Opening Comment — Friday, September 11, 2026
DJIA: 52,064.10, down 316.56
S&P 500: 7,591.70, down 44.66
NASDAQ: 26,081.72, down 171.62
Stocks higher ahead of CPI data
Stock futures are higher Friday morning as markets digest developments in the Middle East conflict ahead of today’s release of August’s Consumer Price Index (CPI) and the preliminary September reading of consumer sentiment from the University of Michigan. As of 7:15 AM ET, the Dow and the S&P 500 Index are both rising 0.5%. The Nasdaq 100 is also increasing 0.5% relative to fair value on the GLOBEX.
U.S. equities were lower on Thursday as the headline Producer Price Index (PPI) for August increased 0.4% month-over-month (MOM) and 5.4% year-over-year (YOY), while the core measure rose 0.2% MOM and 4.6% YOY. Meanwhile, initial jobless claims remained stable, while continuing claims for the prior week fell. Existing home sales in August fell to an annualized pace of 3.98 million. Markets also assessed the U.S. Treasury Department buying back less than the maximum amount of long-term debt. The Dow was down 0.6%, while the tech-heavy Nasdaq Composite fell 0.7%. The S&P 500 decreased 0.6% with nine of 11 sectors finishing in negative territory. The Communication Services sector was the top performer, rising 0.3%, while the Materials sector was the bottom performer, falling 1.5%.
Technical Analysis
None at this time.
On the data front, the headline CPI for August is expected to show price increases of 0.4% MOM and 3.4% YOY, compared to the prior month’s 0.1% and 3.4%, respectively. Meanwhile, core CPI is expected to show price increases of 0.2% MOM and 2.4% YOY, versus the prior month’s 0.2% and 2.5%, respectively. Data on average hourly and weekly earnings will also be released. The University of Michigan’s preliminary September reading of consumer sentiment is forecasted to come in at 51.0, lower than the prior month’s 51.7. The one-year inflation expectations for September from the University of Michigan are expected to come in at 4.2%, higher than the prior reading of 4.0%, while the five- to ten-year inflation expectations are expected to remain steady at 3.3%. Meanwhile, the U.S. federal budget balance for August is expected to show a deficit of $211.1 billion versus the prior month’s deficit of $344.8 billion.
Across the pond, European stocks are higher in mid-day trading as the U.K.’s gross domestic product rose 0.4% MOM in July, versus expectations for no change. The country’s July industrial production unexpectedly increased by 0.2% MOM, while the YOY reading increase of 0.6% exceeded expectations. Meanwhile, the British trade deficit narrowed more than forecasted in July and the Index of Services rose 0.4% MOM.
Overnight in Asia, stocks were mostly lower as Japan’s PPI unexpectedly declined 0.2% MOM while the YOY reading increased a more-than-anticipated 7.6%.
In FOREX trading, the U.S. dollar is slightly higher ahead of today’s U.S. CPI data. Investors are also digesting yesterday’s European Central Bank rate hike and awaiting next week’s Federal Reserve, Bank of England, and Bank of Japan meetings.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 3.3% lower at $99.10/barrel, though still up materially for the week.
In the metals complex, gold is 0.5% higher at $4,340.53/ounce following a strengthening U.S. dollar.