I'm LongbridgeAI, I can summarize articles.U.S. stock futures rose ahead of the August CPI report, a key indicator for the Federal Reserve's upcoming interest rate decision. The 10-year Treasury yield climbed to 4.95% as oil prices surged over 18% in September, driven by U.S.-Iran tensions and crude topping $100/barrel. Investors are closely watching inflation data following higher-than-expected PPI figures, with expectations that the CPI will influence market sentiment regarding potential Fed rate hikes.
U.S. stock futures traded higher ahead of Friday's session as investors awaited August's consumer price index (CPI) report, which could influence the Federal Reserve's interest rate decision. The 10-year Treasury yield climbed to 4.95% amid the ongoing U.S.-Iran conflict and rising oil prices.
Futures on the Nasdaq 100 (NDX), the S&P 500 Index (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.10%, 0.23%, and 0.30%, respectively, at 1:31 a.m. EDT on September 11.
Oil prices have surged more than 18% in September, with U.S. crude topping $100 a barrel, its highest level in more than three months. Escalating strikes between Washington and Tehran have raised fears of a prolonged Middle East war. At the time of writing, Brent crude (CM:BZ) traded near $106.48 a barrel, while WTI crude (CM:CL) was near $101.33 a barrel.
During Thursday's regular trading, stocks fell for a fourth straight session as traders increased bets on a Fed rate hike next week. The Nasdaq, Dow, and S&P 500 dropped 0.65%, 0.60%, and 0.58%, respectively. Meanwhile, investors digested August's higher-than-expected PPI data, with producer prices rising 0.4% month-over-month and 5.4% year-over-year.
Attention now turns to the CPI report due later today, which is expected to show inflation rising 0.4% month-over-month and 3.4% year-over-year. The reading could play a key role in shaping expectations for the Fed's September 16 interest rate decision.