts during the quarter, bringing its remaining performance obligations to $664 billion, and raised its fiscal 2027 adjusted EPS forecast to $8.10.

Adobe beats revenue and earnings estimates, but shares fall about 2% after hours. Adobe (ADBE) posted third-quarter revenue of $6.76 billion, beating market estimates of $6.7 billion; adjusted EPS was $6.13, also topping expectations of $6.09. However, the midpoint of the company's fourth-quarter revenue guidance was approximately $6.825 billion, slightly below market expectations of $6.85 billion, sending its stock down about 1.9% in after-hours trading.

Pentagon reportedly considering $5 billion loan to AI cloud company Fluidstack. The U.S. Department of Defense is discussing providing a loan of approximately $5 billion to Fluidstack through its Office of Strategic Capital, according to The Wall Street Journal. The funds will primarily be used to strengthen the supply chain and manufacturing capabilities for U.S. data center components, rather than directly constructing new AI data centers. The plan reflects that the U.S. government is increasingly viewing AI infrastructure as a strategic industry.

U.S. decision on refined copper tariffs reportedly delayed. Sources said the White House is still evaluating the pros and cons of imposing tariffs on refined copper, partly out of concern that higher copper prices could further push up manufacturing costs. Following the reports, copper prices fell more than 4%, while copper mining stocks such as Freeport-McMoRan plunged in tandem.

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