US Pre-Market, 10 September 2026: WTI 3.75% Higher, Nasdaq Futures 0.78% Lower
Sentiment: mixed S&P 500 futures: -0.24% at 7,625.25 | Nasdaq 100 futures: -0.78% at 29,220 | Dow futures: -0.02% at 52,415
WTI crude at US$99.65 (+3.75%) and the US 10-year at 4.881% (+0.91%) have split the pre-market bid: Nasdaq 100 futures sit 0.78% lower while Dow futures are flat, with energy and defensive names higher and long-duration technology lower. CooperCompanies COO.US is down 17.83% to $52.16 after guiding fourth-quarter adjusted EPS to $1.05 to $1.09 against $1.19 consensus. Fed funds futures price about a 65% chance of a 25 basis point hike at the 15 to 16 September FOMC, and the August PPI print at 8:30am ET is the last inflation reading before that decision.
Overnight drivers
- Crude +3.75% WTI, +3.57% Brent: WTI US$99.65 and Brent US$104.82 extend Wednesday's break above US$100 on Brent. Iran has said it will resist the US naval blockade and intensify strikes if US attacks continue, and Houthi attacks on Saudi energy sites have suspended some operations there. US crude inventories fell 0.3 million barrels last week. US energy names lead the pre-market: PSX.US +2.02%, OXY.US +1.91%, COP.US +1.82%, XOM.US +1.76%, CVX.US +1.56%.
- US 10-year at 4.881%, up 4.4 basis points: Wednesday's 4.837% close was the highest since November 2023, after Treasury said it will triple its buyback of longer-dated debt to $6 billion. A 30-year auction at 1:00pm ET is today's supply test, and the yield move is why Nasdaq 100 futures at -0.78% trail Dow futures at -0.02%.
- Copper -4.75% to US$6.56/lb: the metal has come off Tuesday's record, with ING commodities strategist Ewa Manthey citing caution on growth and inflation with crude at US$100. FCX.US is down 8.81% to $69.51 pre-market after rising on the record print two sessions ago.
- Semiconductors giving back Wednesday's gain: the PHLX Semiconductor index closed +0.37% on Wednesday with MRVL.US +4.26%, AMD.US +3.04% and MU.US +2.75%. All three are lower pre-market at MRVL.US -3.66%, AMD.US -2.37% and MU.US -2.65%, joined by INTC.US -3.80% and ARM.US -3.49%.
Wednesday's close
- S&P 500: 7,636.36 (-0.48%)
- Nasdaq Composite: 26,253.34 (-0.64%)
- Dow: 52,380.66 (-405.41, -0.77%)
- Russell 2000: 2,921.23 (-1.32%)
Wednesday was the third consecutive down session for the S&P 500, and the Russell 2000 fell hardest of the four at 1.32%, consistent with the yield move. META.US ran the other way at +6.55% on the Muse AI agent launch. GOOGL.US fell 2.28% and AMZN.US 1.78% in the same session, and META.US is itself 0.56% lower pre-market.
Overnight Asia and Europe
- Nikkei 225: 65,270.95 (+0.20%)
- Hang Seng: 24,954.47 (-1.27%)
- KOSPI: 7,033.92 (-0.25%)
- STOXX 600: 637.55 (-0.45%)
- DAX: 25,493.53 (-0.32%)
- FTSE 100: 10,612.65 (-0.54%)
Hong Kong was the weakest Asian session at -1.27% while Tokyo held a 0.20% gain. European trade is lower into the ECB decision at 8:15am ET, where all 65 economists in the Reuters poll taken from 31 August to 3 September expect a 25 basis point rise in the deposit rate to 2.50%. Euro area headline inflation was 3.3% in August with energy prices up 14.3% year on year.
Commodities, rates and the dollar
| Asset | Level | Change |
|---|---|---|
| WTI crude | US$99.65 | +3.75% |
| Brent crude | US$104.82 | +3.57% |
| Gold | US$4,406.20/oz | -1.22% |
| Copper | US$6.56/lb | -4.75% |
| US 10-year | 4.881% | +4.4 bps |
| US Dollar Index | 98.96 | +0.14% |
| VIX | 17.06 | +3.65% |
| Bitcoin | US$77,277 | -2.90% |
Gold at -1.22% and copper at -4.75% are both lower with the dollar 0.14% firmer, so the metals move is not a currency effect. NEM.US is down 2.90% to $125.01 pre-market after gaining 1.27% on Wednesday. VIX at 17.06 is up 3.65% and still under 20 with crude near US$100 and a Fed hike at 65% odds.
Pre-market movers
Percentages are pre-market changes against Wednesday's close, taken at 8:37am ET.
| Ticker | Move | Reason |
|---|---|---|
| AVAV.US | +4.76% | AeroVironment reported after Wednesday's close; the stock fell 5.36% into the print |
| PSX.US | +2.02% | Refining margin with WTI at US$99.65 |
| OXY.US | +1.91% | Crude +3.75%; COP.US +1.82% and DVN.US +1.75% alongside |
| XOM.US | +1.76% | Crude +3.75%, extending Wednesday's +2.22% |
| COO.US | -17.83% | Q4 guide $1.05 to $1.09 against $1.19 consensus, strategic review concluded |
| AEO.US | -14.90% | Q2 EPS $0.79 beat the $0.21 estimate, full-year operating income cut to $540m to $550m |
| FCX.US | -8.81% | Copper -4.75% off Tuesday's record |
| M.US | -4.32% | Q2 comparable sales +2.7% and FY EPS raised to $2.15 to $2.35, revenue guidance light |
| INTC.US | -3.80% | Reversing Wednesday's +1.69%; GLW.US -3.01% and QCOM.US -2.13% |
| UAL.US | -1.61% | Jet fuel cost with WTI +3.75%; DAL.US -1.41% and LUV.US -1.12% |
US economic calendar today (ET)
- 8:15am ECB rate decision, a 25 basis point rise to a 2.50% deposit rate expected; Lagarde press conference 8:45am
- 8:30am August PPI, consensus +0.4% month on month and +5.3% year on year, against July's flat month and +4.7% year
- 8:30am Initial jobless claims, consensus 205,000; continuing claims 1.78 million
- 10:00am Existing home sales, consensus 3.98 million annualised
- Midday EIA weekly crude and product inventories, pushed to Thursday by the 7 September holiday
- 1:00pm 30-year Treasury auction
- After the close ADBE.US and RH.US report
What to watch
- The August PPI year-on-year consensus of +5.3% would be an acceleration from July's +4.7%, and it prints 15 minutes after the ECB decision and 15 minutes before Lagarde takes questions.
- Dow futures at -0.02% against Nasdaq 100 futures at -0.78% is a 76 basis point spread before the open.
- Copper at US$6.56/lb has moved 4.75% in one session two days after setting a record, and FCX.US is down 8.81% pre-market against a 0.51% fall on Wednesday.
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