September S&P 500 E-Mini futures (ESU26) are up +0.19%, and September Nasdaq 100 E-Mini futures (NQU26) are up +0.10% this morning, buoyed by a drop in oil prices, while investors await crucial U.S. producer inflation data for further clues on the Federal Reserve's policy path. The price of WTI crude fell over -2% on Thursday as investors weighed a weaker demand outlook and continued to monitor developments in the Middle East. OPEC and the International Energy Agency both cut their 2026 crude demand forecasts.
Meanwhile, the U.S. and Iran remained at an impasse over plans to reopen the Strait of Hormuz or begin peace talks. A $20 Billion Reason Why Intel Stock Is in Focus Marvell Technology (MRVL) Stock Might Offer a Quick Bounce Before Earnings Most Analysts Still Aren't Bullish on Tesla Stock, Even After Recent Selloff. Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most.
Treasuries rose across the curve on Thursday as lower oil prices eased inflation concerns. The 10-year T-note yield fell three basis points to 4.67%. In yesterday's trading session, Wall Street's three main equity benchmarks closed mostly higher.
Super Micro Computer (SMCI) jumped over +19% and was the top percentage gainer on the S&P 500 after the server maker gave an FQ1 revenue forecast that crushed Wall Street's estimates. Also, Nebius Group N.V. (NBIS) popped more than +34% and was the top percentage gainer on the Nasdaq 100 after the cloud-computing company reported a 514% surge in Q2 sales for its AI cloud business. In addition, CoreWeave (CRWV) surged over +19% after the company posted stronger-than-expected Q2 results, raised its full-year revenue guidance, and said its backlog stood at $104 billion at the end of the quarter.
On the bearish side, most members of the Magnificent Seven slid, with Meta Platforms (META) falling over -3% and Microsoft (MSFT) dropping more than -2%. Bureau of Labor Statistics report released on Wednesday showed that consumer prices rose +0.1% m/m in July, in line with expectations. On an annual basis, headline inflation eased to +3.4% in July from +3.5% in June, right on expectations.
Also, the core CPI, which excludes volatile food and fuel prices, rose +0.2% m/m and +2.5% y/y in July, matching expectations. The annual core CPI reading matched February's, the lowest recorded since 2021. The benign CPI report and the most recent weak jobs report "may keep hawkish Fed officials at bay in September," according to Gary Schlossberg at Wells Fargo Investment Institute.
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