Mid-Morning Look: September 10, 2026

Mid-Morning Look

Thursday, September 10, 2026

U.S. stocks are extending their recent declines as the S&P 500 is trying to avoid its longest losing streak since March (of 4 days) as surging Treasury yields and oil prices following a hot inflation report weighs on investor confidence into next week’s FOMC policy meeting. U.S. 10-year Treasury yield jumps above 4.92%, its highest level since July 2023 while the 30-year Treasury yield is surging, now within 1% of its 2007 peak (at 5.34%) as stocks are now competing with the highest risk-free return in almost two decades. Gold and silver prices pulling back again, feeling the impact of surging oil prices while robust U.S. inflation data (PPI) increased bets for a Federal Reserve rate hike next week. U.S. producer prices increased in line with expectations in August amid a rebound in the cost of energy products, but came in higher than the prior month. Traders are now pricing a 70% chance of a rate hike next week, up from 62% before the data, according to the CME FedWatch Tool. Oil prices jumped 4% on Thursday with benchmark Brent crude hitting $105 a barrel, after the biggest spike in attacks on shipping since the start of the U.S.-Iran war spurred supply disruption concerns. This morning in central bank news, the European Central Bank (ECB), as expected, raised interest rates for the second time this year hoping to tame an inflation rise. Surging oil and natural gas prices pushed inflation well past 3% across the 21-country euro zone last month, far exceeding the ECB’s 2% target. The ECB also lifted its 2026 economic growth projection to 0.9% from 0.8% and now sees inflation averaging 3.0% this year and 2.5% in 2027. In corporate news, oracle (ORCL) earnings results are expected after the close tonight in software.

• July’s headline and core PPI inflation numbers were also revised higher. The M/M totals showed Core PPI rose +0.2% M/M vs. +0.3% consensus and +0.3% in July while headline M/M PPI final demand +0.4% (vs. consensus +0.4%).
• Weekly Jobless Claims fell to 206,000 from 207,000 prior week and vs. consensus 205,000; the 4-week moving average fell to 206,000 from 207,500 prior week; continued claims fell to 1.774M from 1.775M vs. est. 1.78M (previous 1.779M).
• Aug Existing Home Sales reported at 3.98M unit rate, down -2% but in line with consensus 3.98M and down from July 4.06M (prev 4.06M); the national median home price for existing homes $429,100%, +1.6% from Aug 2025; Aug inventory of homes for sale 1.62M units, 4.9 months’ worth (highest since 2015).
• U.S. July wholesale inventories unrevised at +1.3%, but in line with consensus; U.S. July wholesale sales +0.8% vs June -2.9% (prev -3.0%); U.S. July stock/sales ratio 1.20 months’ worth vs June 1.19 months.

• Rental suppliers: HRI was upgraded to Overweight from Neutral at JP Morgan saying its valuation discount vs its larger peers is wider than the historical average and there’s potential for earnings upside from the recapture of market share lost during the HEES integration. The firm downgraded URI to Neutral from Overweight as considers URI to be best-in-class considering its dominant market share, margin profile, and balance sheet optionality, but its valuation premium over SUNB reflects this, in its view.

• ELV +4%; as money rotating out of technology and into other sectors today with managed care among the top leaders in the S&P 500 (UNH, CNC, HUM).
• META +1%; upgraded to overweight at JP Morgan noting shares are up +20% from their recent lows (vs. SPX -1%), but still down -1% YTD and believes there’s still meaningful upside as Meta is in the early stages of releasing Frontier models and Ai-driven products beyond advertising, notably Muse Ai agent.
• RDDT +5%; among top performers in the S&P 500 this morning

• AXGN -6%; after announcing public offering of $208.7M at discounted price of $42.5 per share; Co to buy Biocircuit for $200M
• BHVN -15%; shares fell after the FDA issued a partial clinical hold on Sept. 4, 2026, pausing new enrollment in the BHV-7000 program over a rodent metabolite risk question. Already randomized patients can continue dosing across the program.
• COO -14%; shares fell as Q3 revenue of $1.07B was below consensus of $1.1B, which mgmt primarily attributed to inventory headwinds in the Americas region for CVI and reduced its FY26 outlook for organic revenue growth and EPS as the incremental inventory headwinds are expected to persist into Q4.
• FCX -8%; along with weakness in other copper producers SCCO, TECK after reports the White House has not ​yet made a decision on refined copper tariffs as officials juggle concerns that higher prices could raise manufacturing costs against ‌the potential benefits of encouraging more domestic mining.
• LMNR -7%; shares fell as Q3 adj. EPS $0.02 missed the $0.19 est.; revenue fell -7.8% y/y to $43.8Mm vs. $49.6Mm est.; adj. EBITDA $3.9Mm vs est $7.463Mm; GAAP net loss widened to $3M, or $(0.17) per share, compared to a net loss of $1M.
• LOVE -8%; after guides FY27 net sales of $690M-$710M, below analysts’ avg est. of $715.3M and guides Q3 sales of $140M-$150M, below est. of $160M citing uneven industry conditions
• SKIL -25%; as lowered FY27 revenue outlook by $12M at the midpoint, reflecting accelerating consumer pressure; cost management enabled management to maintain adj. EBITDA and FCF outlook ($108-$116M/$14-$22M); reported revenue ($98.2M) below estimates.