Stock Market Update
11-Sep-26 09:13 ET
Futures point to higher open as oil retreats
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +69.00. Nasdaq futures vs fair value: +290.00.
Equity futures continue to point to a higher open amid the pullback in oil prices, despite the August CPI report significantly increcasing the market's expectations for a rate hike next week.
Total CPI was up 0.4% month-over-month in August, as expected, while core CPI, which excludes food and energy, was up 0.3% (Briefing.com consensus: 0.2%). With these changes, the year-over-year increase in total CPI was 3.4%, as expected, unchanged from July, and core CPI was up 2.4%, down from 2.5% in July.
The key takeaway from the report is that it wasn't good enough to put September rate-hike fears to rest. Before the CPI report was released, there was a 69.4% probability of a 25-basis-point rate hike next week, according to the CME FedWatch Tool. Following the report, that probability sits at 90.4%.
