Market Summary - September 10, 2026
The US stock market opened on a negative note, with significant declines observed in the Nasdaq and Russell indices, both down over 1%. The US500 and US30 indices fared slightly better, with losses around 0.8%. The overall sentiment at the start of the session was clearly bearish, driven by several factors including geopolitical tensions in the Persian Gulf, macroeconomic data concerns, and uncertainty surrounding Oracle's upcoming earnings report.
Sector Performance
Semiconductor stocks were particularly hard hit, with major players like Micron and Intel each down approximately 4%. This decline suggests a waning demand for riskier assets, despite the absence of any specific negative news from these companies.
Political and Economic Factors
A noteworthy political development is a reported potential "dividend" of USD 5,000 that the Trump administration might distribute to all adult Americans if the Republican Party wins the midterm elections. This proposal could amount to a total expenditure of around USD 1 trillion.
In the bond market, US 10-year Treasury yields approached the psychological threshold of 5%, currently sitting at about 4.92%. Such high yields may trigger intervention from the Treasury Department or the Federal Reserve.
Company News
- Amazon (AMZN.US): The e-commerce giant announced an expansion of its partnership with OpenAI, integrating its advertising algorithms with ChatGPT. The stock is down about 0.5%.
- Coinbase (COIN.US): Morgan Stanley released a valuation report on Coinbase, highlighting various challenges and the company's outlook. Despite a generally positive tone, the stock fell by about 2%.
- Oracle (ORCL.US): The company is set to report earnings after the market closes, with analysts expecting earnings per share (EPS) to drop to around $1.75 and revenue to decline to approximately $19.15 billion. The stock is down about 2.5% ahead of the report.
- Blackstone (BX.US): The firm acquired a majority stake in Sanha Logistics Park II, a logistics facility in South Korea, for about USD 450 million. The stock is down about 2%.
- Apple (AAPL.US): Apple unveiled a new foldable iPhone model, priced at USD 1,999, marking the first product launch under the new CEO. The stock is up about 1%.
- Rocket Lab (RCKT.US): The space company continued its upward trend, gaining about 1.5% following the announcement of a new generation of orbital solar cells.
Technical Analysis
The US100 index has completed a double-top pattern and is currently in a correction phase, trading within a narrow range between 30,000 and 28,900 points. Despite recent declines, buyers have shown resilience, quickly recovering from significant dips. The Relative Strength Index (RSI) is around 45, indicating moderate weakness, while the Williams %R is at -73, suggesting oversold conditions. Key levels to watch include the EMA100 as support and the 30,000 level as resistance.
Macroeconomic Data
The European Central Bank raised interest rates as anticipated, with the futures market pricing in an additional 75 basis points of hikes over the next year. Initial jobless claims fell to 206,000, slightly above expectations. The US Producer Price Index (PPI) rose year-over-year to 5.4%, exceeding the expected 5.3%. Existing home sales in the US dropped to 3.98 million in August, a 2% decline that matched expectations. Upcoming data releases include the Atlanta Fed's Q3 GDP estimate and the EIA's report on crude oil inventories, with expectations of a decline of 1.4 million barrels.