Inflation lifts yields near 5% as stocks and Oracle rebound.
Good morning. This is the CAMS Morning Market Brief for Friday, September 11, 2026.
Inflation has reset the morning tape. Official Bureau of Labor Statistics data for August show headline consumer prices rose four tenths of one percent from July and 3.4 percent from a year ago. Core prices, excluding food and energy, rose three tenths on the month and 2.4 percent year over year. Energy was the main monthly pressure, up 2.1 percent. Food rose one tenth, while shelter rose three tenths.
The market's first response was mixed but orderly. At 8:32 Eastern, the exchange-traded funds tracking the S and P 500, Nasdaq 100, and Russell 2000 were each about six tenths of one percent higher before the open. The two-year Treasury yield was 4.636 percent and the ten-year yield was 4.965 percent. The volatility index fell to 16.90. Those yields deserve attention even with stocks pointing higher. Rates rose after the data, so the equity bounce has not removed the valuation pressure.
That setup follows a difficult Thursday. The S and P 500 fell 0.58 percent, the Nasdaq Composite lost 0.65 percent, and the Russell 2000 dropped 1.04 percent. Breadth was negative, trading volume ran above its recent average, and nine of the eleven S and P sectors finished lower. Energy was the exception after the oil-supply incident lifted crude.
Friday morning took back part of that move. U.S. crude was near 99 dollars and down 3.27 percent from settlement. The physical supply situation remains unresolved, so one lower quote is not a clean all-clear.
There is a company offset. Oracle reported fiscal first-quarter revenue of 19.3 billion dollars, up 30 percent, with cloud revenue of 11.6 billion, up 62 percent. Its shares were 5.73 percent higher before the open at 8:32 Eastern. That keeps cloud infrastructure spending in view while higher yields test growth valuations.
For the session ahead, watch whether the early equity bid survives a ten-year yield near five percent. Wider participation beyond a handful of large technology shares would improve the tone. A renewed climb in crude or yields, especially alongside weaker breadth, would keep pressure on risk appetite. The Federal Reserve meets next week, so today's inflation details will stay central.
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