US Pre-Market, 11 September 2026: CPI 3.4% in Line, S&P 500 Futures 0.63% Higher as Crude Falls

Sentiment: mixed S&P 500 futures: +0.63% at 7,646 | Nasdaq 100 futures: +0.70% at 29,339.50 | Dow futures: +0.66% at 52,441

S&P 500 futures are 0.63% higher at 7,646 at 8:33am ET after August CPI rose 0.4% on the month and 3.4% over the year, both in line with forecasts, and WTI crude fell 3.26% to US$99.14 to end an eight-session run of gains. ORCL.US is up 5.50% to $161.60 pre-market after fiscal first-quarter revenue of $19.35 billion beat the $19.14 billion LSEG estimate and cloud infrastructure revenue rose 121% to $7.4 billion. Core CPI rose 0.3% on the month after 0.2% in July, and fed funds futures priced about a 72% chance of a 25 basis point hike at the 15 to 16 September FOMC before the release.

Overnight drivers

• August CPI, released at 8:30am ET: headline prices rose 0.4% on the month and 3.4% over the year, matching forecasts and July's annual rate. Core CPI rose 0.3% after 0.2% in July, and the annual core rate eased to 2.4% from 2.5%. Energy prices rose 2.1% on the month and gasoline 3.9%, the same crude move behind Thursday's 5.4% annual rise in August producer prices.
• Crude -3.26% WTI, -3.21% Brent: WTI sits at US$99.14 and Brent at US$104.18, after Brent traded as high as US$110.19 overnight. The fall ends an eight-session gain streak for WTI and a five-session streak for Brent, with attacks between the US and Iran continuing. US energy names are lower pre-market: OXY.US -1.16%, COP.US -1.09%, CVX.US -0.83%, XOM.US -0.77%.
• Oracle results after Thursday's close: ORCL.US at $161.60 recovers Thursday's 5.38% fall. Adjusted EPS of $1.92 compares with a $1.74 LSEG estimate. Chipmakers are recovering part of Thursday's drop: SMH.US +0.97%, MU.US +1.39%, INTC.US +1.21%, AVGO.US +0.91%.
• US 10-year at 4.944%: Thursday's close was the highest since 2023, up about 11 basis points on the day after the PPI release. The US Dollar Index is 0.11% higher at 99.16. Fed officials are in the blackout period before the FOMC, and the 72% hike probability compares with even odds a week earlier.

Thursday's close

• S&P 500: 7,591.70 (-0.58%)
• Nasdaq Composite: 26,081.73 (-0.65%)
• Dow: 52,064.10 (-316.56, -0.60%)
• Russell 2000: 2,890.95 (-1.04%)
• VIX: 17.84 at Thursday's close, 17.01 (-4.66%) at 8:33am ET

Thursday was the fourth straight down session for the S&P 500. Technology accounted for about 48 bps of the 58 bps decline, with MU.US -4.90%, INTC.US -5.57%, AMD.US -3.36% and NVDA.US -2.37%. AAPL.US +3.56% was the largest offset and is 0.17% lower pre-market. Russell 2000 futures at +0.91% lead the four index futures after the small-cap index fell nearly twice as far as the S&P 500 on Thursday.

Overnight Asia and Europe

• Nikkei 225: 64,011.34 (-1.93%)
• KOSPI: 6,909.91 (-1.76%)
• Shanghai Composite: 3,888.11 (-1.18%)
• Hang Seng: 24,805.63 (-0.60%)
• STOXX 600: 639.65 (+0.58%)
• DAX: 25,510.69 (+0.59%)
• FTSE 100: 10,669.85 (+0.57%)

Chip and AI names led Tokyo and Seoul lower: Advantest fell 6.49%, SoftBank Group 3.96%, Tokyo Electron 2.56%, Samsung Electronics 3.53% and SK Hynix 2.21%. Japanese stocks fell on crude above US$104, bets on a Fed hike next week and expectations of another Bank of Japan increase at its 18 September meeting. European indices are about 0.6% higher with Brent down 3.21% into the US open.

Pre-market movers

Prices at 8:33am ET.

• ACVA.US +44.64% to $10.45. Copart agreed to buy ACV Auctions for $10.50 a share in cash, about $1.9 billion, and CPRT.US is up 5.72% to $32.51 on the deal.
• RH.US +4.62% to $140.00. Second-quarter revenue rose 2.6% to $922.2 million with adjusted EPS of $2.70, and the company narrowed its fiscal 2026 revenue range to $3.629 billion to $3.681 billion.
• ADBE.US -3.02% to $241.32. Fiscal third-quarter adjusted EPS of $6.13 and revenue of $6.76 billion (+13%) beat estimates, but only the top of the $6.80 billion to $6.85 billion fourth-quarter revenue guide reaches the $6.85 billion consensus.
• META.US +1.42% to $653.50 leads the largest US stocks by market value, with MSFT.US +0.79%, AMZN.US +0.74% and NVDA.US +0.49%. AAPL.US -0.17% and TSLA.US -0.25% are lower.

Commodities, rates and the dollar

Gold is 0.79% lower after a 2.29% fall on Thursday. Copper at US$6.52/lb is 0.46% lower after a 5.26% fall on Thursday on a Reuters report that the White House has not settled refined-copper tariffs.

US economic calendar today (ET)

• 8:30am: August CPI, released. Headline +0.4% on the month and 3.4% over the year; core +0.3% and 2.4%. Real earnings for August came out with it.
• 10:00am: University of Michigan preliminary September consumer sentiment. The forecast is 51.0 against 51.7 in August, and the release includes the survey's inflation expectations.
• Tuesday 15 and Wednesday 16 September: FOMC meeting, with the decision on Wednesday.
• Friday 18 September: Bank of Japan decision.

What to watch

• S&P 500 futures at +0.63% against a four-session losing streak in the cash index, with RTY futures at +0.91% after Thursday's 1.04% Russell 2000 fall.
• The 10-year yield against Thursday's 4.944% close now that core CPI has printed 0.3% on the month.
• 10:00am ET inflation expectations from the University of Michigan survey. The Fed blackout runs through 17 September, so no official will comment on today's CPI before the 16 September decision.
• WTI at US$99.14, back under US$100, with gasoline already up 3.9% in the August CPI.

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