The Wall Street Wrap: September 11, 2026

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

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MARKETS TODAY

Stocks rebounded Friday, snapping a four-day losing streak, as oil prices retreated from this week's highs and traders looked past a hotter-than-expected inflation reading. The S&P 500 rose 0.86%, the Dow gained 0.98%, and the Nasdaq 100 added 0.91%. The four-session pullback had been the Dow's longest losing streak since late April. Dell Technologies and Hewlett Packard Enterprise led gainers on continued AI server demand, while Seagate and SanDisk lagged. Oil gave back some of the week's sharp gains after Iranian state media signaled Tehran would meet Gulf states in Oman to discuss the Strait of Hormuz, though both benchmarks remained on pace for a weekly gain of more than 8%.

Close Levels:

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ANALYTICAL VIEW

Friday's rebound was driven by a pullback in oil rather than any resolution to the inflation picture. Brent crude fell to $104.313 a barrel and West Texas Intermediate slipped to $100.024, both down roughly 3% on the day, after Iranian state media said Tehran would meet Gulf states in Oman to discuss shipping through the Strait of Hormuz, offering the first sign of diplomacy after a week of sharp escalation. Even with Friday's pullback, both benchmarks were on course for a weekly gain of more than 8%, and Saudi Arabia shut down its East-West pipeline as a precaution after multiple attacks, while the Houthis reportedly advanced to Yemen's strategic Perim Island a day after seizing the port of Mokha, tightening their grip on the Bab al-Mandab Strait.

Inflation data complicated rather than clarified the Fed's task. August's CPI rose 0.4% for the month and 3.4% annually, matching expectations, but core CPI rose 0.3%, a tenth of a point hotter than forecast, driven largely by a rebound in gasoline prices. Odds of a quarter-point hike at next week's meeting jumped to as high as 85% to 90% by some measures, up from around 70% before the report, as traders concluded the central bank has little room left to hold steady.

What could change the picture: the Fed's September 15-16 meeting is the next major catalyst, with markets now pricing in a high probability of a quarter-point hike and watching closely for signals on how many more could follow this cycle.

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SECTOR PERFORMANCE

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WINNERS & LOSERS

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

• Hewlett Packard Enterprise (NYSE:HPE): +12.44%
• Dell Technologies (NYSE:DELL): +11.98%
• NetApp (NASDAQ:NTAP): +8.54%
• ON Semiconductor (NASDAQ:ON): +8.51%
• HP Inc (NYSE:HPQ): +8.40%

Top 5 Decliners:

• Seagate Technology (NASDAQ:STX): -3.73%
• SanDisk Corporation (NASDAQ:SNDK): -3.50%
• Albemarle Corporation (NYSE:ALB): -3.44%
• Western Digital Corp (NASDAQ:WDC): -2.98%
• Edwards Lifesciences (NYSE:EW): -2.77%

Note: Hardware and server names led gainers after Oracle's strong quarterly results reinforced AI infrastructure demand, with Dell touching a record high. Storage and materials names lagged.

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AFTER-HOURS MOVERS

Gainers:

• Corbus Pharmaceuticals (NASDAQ:CRBP), +16.50% after hours: Shares jumped ahead of a conference call scheduled for Monday, September 14, at which management will discuss topline data from the CANYON-1 Phase 1b trial of CRB-913, an oral obesity treatment, in obese, non-diabetic adults.
• Alkami Technology (NASDAQ:ALKT), +4.49% after hours: Shares extended a more than 7% regular-session gain, part of a broader software sector rally following Oracle's strong quarterly results and continued investor focus on digital banking platform providers after the company released a widely cited industry trends study.

Decliners:

• Olema Pharmaceuticals (NASDAQ:OLMA), -23.78% after hours: Shares extended a regular-session decline following a wider than expected second-quarter loss of $0.61 per share versus a $0.55 consensus estimate, compounded by recent 13F filings showing major holders Squarepoint Ops and Wellington Management trimming their stakes by roughly 20% to 28% in the quarter.
• AstraZeneca (NYSE:AZN), -3.23% after hours: The company said its breast cancer drug Etcamah, tested in combination with palbociclib, failed to meet its main goal of improving progression-free survival in a late-stage trial, though it showed a numerical improvement in previously untreated patients with advanced breast cancer. The setback follows the FDA's accelerated approval of Etcamah alongside CDK4/6 inhibitor therapies just last week.
• Corning (NYSE:GLW), -2.70% after hours: Shares gave back some of the week's gains from its multi-billion-dollar, multi-year fiber supply agreement with Verizon covering more than 80 million miles of optical fiber, even after China Renaissance initiated coverage with a Buy rating and a $238 price target.

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COMMODITIES & RATES

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TOP STORIES: US

August CPI comes in as expected, but core inflation runs hot. Headline CPI rose 0.4% for the month and 3.4% annually, matching the Dow Jones consensus, while core CPI, which excludes food and energy, rose 0.3%, a tenth of a point above expectations. Gasoline prices, up 3.9% for the month, accounted for more than a third of the headline gain, and energy prices overall rose 2.1% and were up 16.3% from a year earlier. Fed rate-hike odds for next week's meeting jumped to between 85% and 90% by various measures, up from about 70% before the report.

US budget deficit approaches $2 trillion with one month left in the fiscal year. The Treasury Department said the cumulative shortfall reached $1.96 trillion through August, with the month itself showing a $166.8 billion deficit, down 52% from a year earlier due to calendar timing. Net interest on the national debt totaled $86 billion for the month, pushing the year's total interest costs past $1.27 trillion, the largest budget outlay other than Social Security. Tariff-related customs duties brought in more than $23 billion, though $10.5 billion had to be refunded following a Supreme Court ruling that struck down many of the duties.

Consumer sentiment drops sharply as inflation expectations rise. The University of Michigan's preliminary September reading fell to 47.8 from 51.7 in August, well below the roughly 51.4 economists had expected. Year-ahead inflation expectations rose to 4.6% from 4.0%, while five-year expectations edged up to 3.4% from 3.3%.

Election officials bar certain public workers from trading on prediction markets ahead of midterms. County and state officials are barring employees with early access to ballots from trading on election-related prediction market contracts, calling it the strongest safeguard available against insider trading. Maricopa County, Arizona barred roughly 13,000 employees from such trades in July, following a similar executive order from Governor Katie Hobbs for state workers, with Delaware County, Pennsylvania and Maryland's elections office taking related steps. Kalshi and Polymarket did not directly address the concerns, with Polymarket maintaining that states lack jurisdiction to regulate the platforms.

Record US cyclosporiasis outbreak has ended, CDC says. The Centers for Disease Control and Prevention said the largest-ever US outbreak of the foodborne illness, which sickened 12,833 people across 21 states and was linked to shredded iceberg lettuce supplied by Taylor Farms in Mexico, is now over. The broader 2026 season saw 19,595 total cases and two deaths, both in Michigan, and had weighed on sales at restaurants and grocers offering fresh lettuce, including Taco Bell, before Taylor Farms recalled the product in July.

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TOP STORIES: GLOBAL

Houthis reportedly seize strategic Yemeni island, tightening grip on key shipping route. Iran-backed Houthi forces advanced to Yemen's Perim Island, a day after seizing the port of Mokha, extending their reach over the Bab al-Mandab Strait. The advance reportedly prompted Saudi Crown Prince Mohammed bin Salman to personally press President Trump for US military intervention, which Trump declined, saying the US does not plan to widen its campaign to include the Houthis.

Saudi Arabia shuts down East-West pipeline after multiple attacks. The Saudi Energy Ministry said the 7 million barrel-per-day pipeline, a key route for shifting crude exports away from the Persian Gulf, was shut down as a precaution following attacks in the Riyadh and Madinah regions that injured multiple people. Satellite imagery showed smoke near the pipeline, and Saudi crude supply fell by 2.3 million barrels per day in August to its lowest level in more than three decades, according to the IEA.

Iran and Russia condemn Western sanctions at BRICS summit, as Xi and Modi hold a closely watched meeting. Iranian President Masoud Pezeshkian said pressure on Iran has entered a "dangerous phase," shifting from sanctions to military aggression by the US and Israel, while Russian President Vladimir Putin said more than 30,000 sanctions have been imposed on Russia, more than on the rest of the world combined. Both leaders urged BRICS nations to deepen trade ties. The summit also featured a closely watched meeting between Chinese President Xi Jinping, attending India for the first time since 2019, and Indian Prime Minister Narendra Modi, seen as a test of the tentative reset between the two countries since their 2020 border clashes.

UK economy grows faster than expected in July. Gross domestic product rose 1.6% year over year, beating the 1.2% forecast, while monthly growth of 0.4% also topped expectations of no growth. The Office for National Statistics said the gains were driven largely by the services sector.

IEA warns global oil refining system is "stretched to the limit." The agency cut its 2026 global oil supply forecast to a decline of 5.7 million barrels per day, deeper than its prior 4% estimate, and now expects demand to fall by 2.5 million barrels per day, more than the 1.6 million previously forecast, citing the prolonged Iran war and shrinking inventories.

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MANAGEMENT & FED SPEAK

Masoud Pezeshkian, President of Iran, on Western sanctions and BRICS trade:

Pezeshkian said pressure on Iran has entered a "dangerous phase," moving from sanctions to military aggression by the United States and Israel, with effects being felt beyond Iran's borders. He said BRICS nations should expand the use of national currencies in trade with one another, and described food and energy security as "two fundamental pillars of economic security."

Scott Bessent, US Treasury Secretary, on upcoming Iran-related sanctions:

Bessent said a large bank would be sanctioned on Monday, without naming the institution or its home country, saying the timing was chosen to "honor the memory of our fallen citizens on 9/11." He said the move follows recent action against the Dubai branches of Egypt's second-largest bank, which he said had funneled $1.8 billion to Iran, and the closure of a Turkish bank over similar dealings, part of the administration's "Operation Economic Outcast," which has sanctioned nearly 60 entities, vessels, and individuals since launching last month.

Donald Trump, President of the United States, on the Iran war and the midterms:

Trump said he has no regrets about starting the war with Iran, telling Fox News that "if I had it to do again, I would do exactly what I did." Pressed on whether the conflict had cost Republicans a smoother path to the midterms, Trump said that allowing Iran to obtain a nuclear weapon would have been far worse, warning the country would use it to strike Israel, the broader Middle East, and eventually American cities. He separately denied any US assets were damaged in Iran's claimed strikes on a base in Jordan, saying "no damage, no nothing," and said of Iran's ability to withstand economic pressure that he does not know if the country can hold out, but expects the conflict to be settled around the time of the midterm elections or possibly sooner.

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CORPORATE ACTIONS & EARNINGS CALENDAR

Top Ex-Dividend Companies for Monday, September 14:

Upcoming Earnings (Monday, Sept 14):

Economic Calendar (Monday, Sept 14):

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MACRO DATA RECAP: (Sept 7-11)

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That's the wrap for today. Next week's Federal Reserve decision on September 16 is the next major catalyst, with markets now pricing in a high probability of a rate hike after this week's inflation data.