US stocks fall a fourth day as WTI tops $100 and the 10-year hits 4.94%

S&P 500 close: 7,591.70 (-0.58%) Sectors: 2 higher / 9 lower Sentiment: bearish

The S&P 500 closed at 7,591.70 on 10 September 2026, down 0.58%, as WTI crude rose 8.20% to US$103.93 and the US 10-year yield added 11 bps to 4.94%, a 52-week high. NAVN.US fell 21.75% to $20.26, the session's deepest single-name loss, after a fiscal Q2 revenue beat of $232.8m ran into margin questions and a same-day BoomPop acquisition. August producer prices, released at 8:30am ET, rose 0.4% on the month and 5.4% over the year, with final-demand goods up 1.1% as the crude move fed into producer inflation.

What moved the index

• Technology, about 48 bps of the 58 bps decline. XLK.US -1.41% at roughly 34% index weight. Semiconductors led: SMH.US -2.44%, MU.US -4.90%, AMD.US -3.36%, NVDA.US -2.37%. Semis carry the index's richest multiples and reprice first when the 10-year moves.
• Rates and crude. The 10-year at 4.94% and WTI at US$103.93 trace to the same August PPI print: goods prices up 1.1% in a single month, headline up 5.4% year on year, core less foods, energy and trade services up 4.7%.
• Copper miners, about 2 bps of index and the widest single-sector move. Copper futures fell 5.26% to US$6.53/lb after Reuters reported the White House has not settled on refined-copper tariffs, two days after the metal set a record high. FCX.US -6.59%, SCCO.US -7.23%, HBM.US -7.53%, TECK.US -6.31%, XLB.US -1.23%.
• Offsets worth about +33 bps. AAPL.US +3.56% at roughly 7.5% weight carried about +27 bps on its own, day two after the 9 September product event. XLC.US +0.60% added about +6 bps behind CHTR.US +4.98% and RDDT.US +6.08%.

Technology alone covers about 48 bps of the 58 bps move, and Apple plus communication services handed back about 33 bps of it. The remaining drag is spread thin: XLF.US -0.33%, XLV.US -0.55%, XLY.US -0.44%, XLI.US -0.72%, XLU.US -0.98%. The Russell 2000 fell 1.04% to 2,890.95, twice the S&P 500's decline.

Session highlights

• VIX 17.84, up 8.38%, its highest close across the current four-session equity decline.
• ORCL.US -5.38% to $152.94 into its own after-the-bell report, the largest technology drag in the index.
• Gold fell 2.29% to US$4,358.50/oz and the dollar index rose 0.27% to 99.08, both moving against crude at +8.20%.
• Brent US$108.95, up 7.65%. Iran said it would sustain attacks on Gulf shipping against the US naval presence.
• 2 of 11 S&P 500 sectors closed higher: XLC.US +0.60% and XLP.US +0.05%.

Sector scorecard

• Best: Communication Services (XLC.US +0.60%)
• Worst: Technology (XLK.US -1.41%)
• Dispersion (best minus worst): 2.01 pts
• XLE.US fell 0.58% with crude up 8.20%. Producers held at XOP.US +0.24% while services fell, BKR.US -6.66%.

Top movers

After-hours earnings

ORCL.US reported fiscal Q1 2027 after the close with non-GAAP EPS of $1.92 against $1.74 consensus and revenue of $19.35bn against $19.14bn. Cloud infrastructure revenue rose 121% to $7.4bn and remaining performance obligations reached $664bn, up $209bn year on year. The company guided fiscal 2027 revenue to at least $90bn and non-GAAP EPS to $8.10. ORCL.US closed the regular session at $152.94, down 5.38%, before the release.

ADBE.US posted fiscal Q3 revenue of $6.76bn, up 13%, and non-GAAP EPS of $6.13 against $6.08 consensus. Full-year revenue guidance moved up to a $26.576bn to $26.626bn range. The Q4 range of $6.80bn to $6.85bn sits at or below the $6.85bn the street carried. ADBE.US closed at $248.83, down 2.37%.

Notable announcements

• BKR.US -6.66% after the CEO told the Barclays conference that Chart Industries integration costs and initial Chart margins near 17% will weigh on results; 2026 free-cash-flow conversion guidance cut to 40% to 45%.
• COO.US cut full-year revenue guidance to $4.23bn to $4.25bn from $4.29bn to $4.32bn and said the board will not sell CooperSurgical.
• ELV.US +5.41% to $416.54 after reaffirming its 2026 earnings and cost guidance.
• Initial claims and August PPI both printed at 8:30am ET. Core PPI less foods, energy and trade services rose 0.3% on the month.

Next session catalysts (ET)

• Fri 8:30am August CPI from the BLS, the last consumer inflation print before the 15 to 16 September FOMC.
• Fri 9:30am ORCL.US and ADBE.US trade their first full session after Thursday's reports.
• Mon 15 to Tue 16 September FOMC meeting. The Fed quiet period runs through 17 September.
• Copper futures at US$6.53/lb, 5.26% below Wednesday, pending the White House decision on refined-copper tariffs.

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