U.S. Stock Futures Rise as Oil Tops $100, Yields Surge Before Fed Decision

U.S. stock futures ticked higher in Asian trading on Thursday, September 10, 2026, after major indexes closed lower for a third straight session. Rising Treasury yields near multi-year highs and Brent crude above $100 a barrel kept investors cautious ahead of August Producer Price Index data Thursday and Consumer Price Index figures Friday. The readings could influence Federal Reserve policy at its Sept. 15-16 meeting, where markets price roughly a 60% chance of a rate hike.

Dow Futures +0.4%, S&P +0.2% After Wall St Falls; Brent $101, Yields Hit 4.86%, PPI Eyed

Dow Jones futures rose about 0.4% to around 52,645–52,651 points by early Asian hours, S&P 500 futures gained 0.2–0.25% to near 7,662–7,663, and Nasdaq 100 futures added 0.07–0.1% to about 29,463–29,471.

On Wednesday, the Dow Jones Industrial Average fell 0.77% (about 405 points) to close near 52,380–52,381. The S&P 500 dropped 0.48% to approximately 7,636, and the Nasdaq Composite declined 0.64% to 26,253. Energy was the sole major S&P 500 sector to rise (about 1.1%), while industrials and consumer discretionary led declines.

Brent crude settled up 3.36% at $101.21 a barrel—the highest close since May and the first above $100 since late July—after U.S.-Iran escalations, including reported U.S. strikes on Iranian tankers and Iranian claims of attacks on shipping near the Strait of Hormuz. West Texas Intermediate rose 3.25% to $96.05. In early Thursday Asian trading, Brent eased slightly but held above $100. Goldman Sachs warned of potential moves above $120 if disruptions intensify.

The 10-year Treasury yield climbed as high as 4.85–4.859% on Wednesday—its highest level since November 2023—before edging lower toward 4.82–4.84%. A Treasury announcement of a $6 billion buyback of longer-dated debt (triple the usual size) failed to reverse the rise.

Apple shares ended 0.3% lower after the company, under new CEO John Ternus, unveiled its first foldable iPhone, the iPhone Duo (starting at $1,999 for 256GB, with a 7.6-inch inner display), alongside iPhone 18 Pro and Pro Max models priced $100 higher than predecessors. The stock rose 0.6% in after-hours trading. Preorders for the Duo begin Oct. 16, with availability Oct. 23.

Economists expect August PPI to rise 0.3% month-over-month and 5.3% year-over-year. CPI is forecast at +0.4% monthly and 3.4% annually. Other Thursday data include weekly jobless claims (forecast around 205,000) and August existing home sales.

Oil Above $100 and Yields at 4.86% Fuel Inflation Fears, Drive Third Straight Wall St Decline

Higher oil prices revived fears of sustained inflation pressure that could complicate Federal Reserve efforts to ease policy. Combined with elevated Treasury yields, this increased discount rates on future corporate earnings and reduced appetite for equities, particularly rate-sensitive and growth-oriented stocks. The third consecutive down day reflected caution ahead of inflation data that will shape rate expectations. Energy stocks gained on the oil rally, but broader indexes lagged as investors priced higher odds of tighter policy.

Brent Up 30% on Hormuz Risks (11M bpd), Yields Rise as Markets Price 60% Chance of Sept Fed Hike

The recent oil surge stems from escalating U.S.-Iran hostilities that have disrupted or threatened shipping through the Strait of Hormuz, a critical chokepoint for global crude flows (roughly 11 million barrels per day of crude and products, according to U.S. Energy Secretary comments). Brent has risen nearly 30% from early August lows amid the conflict, which began earlier in 2026.

Treasury yields have climbed on concerns over inflation persistence, elevated government borrowing, and the limited impact of the scaled-up debt buybacks. Markets had already shifted toward pricing a September rate hike (around 60% probability of a 25-basis-point increase) after stronger-than-expected recent economic data in some areas. The Fed meets Sept. 15-16. Higher energy costs also risk broader inflation pass-through into consumer prices and corporate margins.

Apple’s event marked the first major product launch under Ternus, who assumed the CEO role recently. The foldable Duo represents Apple’s most significant iPhone design change in nearly two decades, entering a category long dominated by rivals such as Samsung, though foldables remain a small share of the overall smartphone market.

PPI Thursday + CPI Friday Ahead of Fed’s Sept 15-16 Meeting; Oracle, Adobe, Macy’s Earnings Also Due

Thursday’s PPI release, along with jobless claims and existing home sales, will provide the first major inflation update of the week. Friday’s CPI is expected to carry even greater weight for near-term Fed expectations. Markets will also monitor oil price stability and any further developments in the Middle East. Corporate earnings from companies including Oracle, Adobe, and Macy’s are due Thursday. The Fed decision next week remains the key near-term catalyst.