Market Review: September 10, 2026

Closing Recap

Thursday, September 10, 2026

The S&P 500 (SPX), Dow Jones Industrials Average and Nasdaq Comp ended lower for a 4^th straight day, the longest decline for the S&P 500 index since early March (3/10-3/13) ahead of another important inflation data point tomorrow morning in CPI. Stocks dropped after U.S. WTI oil prices topped $100 a barrel, amid growing fears of higher inflation from a prolonged war in the Middle East and as Treasury yields continue their climb to multi year highs. USO hit 52-week highs in energy while TLT hit 52-week lows in bonds. Not helping stock markets midday, the WSJ reported Iran has resumed its production of ballistic missiles using stockpiled components and working in underground facilities, officials from the U.S. and Middle East familiar with the matter said. While today’s Producer Price (PPI) inflation report was in line with consensus and above the prior month, weighing on stock prices today/metals (and lifting yields), tomorrows consumer price index (CPI) at 8:30 am et will likely carry more weight and then of course next week’s FOMC Policy meeting is key.

After leading markets yesterday, tech (XLK) was better for sale, particularly the semis (SOX) as more AI doom/safety restriction news gets around and DeepSeek V4.1 out looking strong & cheap. The semi/AI and data center trade that saw strength just a few days ago was under pressure again today while software bounced ahead of Oracle (ORCL) earnings tonight (which was down on AI concerns). Consumer Staples (XLP) was one of the few bright spots for the S&P today despite weakness in food stocks while materials (XLB) tumbled on weak gold/silver prices and copper names hit. Rising Treasury yields also impacted interest rate sensitive sectors.  For the CBOE Volatility index (VIX), after having closed between 14 and 17 for 28 straight days, the VIX broke as high as 18.17 today closing above the 17 level.

Stats of the day: market breadth has been negative and standing out despite major averages remaining not far off record highs. Two interesting stats: 1) @Bluekurtic noted on X, Wednesday was “ the 3rd worst breadth day of 2026 for the S&P 500, with 60%+ of $SPX stocks down. Yet 2026 has seen just 3 such days so far. The least since 2010. This is one of the best years for breadth in over two decades.”2) Bluekurtic tweets on X, “Market breadth is deteriorating. The S&P 500 McClellan Oscillator fell below -72, its lowest level in 5+ months. After similar signals, $SPX was lower 10 of 13 times 5 days later. Not a good sign heading into next week’s FOMC.”

• 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.
• 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.

• Precious metal prices slid as December gold fell -$53.40 or 1.2% to settle at $4,407.30 an ounce while December silver tumbled -$3.72 or 5.42% to finish at $64.93 an ounce after robust U.S. inflation data and rising oil prices increased bets for a Federal Reserve rate hike next week. PPI for final demand rose 0.4% last month after an upwardly revised 0.1% gain in July. Traders are now pricing in a 70% chance of an increase in U.S. interest rates next week, up from 62% before the data. A majority of economists polled by Reuters expect the Fed to hold rates steady at its September 15-16 meeting and for the rest of the year ahead of mid-term elections.

• The U.S. producer price index (PPI) increased in line with expectations in August on a monthly basis amid a rebound in the cost of energy products. And in the 12 months through August, the PPI advanced 5.4% compared with consensus expectations for 5.3%. Energy prices increased 4.2% over the month after declining for two straight months and wholesale food prices edged up 0.1% after dropping 0.9% in July. After the data, traders were betting on a roughly 70% chance the Fed would raise rates by 25 basis points at its September 15 to 16 meeting, up from 62% earlier.
• Yields had climbed on Wednesday after the U.S. Treasury Department said it will buy up to $6 billion in 10- to 20-year Treasury bonds during its buyback operation later on Thursday. This was triple the size of its last long-dated operation but disappointed investors who had expected a bigger buyback announcement. But yields had pared their advance on Wednesday after the Treasury Department saw very strong demand for a $39 billion sale of 10-year notes.

• Department stores: Macy’s (M) raised its annual sales and profit forecasts after stronger performance at its upmarket Bloomingdale’s and Bluemercury chains; now expects FY26 sales $21.68B-$21.83B above prior view $21.5B-$21.75B and better EPS view of $2.15-$2.35; Q2 sales rose 1.1% y/y to $4.87B, topping analysts’ estimate of $4.83B; Bloomingdale’s comp sales rose 11.3%.
• Housing related sector/retail: LOVE shares fell 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; COST shares come into the day with a 7 day losing streak and down 10 of last 11 to around $900 a share, lowest since the beginning of the year
• Food sector: LMNR 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. Food stocks were broadly lower along with general consumer staples with GIS falling for an 8^th straight day and CHD down 10 straight days.

• Towables & RV sector (THO, WGO, CWH, PATK, LCII): North American industry Retail RV Sales in July, after Truist’s assumed revisions, were likely down high-single digits Y/y, a decel from June’s revised -6.3% result but approx. in line with May’s -7.9%. Wholesale RV Unit Shipments in July at-12% Y/y was similar to June’s -13% and a "less bad" vs May’s-19%. Wholesale shipments continue to track below RVIA’s FY26 forecast for a high-single digit decline at the mid-point. CWH’s Foot traffic continued to soften sequentially, with August -17% Y/y vs. July’s -16% and June’s -15%.

• Energy sector: TTE announced a new oil discovery in Angola and signed agreements to buy a 40% operated interest in two new exploration blocks in the country. The new Acacia-5 discovery will increase production at the company’s Block 17 by 6,000 barrels per day.
• Nuclear & Utility sector: LEU announced 500,000 shares and pre-funded warrants to buy ~2 mln shares at $199.64. Offering includes four series of accompanying warrants to purchase up to ~6.99 mln shares; warrants exercisable at 125%, 150%, 175% and 200% above stock’s last close of $181.49
• Pipelines & MLP sector: ENB said it will acquire Tallgrass Energy’s crude oil business for $2.55 billion in cash, expanding its U.S. liquids pipeline network with the purchase of a majority stake in the Pony Express Pipeline and other assets. In research, Morgan Stanley upgraded shares of DTM, TRP to Overweight saying with questions around near-term data center development, Natural gas pipeline stocks have pulled back on potential risk to commercializing growth projects. The firm said they view these headwinds as temporary and unlikely to derail near-term project announcements.

• BHVN 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; more than 600 patients remain on treatment. BHV7000-303 stays on track for second-half 2026 topline data
• CAMP receives authorization in the United Kingdom for phase 1/2 human clinical trial of cmp-002 in patients with syngap1-related disorder; to initiate cmp-002 clinical trial in Q4 2026; submits regulatory filings in EU for cmp-002 trial.
• NVS major shareholder, David Samra, managing director at Artisan Partners called for a shake-up of the co’s board to improve corporate governance after its shares suffered a record fall this week following back-to-back trial misses.
• Medical device sector: COO 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 (FY26 revenue guidance $4.229B-$4.252B vs. $4.31B est.)

• Industrials and Machinery: PCAR was upgraded to Outperform at RBC Capital and raise tgt to $150 saying shares underperformed since late July despite Paccar’s positive earnings momentum, and sees an attractive entry point for a stock highly geared to the nascent North American recovery.
• Aerospace & Defense sector: AVAV shares outperformed after results as Q1 adj. EPS of $0.59 topped the consensus estimate $0.25 on revs $480.5M beating the $456M consensus saying results were driven by increased product sales and higher service revenue.
• Metals & Mining sector: shares of copper producers FCX, SCCO, TECK declined 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; gold and precious metal miners giving up some recent gains as prices slide.
• Chemical sector: CC, DD and CTVA reached a $455 million settlement with North Carolina and 11 local entities over PFAS contamination claims tied to Chemours’ Fayetteville Works plant and other historical discharges. Payments will be made over 15 years, beginning within 30 days of the agreement’s execution, and Chemours expects to pay about $50M over the next 12 months, Chemours said on Thursday.

• Data Center & Neoclouds sector: CRWV CEO told Yahoo Finance from the Goldman Sachs Communacopia & Tech Conference that the firm is “struggling to meet demand every day". "Every GPU we have could be sold to multiple different clients. It is a unique moment, and it continues to be." NBIS was initiated at Buy and $355 tgt at Truist as views Nebius as an opportunity to invest in a scaling Ai-native hyperscaler still building out its infrastructure and believes consensus forecasts for 2027E ARR are conservative.
• Software sector: a bright spot in tech today ahead of ORCL earnings (though those shares were down), with MDB, MNDY, TWLO, TEAM showing strength; TENB announces proposed $650M convertible Senior notes due 2031; SKIL 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.
• Semiconductor sector: broad weakness in the semi space as recent gloom and doom reports of AI and safety restrictions weighed on prices (SNDK, MU, AMD, INTC, NVDA);  TSM reported a 53.3% increase in monthly sales and said revs in August reached NT$514.8B ($16.3B) vs analysts expecting 46.8% sales growth for the current quarter. Huawei Technologies Co. has notified some clients that it’s significantly increasing the prices of its most advanced AI accelerators. The suggested price for Huawei’s Ascend 950DT jumped roughly 60% to 250,000 yuan ($37,300) apiece over the past three months – Bloomberg reported. Memory stocks were pressured (MU, SNDK, SKHY) on DeepSeek news: DeepSeek V4.1-flash cuts agent memory costs fourfold with new architecture.