The Wall Street Wrap: September 10, 2026

Stocks fall a fourth day as oil tops $100 and yields hit a 2023 high

Welcome to Wall Street Wrap, your quick end-of-day rundown of what moved US markets today, plus what's shaping global sentiment overnight.

MARKETS TODAY

Stocks fell for a fourth straight session Thursday as oil prices rocketed higher and Treasury yields climbed to their highest level in nearly three years, both squeezing risk appetite ahead of Friday's inflation report. The S&P 500 fell 0.58%, the Dow dropped 0.6%, and the Nasdaq 100 slid 1.08%. Chipmakers led the market lower, with Nvidia (NASDAQ:NVDA) and Micron Technology (NASDAQ:MU) both under pressure, while Apple (NASDAQ:AAPL) bucked the trend, rallying a day after its foldable iPhone launch. The S&P 500 has now lost roughly 2% over four sessions, its steepest four-day decline since June.

ANALYTICAL VIEW

Oil was the story of the day. Both major benchmarks jumped more than 6%, with Brent settling at $107.63 a barrel and West Texas Intermediate closing at $102.48, the highest closes for both since May and the steepest one-day increases in nearly two months. The move followed the biggest spike in attacks on shipping since the Iran war began, after Houthi rebels seized the Yemeni port of Mocha near the Bab al-Mandab Strait, a route Saudi Arabia had increasingly relied on as passage through the Strait of Hormuz stayed restricted. Iran also said it had struck ten ships near the strait, and President Trump warned the US may hit a target near Iran's damaged Natanz enrichment facility while suggesting the war would likely stretch beyond the November midterms. The surge in oil pushed the 10-year Treasury yield above 4.95%, its highest level since 2023, which in turn made equities less attractive on a relative basis and pressured high-multiple chip names in particular. The pain also reached consumers directly, with the national average price of diesel crossing $6 a gallon for the first time ever.

Thursday's producer price data added to the unease without resolving it. Headline PPI rose 0.4% in August, in line with expectations, while core PPI rose a softer than expected 0.2%, leaving traders without a clean signal on whether the Fed will hike next week. Initial jobless claims came in at 206,000, roughly in line with the 205,000 expected and holding the broader trend of low claim counts, so the labor market gave the Fed little reason to look past the inflation risk either way. Odds of a quarter-point hike at the September 16 meeting rose to around 70% by some measures, up from about 64% before the report, as the combination of rising oil and rising yields left little room for the Fed to look past the inflation risk. The moves also echoed across the Atlantic, where the European Central Bank delivered its third rate hike of the year, lifting its deposit rate to 2.5% and warning that the same energy shock keeping US yields elevated will keep euro zone inflation "well above target" for an extended period.

What could change the picture: Friday's Consumer Price Index is the next major test, expected to show headline inflation at 3.4% and core at 2.4%, the last significant data point before the Fed's September 16 decision.

SECTOR PERFORMANCE

WINNERS & LOSERS

Top 5 Gainers (across S&P, Nasdaq, Dow):

• Skyworks Solutions (NASDAQ:SWKS): +9.79%
• Reddit (NYSE:RDDT): +6.08%
• Elevance Health (NYSE:ELV): +5.41%
• Charter Communications (NASDAQ:CHTR): +4.98%
• Apple (NASDAQ:AAPL): +3.56%

Top 5 Decliners:

• Cooper Companies (NASDAQ:COO): -14.67%
• Baker Hughes (NASDAQ:BKR): -6.66%
• Freeport-McMoRan (NYSE:FCX): -6.59%
• Hewlett Packard Enterprise (NYSE:HPE): -6.25%
• FactSet Research Systems (NYSE:FDS): -5.82%

Note: Apple extended its post-launch gain a day after unveiling its foldable iPhone, while high-beta chip and hardware names led decliners as rising yields and oil pressured the sector broadly.

AFTER-HOURS MOVERS

Gainers:

• Oracle (NYSE:ORCL), +6.23% after hours: Fiscal first-quarter revenue rose to $19.35 billion and adjusted earnings per share came in at $1.92, both ahead of the $19.14 billion and $1.74 analysts expected. Remaining performance obligations rose to $664 billion, and the company raised its full-year revenue and adjusted EPS guidance.
• Copart (NASDAQ:CPRT), +7.80% after hours: Fiscal fourth-quarter revenue of $1.15 billion topped the $1.14 billion consensus, though adjusted EPS of $0.35 missed the roughly $0.38 expected. Copart also announced a definitive agreement to acquire online dealer auction platform ACV Auctions for $10.50 a share in cash, a deal valued at approximately $1.9 billion and expected to close by calendar year-end 2026.
• RH (NYSE:RH), +6.92% after hours: Fiscal second-quarter revenue of $922 million beat the roughly $915 million consensus, with adjusted earnings per share of $2.70. The company's full-year revenue guidance calls for growth of 5.5% to 7%.
• ACV Auctions (NASDAQ:ACVA), +44.04% after hours: Shares surged after Copart agreed to acquire the company for $10.50 a share in an all-cash deal valued at approximately $1.9 billion, a roughly 45% premium to ACV's unaffected price.

Decliners:

• Adobe (NASDAQ:ADBE), -2% after hours: Fourth-quarter guidance of $6.30 to $6.35 adjusted earnings per share and $6.80 billion to $6.85 billion in revenue came in roughly in line with the $6.32 and $6.85 billion consensus, despite a third-quarter beat on both revenue and earnings.
• CVD Equipment (NASDAQ:CVV), -17.86% after hours: The company announced it will stop pursuing new orders for its core chemical vapor deposition equipment business and cut its workforce by about half, transitioning to a spare parts and services model. Chief Executive Emmanuel Lakios departed the company and the board, with Vice President of Manufacturing Operations Warren Cheesman named Acting CEO.

COMMODITIES & RATES

TOP STORIES: US

Oil tops $100 a barrel as Houthi rebels seize key Yemeni port. Brent crude settled at $107.63 and WTI at $102.48, both their highest closes since May, after Houthi forces seized the port of Mocha near the Bab al-Mandab Strait, a route Saudi Arabia had leaned on as the Strait of Hormuz stayed largely closed. Iran said it struck ten ships near the strait, and President Trump warned the US may target a site near Iran's damaged Natanz facility, adding that the war would likely extend past the midterms.

US diesel prices cross $6 a gallon for the first time ever. The national average price of diesel surpassed $6 a gallon on Thursday, according to GasBuddy, as the US-Israeli war on Iran and Ukrainian strikes on Russian refineries squeezed global supply. Diesel prices are now up roughly $2.30 from a year ago, and diesel inventories sit about 13% below their five-year average. GasBuddy analyst Patrick De Haan said the record prices are likely to "reignite inflation up and down the supply chain," adding pressure on Republicans heading into the midterms as voters cite the cost of living as a top concern.

Treasury yields hit a 2023 high as PPI data does little to settle the rate debate. The 10-year Treasury yield climbed above 4.95%, its highest level since October 2023, after August producer prices rose 0.4% for the month, in line with expectations, while core PPI rose a softer 0.2%. Odds of a Fed rate hike next week rose to around 70% by some measures, up from about 64% a day earlier, as traders weighed the inflationary pressure from oil against a mixed wholesale inflation print.

Oracle (NYSE:ORCL) tops revenue estimates and raises its profit forecast. Oracle reported first-quarter revenue of $19.35 billion, ahead of the roughly $19.14 billion analysts expected, on adjusted earnings per share of $1.92 versus $1.74 expected. The company's remaining performance obligations rose to $664 billion, and it raised its full-year revenue and adjusted earnings guidance. Shares jumped in after-hours trading (see After-Hours Movers below).

Adobe (NASDAQ:ADBE) beats on the quarter but guides in line for Q4. Adobe reported third-quarter revenue of $6.76 billion, above the roughly $6.70 billion analysts expected, with adjusted earnings per share of $6.13 versus $6.09 expected, and said AI-first annual recurring revenue grew more than 150% year over year. Shares slipped after hours as fourth-quarter guidance came in roughly in line with estimates rather than ahead of them.

Trump administration announces $500 Obamacare refunds ahead of the midterms. The White House said the federal government will send $500 refunds to nearly 1 million Affordable Care Act enrollees in 30 states starting in October, funded by a surplus of insurer user fees. The payments, totaling about $500 million, are aimed largely at middle-income households that lost subsidy eligibility after enhanced ACA tax credits expired at the end of 2025.

Ford (NYSE:F) announces $1 billion investment in its Kentucky Truck Plant. Ford said it will build a new paint shop at the plant, which produces its Super Duty trucks and large SUVs, days after Transportation Secretary Sean Duffy raised concerns about the automaker's ties to Chinese companies. Ford called the criticism a "wrongheaded attempt to capture headlines."

TOP STORIES: GLOBAL

ECB raises rates for a third time this year, warns inflation will stay elevated. The European Central Bank lifted its deposit rate by 25 basis points to 2.5%, a move markets had fully priced in. President Christine Lagarde said the energy shock from the Middle East conflict and the war in Ukraine will keep headline inflation "well above target" for an extended period, even as the euro zone economy has shown "greater than expected resilience."

Iran escalates strikes near the Strait of Hormuz as Houthis expand their reach. Iran's Revolutionary Guard said it targeted two US Navy vessels, eight oil tankers, and ten other ships near the strait, while Houthi forces separately seized the Yemeni port of Mocha, extending their influence over a key alternate shipping route Saudi Arabia has increasingly relied on.

Polymarket names veteran finance executive as its first CFO. The prediction market platform appointed Warren Jenson, a former finance chief at Amazon, Electronic Arts, and Delta Air Lines, as it looks to close the gap with rival Kalshi, which recorded roughly five times Polymarket's trading volume in August.

IEA: global coal demand set to hit a record as Middle East conflict boosts consumption. The International Energy Agency said global coal demand will rise 1.2% in 2026 to a record 8.94 billion tonnes, reversing its earlier forecast of a slight decline. The agency said disruptions to oil and gas shipments through the Strait of Hormuz have pushed up energy prices and encouraged higher coal-fired power generation in countries with spare coal capacity, with usage running higher than expected in Europe, Japan, Korea, and China. Whether the trend continues into 2027 depends largely on whether shipping traffic through Hormuz recovers.

MANAGEMENT & FED SPEAK

Christine Lagarde, President, European Central Bank, on the inflation outlook:

Lagarde said the conflict in the Middle East and developments in Russia's war on Ukraine will keep inflation "well above target" for an extended period, and that despite the euro zone's resilience, the energy shock and global trade tensions remain a risk to growth. The Governing Council said risks remain "to the upside for inflation and to the downside for economic growth."

Shantanu Narayen, Chair and CEO, Adobe (NASDAQ:ADBE), on the company's third-quarter results:

Narayen said Adobe delivered record third-quarter results, reflecting the strength of its AI innovation and its expanding customer reach and leadership across creativity, productivity, and customer experience. He said crossing one billion monthly active users is a defining moment for the company, and expressed confidence that incoming CEO Anil Chakravarthy will build on that momentum in the AI era.

Philipp Navratil, CEO, Nestle, on the Middle East conflict and supplier costs:

Navratil said the war has had little direct impact on Nestle's sales, but that "each and every supplier of ours will have some increase in costs," and the company will need to decide how much of that gets passed on to consumers through higher prices. He said Nestle is also reformulating products and cutting items consumers are unwilling to pay more for.

Michael O'Leary, CEO, Ryanair, on the outlook for airfares:

O'Leary said pricing should be modestly lower in Ryanair's current quarter, but that the picture for the following two quarters is far less certain. He said a significant uplift in airfares is likely "if oil prices remain high into next year," adding that the airline would hope to avoid that outcome.

Sergio Ermotti, CEO, UBS, on investor complacency:

Ermotti said "there has been a level of complacency in financial markets in the last few years" given how little volatility markets have shown despite mounting geopolitical and economic risks. He said heavy investment in artificial intelligence and data centers has helped cushion growth, but warned that new problems keep emerging without older ones being resolved.

Brian Armstrong, CEO, Coinbase (NASDAQ:COIN), on crypto regulation:

Armstrong said the Clarity Act is likely to pass the Senate given broad support from crypto firms, law enforcement groups, and banks, but that even a failed vote would still bring regulatory clarity since the SEC and CFTC have said they are ready to publish their own rulemaking shortly after the September 15 vote.

CORPORATE ACTIONS & EARNINGS CALENDAR

Top 5 Ex-Dividend Companies Today by Market Cap (Sept 11):

Upcoming Earnings (Friday, Sept 11):

Economic Calendar (Friday, Sept 11):

That's the wrap for today. Friday's Consumer Price Index is next up, the last major data point before the Fed's September 16 decision.