U.S. stocks fell for a fourth consecutive session on September 10, 2026, as crude oil surged past $100 a barrel and a hotter-than-expected August producer price report reinforced bets that the Federal Reserve will raise interest rates at next week's meeting. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all closed lower, extending a stretch of risk-off trading driven by escalating tensions in the Middle East and rising borrowing costs. After the closing bell, earnings from Oracle and Adobe offered a mixed but closely watched coda to the session.
Wall Street's Fourth Straight Decline
The S&P 500 slipped 0.58% to close at 7,591.70, while the Dow Jones Industrial Average dropped 316.56 points, or 0.6%, to 52,064.10. The Nasdaq Composite fell 0.65% to 26,081.72, weighed down by rate-sensitive technology names as Treasury yields climbed. It marked the fourth straight losing session for all three major indexes, the longest such stretch in months, as investors weighed the combination of surging energy prices and firmer inflation data. Trading desks described the tone as cautious rather than panicked, with selling concentrated in energy-sensitive and rate-sensitive sectors rather than a broad capitulation.
Crude Oil's Surge Above $100
Oil prices extended a sharp rally, with U.S. West Texas Intermediate crude climbing past $100 a barrel and Brent crude trading near $103, the highest level since May 19. The move followed an escalation in attacks on shipping in the Strait of Hormuz tied to the ongoing U.S.-Iran conflict, alongside reports that Iran-aligned Houthi forces struck energy facilities in Saudi Arabia. Goldman Sachs analysts said more intense shipping attacks in Hormuz and the Red Sea were the most likely driver of a lower-output, higher-price scenario for crude. The energy-driven inflation scare added a new variable for policymakers already grappling with sticky price pressures.
Hot PPI Reinforces Rate Hike Bets
The Bureau of Labor Statistics reported that the Producer Price Index for final demand rose 0.4% in August, with the annual rate holding at 5.4%, above the 5.3% economists had expected. Goods prices jumped 1.1%, driven largely by a 24.1% spike in diesel fuel, while services prices rose a more modest 0.1%. The report pushed traders to raise the implied probability of a Federal Reserve rate increase at next week's meeting to roughly 70%, up from about 62% before the data, ahead of a Fed led by Chair Kevin Warsh. The 10-year Treasury yield climbed to around 4.85%, its highest level in several years, with attention now turning to Friday's consumer price index release.
Oracle and Adobe Offer a Late Twist
After the close, Oracle reported cloud revenue up 47% year-on-year to $9.9 billion, with cloud infrastructure revenue more than doubling to $5.8 billion, and said it had booked roughly $30 billion in quarterly AI cloud contracts while raising its full-year profit guidance. Adobe posted fiscal third-quarter revenue of $6.76 billion, up 13% year-on-year, and non-GAAP earnings per share of $6.13, both above estimates. Despite the beat, Adobe shares fell more than 2% in after-hours trading to around $243.50 as investors questioned the pace of monetization from its newer AI products. The contrasting reactions underlined how selective investors have become even toward companies delivering strong headline growth.
Daily market analysis by BCM Markets.