S&P 500, Nasdaq, Dow Futures Mixed Ahead Of CPI As Hot PPI, Oil Surge Keep Fed In Focus: Why Traders Are Eyeing GME, ORCL, USO, ADBE Stocks

Aashika Suresh

Thu, September 10, 2026 at 10:30 PM EDT 5 min read

• Consumer Price Index (CPI) data expected on Friday will likely provide more clarity on the U.S. economy and the Fed’s interest rate decision.

• Meanwhile, oil prices soared on Thursday, climbing above $109 a barrel as tensions in the Middle East continue to remain elevated.

• Traders are now pricing in a 72.4% chance of a rate hike by a quarter-percentage point in September, according to data from the CME FedWatch tool.

U.S. stock futures traded higher in the overnight session late Thursday as markets look ahead to the consumer price index (CPI) data for August on Friday, while concerns lingered about a potential rate hike at the Federal Reserve’s upcoming policy meeting after a rise in the producer price index (PPI).

Dow futures climbed 0.21%, and the S&P 500 edged 0.13% higher, while the Nasdaq-100 fell 0.09% at 9:49 PM EDT.

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On Thursday, all three benchmark indexes ended the session lower. The Nasdaq Composite led the decline, shedding more than 171 points to close 0.65% lower. The Dow Jones Industrial Average and S&P 500 ended the session 0.60% and 0.58% lower.

The Dow, S&P 500 and Nasdaq Composite are on track to end the week in the red.

Key US Market Drivers

This week, markets have been watching inflation prints closely, which are likely to provide cues on the Fed’s policy decision at the September meeting next week.

The August Producer Price Index from the U.S. Bureau of Labor Statistics showed a monthly expansion of 0.4%, lifting headline figures to an annual rate of 5.4%, higher than the Fed’s 2% target and a percentage point above expectations.

Shane Oliver, Head of Investment Strategy and Chief Economist at AMP Capital, said in a post on X, “August PPP was in line with expectations +0.4%mom/5.4%yoy with core +0.2%mom/4.6%yoy, but key components that feed into the core PCE were a bit higher than expected, adding to upside risks for the core PCE (& hence Fed hike odds).”

Traders are now pricing in a 72.4% chance of a rate hike by a quarter-percentage point in September, according to data from the CME FedWatch tool. The Federal Open Market Committee (FOMC) meeting is scheduled for Sept. 15–16.

Consumer Price Index (CPI) data expected on Friday will likely provide more clarity on the U.S. economy and the Fed’s interest rate decision.