S&P 500 rises 0.86% to end a four-day decline as crude falls and Oracle's capex lifts Dell and HPE

S&P 500 close: 7,656.98 (+0.86%) Sectors: 9 higher / 2 lower Sentiment: bullish

The S&P 500 closed at 7,656.98 on 11 September 2026, up 0.86%, ending a four-session decline after August CPI printed in line at 3.4% year on year and WTI crude fell 2.43% to US$99.99. HPE.US rose 12.44% to $62.09 and DELL.US 11.98% to $567.29 after Oracle reiterated fiscal 2027 capital spending of $90bn to $95bn and its CFO named both companies as suppliers of AI racks. The 10-year yield rose 3 bps to 4.975%, and Fed funds futures price a hike at the 15 to 16 September FOMC as more likely than not.

What moved the index

• Technology, about 44 bps of the 86 bps gain. XLK.US +1.32% at roughly 33% index weight. AAPL.US +1.75% at roughly 7% weight added about 12 bps. AI server, storage and networking hardware added about 10 bps: DELL.US +11.98%, HPE.US +12.44%, ANET.US +5.61%, NTAP.US +8.54%. SMH.US +1.47% while NVDA.US closed flat at -0.03%.
• Communication services and consumer discretionary, about 19 bps. XLC.US +0.99% and XLY.US +0.89%. GOOGL.US +1.77% and AMZN.US +1.94% supplied most of it.
• Industrials and financials, about 18 bps. XLI.US +1.07% and XLF.US +0.67%.
• Offsets, about -3 bps. XLV.US -0.18% and XLU.US -0.31%, the only two sectors lower.

Together these account for about 78 bps of the 86 bps move. Real estate, staples, energy and materials, all higher, supplied most of the remaining 8 bps. RSP.US, the equal-weight S&P 500 fund, rose 0.80% against SPY.US +0.85%, so the gain reached most of the index.

Session highlights

• VIX 15.84, down 11.21% from Thursday's 17.84.
• 2,903.94 on the Russell 2000, up 0.45%, about half the S&P 500's gain.
• ORCL.US closed down 1.74% at $150.28, reversing an early gain, a day after fiscal Q1 revenue of $19.35bn and adjusted EPS of $1.92 beat consensus.
• Brent fell 2.98% to US$104.42 and gold 0.39% to US$4,390/oz. The dollar index held at 99.10, up 0.05%.
• For the week, the S&P 500 fell 0.80%, the Nasdaq 0.66% and the Dow 1.57% from the 4 September closes.

Sector scorecard

• Best: Technology (XLK.US +1.32%)
• Worst: Utilities (XLU.US -0.31%)
• Dispersion (best minus worst): 1.63 pts
• Technology had the widest split. Hardware makers named in the Oracle spending comments rose, with HPQ.US +8.40% and NTAP.US +8.54%, while storage makers STX.US -3.73%, WDC.US -2.98% and SNDK.US -3.50% fell. Security software also fell with no company filings: QLYS.US -6.99%, TENB.US -5.99%.

Top movers

After-hours earnings

Earnings calendars listed no large-cap US reports after Friday's close. KR.US reported before the open: adjusted EPS of $1.09 against $1.06 expected and revenue of $34.6bn, with full-year identical sales excluding fuel cut to 0.2% to 0.8% from 1% to 2%. The company attributed about 140 bps of that cut to the Inflation Reduction Act's effect on pharmacy revenue. KR.US closed up 2.70% at $58.49.

Notable announcements

• August CPI rose 0.4% on the month and 3.4% over the year, matching forecasts. Core CPI rose 0.3% after 0.2% in July.
• 47.8 on the University of Michigan preliminary September sentiment index, down from 51.7 and below the 51.0 forecast. One-year inflation expectations rose to 4.6% from 4.0%.
• ACVA.US rose 44.18% to $10.41 on Copart's $10.50 a share offer. CPRT.US fell 2.60%.
• Oracle CFO Hilary Maxson said the fiscal 2027 capex of $90bn to $95bn will go to vendors of AI racks, cooling and networking equipment.

Next session catalysts (ET)

• Mon 14 September No major US data scheduled.
• Tue 15 September 8:30am Empire State manufacturing for September. The two-day FOMC meeting begins.
• Wed 16 September 8:30am August retail sales and import prices, then the FOMC rate decision at 2:00pm.
• Thu 17 September 8:30am Weekly jobless claims, August housing starts and the September Philly Fed index.
• Fri 18 September 9:15am August industrial production and capacity utilization.

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