Morning Preview: September 11, 2026

Early Look

Friday, September 11, 2026

After falling for four consecutive trading days, S&P 500 futures, Dow futures and Nasdaq futures are bouncing, up across the board ahead of the August consumer price index (CPI) inflation report at 8:30 am et. Shares of Oracle (ORCL) are higher by about 7% after earnings last night, giving the Ai trade a little boost. Data this morning is expected to show that consumer prices rose 3.4% in August and could prove crucial as a divided Fed weighs whether to hike interest rates later this month. Economists expect to see prices jump 0.4% in August from a month earlier, faster than July’s 0.1% monthly gain, with annual price gains holding steady at 3.4%. Treasury prices remains elevated along with oil which is on pace for a 7% weekly gain. This morning, U.S. oil price dips below $100 while diesel passes $6, marking fresh record. All eyes have been on the 10-year Treasury yield inching towards 5%, but yesterday’s move up in the 2-year Treasury yield is the largest one-day move in over a year (hit 4.58% – highest since July 2024). In Asian markets, The Nikkei Index tumbled -1,259 points to 64,011, the Shanghai Index fell -46 points to 3,888, and the Hang Seng Index declined -149 points to 24,805. In Europe, the German DAX is up 172 points to 25,533, while the FTSE 100 is up 56 points to 10,665.

Stocks dropped Thursday after U.S. oil prices topped $100 a barrel, amid growing fears of higher inflation from a prolonged war in the Middle East, while Treasury yields jumped from the long to the short end ahead of key CPI inflation data later today. The S&P, Dow and Nasdaq all closed lower for a 4^th straight day on Thursday, a feat not seen for the S&P since early March of this year! U.S. West Texas Intermediate closed at $102.48, up 6.7% while Brent crude futures gained 5.9% to settle at $107.63 – the highest close since May 19 for both benchmarks. Since the Iran war began at the end of February, WTI is up 52.9%, and it’s up by 78.5% YTD. The 30Y yield hit 5.373%, its highest since 2007.

• The Dow Jones Industrial Average fell -316.56 points, or 0.60%, to 52,064.10
• The Nasdaq Composite slid -171.62 points, or 0.65%, to 26,081.73
• The Russell 2000 Index declined -30.28 points, or 1.04% to 2,890.95

• 8:30 AM ET                  Consumer Price Index (CPI) headline Y/Y for August…est.  +3.4% (prior +3.4%)
• 8:30 AM ET CPI Core – Ex: Food & Energy M/M for August…est. +0.2% (prior +0.2%)
• 8:30 AM ET CPI Core – Ex: Food & Energy Y/Y for August…est. +2.4% (prior +2.5%)
• 10:00 AM ET                University of Michigan Confidence, Sept-prelim…est. 51.0 (prior 51.7)
• 11:00 AM ET                Cleveland Fed CPI for August
• 1:00 PM ET                   Baker Hughes Weekly rig count data
• 2:00 PM ET                   Federal Budget for August

• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11

• US equity funds shed $14.2B over the past three weeks, the largest outflow since January, BOFA said, citing EPFR Global data. Inflows are slowing worldwide, with global stock funds averaging $7B a week over the same period, down from $52B in July.
• Diesel prices rose above $6 a gallon for the first time ever, raising the risk of further energy-driven inflation just ahead of peak demand season for the fuel.

• RH Corp. (RH) Q2 GAAP net revenues up 2.6% to $922.2M; GAAP net Income rose 16.36% to $60.2M; GAAP operating Income fell 16.53% to $107.6M; Gross margin widened 2.7 percentage points to 48.2%, helped by tariff refunds; guides FY26 rev growth of 5.5%-7% and adj Ebitda 15%-16.2%.
• Viking Holdings Ltd (VIK) announced that its board of directors authorized a share repurchase program of up to $1 billion of Viking’s outstanding ordinary shares.
• Zumiez (ZUMZ) Q2 EPS $(0.17) vs. est. ($0.14); sales $209.0Mm vs. $212.1Mm est.; operating loss $(16.5)Mm; Q3 sales guidance $222Mm-$226Mm vs. $238Mm est, sees Q3 EPS $0.00-0.10 vs est $0.59; qtr-to-date net sales -4.3% yr/yr with comps -3.5%.

• Artisan Partners Asset Management Inc. (APAM) preliminary assets under management (“AUM”) as of August 31, 2026, totaled $183.5 billion. Artisan Funds and Artisan Global Funds accounted for $94.5 billion of total firm AUM, while separate accounts and other AUM accounted for $89.0 billion.
• Invesco Ltd. (IVZ) preliminary month-end assets under management (AUM) of $2,562.1 billion, an increase of 4.7% versus previous month-end. The firm delivered net long-term inflows of $27.6 billion in the month. Money market net inflows were $35.8 billion. AUM was positively impacted by favorable market returns which increased AUM by $49 billion. FX increased AUM by $2.7 billion.
• Robinhood Markets, Inc. (HOOD) funded customers at the end of August were 28.6 million (up about 120K from the end of July 2026, up approximately 1.90M y/y. Total Platform Assets at the end of August were $384 billion (up 8% m/m and up 26% y/y). Net Deposits were $4.0 billion in August, or a 14% annualized growth rate relative to July 2026 Total Platform Assets. Equity Notional Trading Volumes were $335 billion (up 1% m/m and +68% y/y for trading volumes).

• Oracle Corp. (ORCL) Q1 adj. EPS $1.92 vs. $1.74 est.; revenue $19.3B vs. $19.1B est.; Cloud revenue $11.6B vs. $11.44B est., including Cloud infrastructure revenue $7.4B and Cloud applications revenue $4.2B; remaining performance obligations $664B after booking more than $30B of Ai Cloud contracts; operating cash flow $23B and free cash flow $(5.0)B; Q2 revenue growth guidance 30%-34% vs est +32%, Cloud revenue growth guidance 65%-71%, and adj. EPS guidance $1.85-$1.93 vs. $1.89 est.; FY27 revenue guidance at least $90B vs. $89.76B est. and adj. EPS guidance $8.10 vs. $8.07.
• Frequency Electronics (FEIM) Q1 EPS $0.41 vs. est. $0.22; revenue $23.5Mm vs. $17.9Mm est.; operating Income $5.2Mm; funded backlog reached a record $129Mm.
• Lightpath Technologies (LPTH) Q4 revs rose 73.8% y/y to $21.2M vs. est. $20.6M; Q4 Gross margin rose 17.4 percentage points to 39.4, while non-GAAP adjusted EBITDA swung to a profit of $2.1M from a loss; Q4 backlog climbed 197% to about $110.9M.
• OpenAI is reportedly considering slowing down the development of cutting-edge artificial intelligence, and the ChatGPT maker’s CEO Sam Altman is hoping other AI companies will do the same. Altman told employees that OpenAI could potentially pace its AI development — perhaps in conjunction with several other AI labs, but that some may not agree to do so, Bloomberg reported.