U.S. Stock Futures Slip as Oil Extends Gains, PPI Data and Oracle Earnings on Tap

U. S. Stock Futures Slip as Oil Extends Gains, PPI Data and Oracle Earnings on Tap Oleksandr Pylypenko Thu, September 10, 2026 at 12:30 PM GMT+2 9 min read CL=F ORCL September S&P 500 E-Mini futures (ESU26) are down -0.

15%, and September Nasdaq 100 E-Mini futures (NQU26) are down -0. 66% this morning as rising oil prices and bond yields weigh on investor sentiment ahead of crucial U. S.

producer inflation data and earnings from debt-loaded AI hyperscaler Oracle. Oil prices extended their advance on Thursday as escalating attacks between the U. S.

and Iran risked prolonging disruptions to energy flows in the Middle East. Brent crude rose above $103 a barrel, while WTI crude climbed above $99 a barrel. A senior Iranian official said on Wednesday that Tehran has no plans to back down in the face of an American naval blockade and will intensify its strikes if the U.

S. continues attacking its territory. Also, Iran's Islamic Revolutionary Guard warned on Wednesday of additional restrictions on shipping around the Strait of Hormuz.

Meanwhile, U. S. President Donald Trump said the war with Iran would not end until after the November midterm elections.

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The 10-year T-note yield rose four basis points to 4. 88%. Bond traders are now awaiting a $22 billion auction of 30-year bonds and the Treasury's $6 billion buyback auction of 10- and 20-year debt.

Nasdaq 100 futures underperformed as chip and AI infrastructure stocks fell in pre-market trading. In yesterday's trading session, Wall Street's major indexes ended in the red after escalating hostilities in the Middle East sent Brent crude above $100 a barrel for the first time since July. Casey's General Stores (CASY) tumbled over -14% and was the top percentage loser on the S&P 500 after the convenience-store chain posted weaker-than-expected FQ1 same-store sales growth.

Also, Comcast (CMCSA) slumped more than -6% and was the top percentage loser on the Nasdaq 100 after the cable and entertainment company said it anticipates losing broadband subscribers in Q3 amid growing competition from fiber internet providers. In addition, ServiceTitan (TTAN) cratered more than -29% after the software company issued below-consensus Q3 revenue guidance. On the bullish side, Meta Platforms (META) climbed over +6% after analysts responded positively to the Facebook parent's launch of Muse, an AI assistant, with Morgan Stanley saying the company could "win" the estimated $30 trillion total addressable market for consumer AI agents.

Story Continues "Brent breaking above $100 is a major psychological milestone for markets, but the bigger concern is what this means for inflation. A prolonged oil shock could keep price pressures elevated and complicate the path for central banks that are already navigating a difficult policy environment," according to Lukman Otunuga at FXTM. Meanwhile, U.

S. rate futures have priced in a 64. 3% probability of a 25-basis-point rate hike and a 35.

7% chance of no rate change at next week's FOMC meeting. Today, investors will closely watch the U. S.

Producer Price Index for August, which is set to be released in a couple of hours. The PPI report will offer a glimpse into price pressures from the wholesale side of the economy. Economists forecast that the U.

S. August PPI will rise +0. 4% m/m and +5.

3% y/y, compared with the prior month's readings of unchanged m/m and +4. 7% y/y. The U.

S. core PPI will also be in focus today. Economists expect the core measure of wholesale inflation to rise +0.

3% m/m and +4. 6% y/y in August, compared with +0. 2% m/m and +4.

2% y/y in July. U. S.

initial jobless claims data will be released today. Economists expect applications for U. S.

unemployment benefits to come in at 205K in the week ended September 5th, compared with 206K in the prior week. The National Association of Realtors' existing home sales report will come in today. Economists expect sales of previously owned U.

S. homes to come in at 3. 98 million units (annualized) in August, compared with 4.

06 million units in July. U. S.

wholesale inventories data will be reported today. Economists anticipate that the final July figure will be revised lower to +1. 2% m/m from the preliminary reading of +1.

3% m/m. The EIA's weekly crude oil inventories report will be released today as well. Economists expect crude oil inventories to decline by 1.

4 million barrels in the week ended September 4th, compared with a decrease of 4. 5 million barrels in the prior week. On the earnings front, debt-loaded AI hyperscaler Oracle (ORCL), software giant Adobe (ADBE), online vehicle auction company Copart (CPRT), and department store chain Macy's (M) are among the major names slated to release their quarterly results today.

Oracle's results, which serve as a barometer for the state of AI financing, will draw particular attention, with investors focused on the company's AI infrastructure buildout and cloud growth. In the bond market, the yield on the benchmark 10-year U. S.

Treasury note is at 4. 88%, up +0. 72%.

The Euro Stoxx 50 Index is down -0. 13% this morning as oil prices extended their advance, keeping investors cautious ahead of the European Central Bank's monetary policy decision. Technology stocks led the declines on Thursday.

At the same time, automobile stocks outperformed. Final data released on Thursday showed that Germany's annual inflation rate picked up to 2. 9% in August, confirming preliminary estimates.

Separately, data showed that Italy's monthly industrial production rose more than expected in July. Meanwhile, Eurozone government bond yields hovered just below multi-year highs on Thursday ahead of the ECB's interest-rate decision. The ECB is widely expected to raise the deposit rate by 25 basis points to 2.

50% later today to curb energy-driven inflation, which would mark its second rate hike of the cycle. The key question for investors will be whether the ECB keeps the door open for a third rate hike later in the year. "Important clues about the direction of policy may come from whether Lagarde emphasizes energy-driven headline inflation or the recent moderation in core and services inflation," according to Royal London Asset Management's Wolfgang Bauer.

In corporate news, Associated British Foods (ABF. LN) tumbled over -11% after the conglomerate warned about the outlook for its sugar and grocery businesses. Germany's CPI and Italy's Industrial Production data were released today.

The German August CPI rose +0. 2% m/m and +2. 9% y/y, in line with expectations.

The Italian July Industrial Production rose +0. 7% m/m and was unchanged y/y, stronger than expectations of +0. 3% m/m and -0.

6% y/y. Asian stock markets today closed mixed. China's Shanghai Composite Index (SHCOMP) closed down -0.

43%, and Japan's Nikkei 225 Stock Index (NIK) closed up +0. 20%. China's Shanghai Composite Index closed lower today as escalating tensions in the Middle East weighed on sentiment.

Technology stocks slid on Thursday. A-share turnover came in at 1. 65 trillion yuan ($246.

05 billion) on Thursday, the lowest level since April 7th, highlighting investor caution amid escalating Middle East tensions and ahead of U. S. inflation data later this week.

Meanwhile, the yield spread between Chinese and U. S. 10-year sovereign bonds widened to a record high after a decline in Treasuries, underscoring the sharp divergence between the global debt selloff and stable onshore yields.

People's Bank of China Deputy Governor Lu Lei said on Thursday that China will expand offshore yuan markets and boost offshore yuan liquidity. Elsewhere, Reuters reported on Thursday that China has purchased about 1 million metric tons of U. S.

soybeans this week, ramping up buying ahead of Chinese President Xi Jinping's visit to Washington later this month. In corporate news, Bide Pharmatech sank over -8% after saying that its controlling shareholders plan to unload a combined stake of up to 3. 0% between October 9th and January 8th.

Japan's Nikkei 225 Stock Index reversed earlier losses and closed higher today, buoyed by gains in electronics and bank stocks. The Nikkei initially fell as much as -1. 5%, tracking overnight losses on Wall Street.

However, the benchmark index turned higher in the afternoon session, helped by gains in electronics stocks. Strength in bank stocks, which benefited from higher Japanese government bond yields, also supported the index. Long-dated JGB yields rose on Thursday as investors digested hawkish remarks from a Bank of Japan official, with elevated oil prices adding to inflation concerns.

BOJ board member Kazuyuki Masu said on Thursday that the central bank will continue to raise its benchmark interest rate to prevent the underlying inflation trend from exceeding 2%. "To complete the normalization of monetary policy in Japan, I am convinced that the Bank needs to raise the policy interest rate further," Masu said. Elsewhere, foreign investors bought a net 690 million yen worth of Japanese stocks in the week through September 5th, marking the largest weekly net purchase since July 25th, according to Ministry of Finance data.

In corporate news, Recruit Holdings climbed over +3% after Nomura raised its price target on the stock to 20,000 yen from 18,500 yen, saying the shares have yet to reflect profit growth at Indeed. The Nikkei Volatility Index, which takes into account the implied volatility of Nikkei 225 options, closed down -3. 17% to 30.

55. Pre-Market U. S.

Stock Movers Chip and AI infrastructure stocks edged lower in pre-market trading, with Marvell Technology (MRVL) and Micron Technology (MU) falling over -1%. The Cooper Companies (COO) plunged more than -15% in pre-market trading after the contact lens maker posted weaker-than-expected FQ3 revenue and cut its full-year guidance. American Eagle Outfitters (AEO) slumped over -11% in pre-market trading after the retailer reported weaker-than-expected Q2 same-store sales growth.

AeroVironment (AVAV) climbed over +6% in pre-market trading after the defense contractor reported better-than-expected FQ1 results. Meta Platforms (META) rose more than +1% in pre-market trading after JPMorgan upgraded the stock to Overweight from Neutral with a price target of $820. You can see more pre-market stock movers here Today's U.

S. Earnings Spotlight: Thursday - September 10th Oracle (ORCL), Adobe (ADBE), Copart (CPRT), The Descartes Systems Group (DSGX), Macy's (M), RH (RH), Tsakos Energy Navigation (TEN), Reformation (REF), Frequency Electronics (FEIM), LightPath Technologies (LPTH), NioCorp Developments (NB), MasterCraft Boat Holdings (MCFT), IBEX Limited (IBEX), Exascale Labs Holdings (XLAB), Shoe Station Group (SHOE), Zumiez (ZUMZ), Alliance Entertainment Holding (AENT), Designer Brands (DBI), Imperial Petroleum (IMPP), The Lovesac Company (LOVE), 1-800-FLOWERS. COM (FLWS).

On the date of publication, Oleksandr Pylypenko did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.