Nasdaq Falls 0.80% to 26,044.34 as PPI Inflation Hits 5.4%, Oil Tops $100, Treasury Yield at 4.92%

Mumbai, Sept 10: US stocks opened lower on Thursday, 10 September 2026, as a hotter-than-expected wholesale inflation reading and surging crude oil prices intensified pressure on equities. The tech-heavy Nasdaq Composite (^IXIC) fell 209.00 points or 0.80% to 26,044.34 as of 10:00:28 AM EDT, while the Dow Jones Industrial Average (^DJI) dropped 303.65 points or 0.58% to 52,077.01. The benchmark S&P 500 (^GSPC) declined 51.84 points or 0.68% to 7,584.52. All three major indexes extended losses for a fourth consecutive session, with energy stocks rallying while technology and consumer discretionary shares weighed on market breadth. 

Nasdaq Drops 0.80% to 26,044.34; PPI Inflation at 5.4% 

The Nasdaq Composite opened at 26,021.05, with a day’s range of 25,979.54 to 26,100.36 and a previous close of 26,253.34. The index’s 52-week range stands at 20,690.25 to 27,190.21, while volume reached 1,534,442,000. The S&P 500 opened at 7,594.74, trading between 7,580.06 and 7,603.34, against a previous close of 7,636.36. Its 52-week range is 6,316.91 to 7,816.70. The Dow opened at 52,291.85, with a day’s range of 52,061.61 to 52,291.85 and a previous close of 52,380.66. Its 52-week range is 45,057.28 to 54,744.33. 

The Bureau of Labor Statistics reported that the Producer Price Index (PPI) rose 0.4% month-over-month in August, matching expectations, while the annual rate climbed to 5.4%, above forecasts of 5.3% and July’s revised 4.8%. Core PPI increased 0.2% monthly, slightly below the 0.3% estimate, while annual core PPI reached 4.6%, in line with forecasts but higher than July’s 4.2%. 

Also Read: How to invest in US stocks 

Meanwhile, initial jobless claims stood at 206,000, compared with expectations of 205,000, while continuing claims fell to 1.77 million, below the 1.78 million estimate. The labour market has remained resilient, with the US economy adding 162,000 jobs in August. 

Following the PPI release, Fed funds futures priced in a 74% probability of a quarter-point rate hike after next week’s meeting, up from 64% previously, according to CME FedWatch. The Federal Reserve is scheduled to announce its decision on 16 September, while August CPI data is due Friday. Investors are also watching rising oil prices and Treasury yields, increasing the stakes ahead of the CPI report. 

Brent Crude Rises 3.37% to $104.62; WTI at $99.33 

Crude oil prices jumped around 4% on Thursday as escalating fighting between the US and Iran raised fears of further disruptions to Middle Eastern energy supplies. US West Texas Intermediate (WTI) futures for October delivery rose 3.41% to $99.33 a barrel by 9:56 AM EDT, after briefly crossing $100 to reach $100.27. Brent crude gained 3.37% to $104.62, after touching an intraday high of $105.24. Brent’s move above $100 was its first since 23 July. 

The latest rally followed an escalation in US-Iran military tensions. The US military on Tuesday destroyed five Iranian crude oil tankers in retaliation for attempted attacks on an American warship. US Central Command said the warship successfully evaded the attack and no US personnel were injured. Investors are increasingly concerned that further fighting could restrict crude flows through key Middle Eastern shipping routes, particularly the Strait of Hormuz and Red Sea. 

A Wall Street Journal report said senior White House advisers had privately warned President Donald Trump that the conflict could continue for the remainder of his term. Trump also said oil prices may not decline until after the midterm elections. Rising energy prices are adding to inflation concerns, with AAA reporting diesel at a record $5.94 per gallon and gasoline at $4.22, compared with $3.76 and $2.98, respectively, in February. 

10-Year Treasury Yield Hits 4.92%, Highest Since October 2023 

US Treasury yields also climbed sharply, with the 10-year yield rising 8 basis points to 4.92%, its highest level since October 2023. The 2-year yield reached 4.524%, its highest since July 2024, while the 30-year yield rose to 5.345%. The increase came despite the Treasury Department announcing plans to buy back up to $6 billion in longer-term debt, three times its usual amount. 

Also Read: What Is the New York Stock Exchange (NYSE)?  

Higher yields are increasing borrowing costs and reinforcing expectations of a higher-for-longer interest-rate environment. The national average for a 30-year fixed mortgage rose to 6.99%, its highest level in more than 15 months and close to the 7% threshold. Mortgage rates have increased more than 20 basis points since late August and remain above this year’s February low of 6.16%. 

Elsewhere, gold traded around $4,410 an ounce, down 1.2%, while Bitcoin was near $77,200. The US dollar index rose 0.2% to 98.99. Together, higher oil prices and Treasury yields are raising concerns that renewed inflationary pressure could further complicate the Federal Reserve’s interest-rate outlook. 

Dow Falls 303.65 Points; Chevron Gains 1.91%, IBM Jumps 3.38% 

Among the Dow industrials, Chevron (CVX) shares rallied 1.91%, putting the stock on track for a third consecutive winning session. IBM (IBM) jumped 3.38%, while financial stocks also posted gains. JPMorgan (JPM) added 0.34%, Wells Fargo (WFC) rose 1.94%, Citigroup (C) gained 0.78%, Bank of America (BAC) advanced 0.45%, Travelers (TRV) increased 0.33% and Berkshire Hathaway (BRK-B) rose 0.18%. 

Several major Dow components traded lower. Amazon shares (AMZN) fell 1.78%, while Microsoft (MSFT) declined 0.47%. Salesforce (CRM) dropped 1.99%, 3M (MMM) lost 1.86% and Honeywell (HON) slipped 1.59%. Boeing (BA) sank 2.05%, while Caterpillar (CAT) declined 0.84%. 

Healthcare and consumer stocks were also under pressure. UnitedHealth (UNH) fell 1.94%, Procter & Gamble (PG) dropped 2.02%, Merck (MRK) declined 0.63% and Johnson & Johnson (JNJ) lost 0.76%. American Express (AXP) fell 1.32%, Goldman Sachs (GS) declined 0.75% and Visa (V) slipped 0.34%. Home Depot (HD) dropped 1.04%, McDonald’s (MCD) fell 0.91%, Disney (DIS) declined 0.84% and Verizon (VZ) lost 1.33%. 

Energy stocks were broadly higher, supported by stronger crude oil prices. Exxon Mobil (XOM) gained 2.22%, ConocoPhillips (COP) rose 1.10%, Valero (VLO) advanced 1.59% and Marathon Petroleum (MPC) increased 0.42%. The gains highlighted continued strength across the energy sector, which remained one of the better-performing areas of the market. 

S&P 500 Drops 0.68%; Energy Sector Rallies, Consumer Defensive Slumps 

Technology stocks came under pressure during the session, with several major names declining. Nvidia fell 0.91%, while Apple slipped 0.28%, Microsoft declined 0.47%, Broadcom dropped 1.13% and Oracle lost 0.55%. Semiconductor and software names were also mixed, with KLA falling 3.21%, Lam Research declining 1.43%, Seagate dropping 2.04%, Salesforce losing 1.99% and ServiceNow falling 2.31%. Among the notable gainers, AMD rose 3.04%, Micron gained 2.75%, IBM advanced 3.38% and Intel increased 1.69%. 

Also Read: US Stock Market Timings 

Communication services were mixed. Alphabet declined 2.28% and Google fell 2.09%, while Meta Platforms jumped 6.55%. Netflix slipped 0.96%, while T-Mobile declined 2.39% and Verizon fell 1.33%. 

Financial stocks delivered a mixed performance. JPMorgan rose 0.34%, Bank of America gained 0.45%, Wells Fargo advanced 1.94% and Citigroup climbed 0.78%. Meanwhile, Goldman Sachs fell 0.75%, BlackRock declined 2.13%, American Express dropped 1.32% and S&P Global lost 2.55%. 

Consumer discretionary stocks were broadly weaker, with Amazon down 1.78%, Home Depot falling 1.04% and Booking Holdings sliding 3.81%. 

Healthcare stocks were mixed, while industrials generally declined. GE fell 2.83%, GE Vernova dropped 2.09%, Boeing declined 2.05% and Honeywell lost 1.59%. 

Energy was the standout area, with Exxon Mobil rising 2.22%, Chevron gaining 1.91%, ConocoPhillips advancing 1.10% and Valero increasing 1.59%, supported by the sharp rise in crude oil prices. 

Nasdaq 100: Datadog Up 7.15%, Meta 6.55%, Shopify Down 5.45% 

The Nasdaq 100 delivered a mixed performance, with several technology and semiconductor stocks posting notable gains. Datadog surged 7.15%, while Meta Platforms advanced 6.55%. Marvell Technology rose 4.26%, followed by AMD at 3.04%, Micron at 2.75% and Intel at 1.69%. Qualcomm, Western Digital, ARM and Texas Instruments also recorded gains. 

On the downside, Shopify fell 5.45%, while Booking Holdings declined 3.81% and KLA dropped 3.21%. MercadoLibre lost 2.59%, with T-Mobile down 2.39%. Alphabet and Google declined 2.28% and 2.09%, respectively, while ASML fell 2.00%. 

Other notable decliners included Amazon at 1.78%, Constellation Energy at 1.72%, Vertex at 1.47% and Lam Research at 1.43%. Broadcom, CrowdStrike, Netflix, Adobe and Nvidia also finished lower. 

Premarket Movers: Apple Rises on Foldable iPhone, Macy’s Falls 2.49% 

Apple (AAPL) shares gained 1% in pre-market trading on Thursday as investors assessed its latest product launches, including the $2,000 foldable iPhone Duo, iPhone 18 Pro, AirPods 5 and Apple Watch Series 12. CEO John Ternus delivered his first keynote in the role. Apple later rallied nearly 2%, although it was down 0.28% in the S&P 500 opening snapshot. 

Macy’s (M) fell more than 2% pre-market despite beating revenue expectations and raising guidance. Second-quarter revenue reached $4.87 billion, above the $4.83 billion forecast, while adjusted EPS was 40 cents versus 37 cents expected. Same-store sales rose 2.7%, beating expectations of 0.8% and marking the fifth consecutive quarter of growth. Bloomingdale’s sales jumped 11.3%, Bluemercury rose 6.2%, and Macy’s flagship brand gained 1.1%. Shares later traded at $20.98, down 2.49%. 

American Eagle Outfitters (AEO) dropped 11.87% pre-market after maintaining its annual comparable-sales forecast and warning that quarterly gross margins could remain flat year-on-year. The stock later fell 13%. 

Also Read: What Are Fractional Shares? 

AeroVironment (AVAV) surged more than 4% pre-market and later gained 8% after first-quarter revenue of $480 million exceeded expectations. Novartis ADR rose nearly 2% following reports that a major shareholder was seeking board changes, after recent drug-trial setbacks. 

Copper miners came under pressure as copper prices declined, with Freeport-McMoRan (FCX) and Southern Copper (SCCO) each tumbling about 7%. 

Cooper Companies (COO) plunged 15% after mixed third-quarter results and weak fourth-quarter guidance. Adjusted EPS of $1.15 beat estimates, but revenue of $1.07 billion missed forecasts. The company expects fourth-quarter EPS of $1.05-$1.09 and revenue of $1.057-$1.08 billion. Cooper also said its strategic review concluded that shareholders would be better served by retaining CooperSurgical. 

Navan fell 17% pre-market as investors focused on weaker business and travel spending despite a modest earnings beat. Other notable decliners included Chewy (-10.83%), Vertiv (-9.61%), Pinterest (-9.24%) and Klaviyo (-9.06%). 

Oracle and Adobe Earnings Ahead; Oracle Options Price 11% Move 

Oracle (ORCL) is scheduled to report earnings after the closing bell on Thursday, with traders anticipating a big move from the database and cloud infrastructure giant’s stock. Based on recent options pricing, Oracle shares are seen swinging up to 11% in either direction by the end of the week.  

A move of that size from Wednesday’s close could lift the stock as high as $179, recovering some of its losses this year, or drag it below $145. Oracle shares have lost nearly 20% of their value in 2026, and more than 50% from their record high last September, amid worries over the company’s fundraising and spending plans, as well as the concentration of its backlog with a few large AI companies.  

Adobe (ADBE) is also on the schedule to report after the market close. Taiwan Semiconductor Manufacturing (TSM), better known as TSMC, posted monthly revenue of $16.35 billion for August, up more than 53% versus the year-ago period, as demand for artificial intelligence remained strong. TSMC shares declined nearly 1% premarket. Nvidia (NVDA) fell 0.6% Thursday morning, threatening to extend a losing streak to three sessions. 

Asia-Pacific Markets Mixed; ECB Rate Hike ‘All But Certain’ 

Asia-Pacific markets closed mixed on Thursday. Japan’s Nikkei 225 and the broad-based Topix each added 0.2% to end the day at 65,270.95 and 4,054.58, respectively. South Korea’s Kospi slid 0.25% to 7,033.92, while the small-cap Kosdaq added 0.79% to 836.92.  

Hong Kong’s Hang Seng index was down 1.23% in its last hour of trade, while mainland China’s CSI 300 lost 0.53% to 4,548.39. Australia’s S&P/ASX 200 declined over 1% to 8,819.4. In Europe, the European Central Bank is widely expected to raise interest rates on Thursday, with markets pricing in a 100% chance of the ECB raising its key interest rate by at least 25 basis points, according to LSEG data. The September meeting comes days after data showed inflation in the euro zone hit 3.3% in August, with energy inflation surging to 14.3%.  

Also Read: What Is the S&P 500? A Simple Guide for Everyday Investors 

Uncertainty around the US-Iran war is clouding the outlook for the ECB’s longer-term policy path, market watchers say. UBS CEO Sergio Ermotti said on Thursday that investors have grown complacent over the past few years, even as geopolitical and economic risks have mounted.  

“There has been a level of complacency in financial markets in the last few years,” Ermotti told CNBC’s Christine Tan, adding that given the environment one would have expected considerably higher volatility. While markets have experienced occasional bouts of turbulence, strong investment in artificial intelligence, data centres and other new technologies has helped support economic growth and financial markets, he said. The UBS top boss cautioned that investors face an increasingly complicated environment given multiple headwinds. “New problems or new issues are emerging without any of the old ones being addressed or being closed.” 

Oil and Inflation Drive Fed Rate Hike Odds to 74% 

The combination of oil prices above $100 a barrel and annual PPI inflation of 5.4% has strengthened expectations that the Federal Reserve could raise interest rates next week. Fed funds futures were pricing in a 74% probability of a quarter-point hike following the 16 September meeting, up from 64% before the PPI release, according to the CME FedWatch Tool. 

Bond markets are also signalling expectations for higher-for-longer interest rates. The 10-year Treasury yield stood at 4.92%, while the 30-year yield reached 5.345%. Mortgage rates at 6.99% are adding to household borrowing costs, potentially putting further pressure on consumer spending. 

Meanwhile, crude oil above $100 a barrel, combined with record diesel prices of $5.94 per gallon and gasoline at $4.22, risks adding to broader inflation pressures. Investors are therefore closely watching Friday’s Consumer Price Index report, which will provide another key indicator ahead of the Fed’s 16 September policy decision. 

Jeffrey Roach, chief economist at LPL Financial, said inflation pressures were becoming increasingly entrenched as the conflict with Iran continued for longer than expected. He noted that investors were looking for a catalyst capable of changing the inflation narrative, adding that a rate hike next week now appeared likely. 

The major US averages are coming off a three-day decline. Market sentiment has also been influenced by the Treasury Department’s plan to buy back up to $6 billion of longer-term debt. Less than a month earlier, the Treasury announced plans to more than double its government debt repurchases from $2 billion. 

The next major data point is Friday’s Consumer Price Index report, followed by the Federal Reserve’s rate decision on 16 September. Oil prices, Treasury yields, the US dollar index and official inflation releases from the Bureau of Labor Statistics remain central to the market narrative. Monitoring these indicators provides context for assessing interest rate expectations and broader market conditions. 

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