# Hot News

Federal Reserve Dynamics

U.S. PPI rises to 5.4% year-on-year, tonight's CPI tests risk assets again

• U.S. August PPI rose 0.4% month-on-month, higher than the revised 0.1% in July; year-on-year increase of 5.4%.
• Energy prices rose 4.2% month-on-month, a major driving factor for the increase in commodity prices; excluding food, energy, and trade services, PPI rose 0.3% month-on-month.
• U.S. August CPI will be released tonight at 20:30, and the Federal Reserve will hold a monetary policy meeting on September 15-16 local time, releasing an economic forecast summary.

Market Impact: Rising energy prices are increasing corporate costs, and the market needs to assess whether this will further transmit to the consumer side. If CPI continues to show price pressure, high-valuation tech stocks and crypto assets may face higher interest rate thresholds; if core inflation cools, it will help ease tensions before the monetary policy meeting.

International Commodities

Red Sea shipping risks rise, oil supply concerns expand

• According to Xinhua News Agency citing a Yemeni government military officer, Houthi forces captured the Red Sea port city of Mocha on September 10.
• The market is concerned about whether the conflict will further affect the Bab el-Mandeb Strait and regional energy export routes, and the existing transportation risks in the Strait of Hormuz have not been resolved.
• The Houthi forces stated that international navigation remains safe, but shipping safety experts have warned of rising maritime risks in the region.

Market Impact: Supply and transportation uncertainties support oil risk premiums and also raise cost pressures in aviation, logistics, and manufacturing. For U.S. stocks, sustained high oil prices will simultaneously affect corporate profit margins and inflation expectations; energy shocks have become an important variable in cross-asset pricing.

Macroeconomic Policy

U.S. Treasury repurchases about $5.187 billion in long-term bonds, bond market remains under pressure

• The U.S. Treasury completed liquidity support repurchases for remaining 10-20 year Treasury bonds, with an actual scale of about $5.187 billion, below the operational cap of $6 billion.
• Treasury Secretary Yellen stated that repurchases depend on whether the price is appropriate and downplayed market concerns about the scale of operations.
• After the repurchase, the selling pressure on U.S. Treasuries has not dissipated, and energy prices and inflation outlook continue to affect long-term interest rates.

Market Impact: The repurchase improves the liquidity of some existing Treasury bonds but is unlikely to offset the pressures from inflation and financing needs alone. Industries with high capital demands, such as AI data centers and real estate, still face constraints on investment returns due to high financing costs.

# Market Review

Commodity & Forex Performance

• Spot Gold: Approximately $4,316.82 per ounce.
• Spot Silver: Approximately $63.58 per ounce.
• WTI Crude Oil Futures: Reference price approximately $103.04 per barrel, October 2026 contract.
• Brent Crude Oil Futures: Reference price approximately $108.27 per barrel, November 2026 contract.
• U.S. Dollar Index (DXY): Approximately 99.08 points.

Driving Factors Analysis: Both major oil benchmarks are above $100, and transportation risks in the Red Sea and Gulf regions have become the focus of the energy market. Gold is facing both safe-haven demand and upward pressure on interest rates, with a stronger dollar further increasing resistance for precious metals. Tonight's CPI will test whether energy costs are transmitting to broader consumer prices.

Cryptocurrency Performance

• BTC: Approximately 76,901.67 USDT, down 1.57% in 24 hours.
• ETH: Approximately 2,456.68 USDT, down 0.35% in 24 hours.
• Total Cryptocurrency Market Cap: Approximately $2.71 trillion.

Driving Factors Analysis: BTC and ETH both fell in the past 24 hours, with ETH showing relative resilience. Rising oil prices and inflation pressures continue to influence interest rate outlooks and risk appetite; the revised text of the CLARITY Act and procedural voting next week have increased regulatory concerns, but legislative progress still needs to be distinguished from actual capital inflows.

U.S. Stock Index Performance

• Dow Jones: Closed at 52,064.10 points, down 0.60%.
• S&P 500: Closed at 7,591.70 points, down 0.58%.
• Nasdaq: Closed at 26,081.72 points, down 0.65%.

Tech Giants Dynamics

• NVDA: $218.36, down 2.37%.
• AAPL: $326.57, up 3.56%.
• MSFT: $492.44, up 0.16%.
• GOOGL: $332.60, up 0.59%.
• AMZN: $251.89, down 0.20%.
• META: $644.38, down 1.42%.
• TSLA: $363.56, down 1.16%.

Performance Summary and Driving Analysis: Among the seven tech giants, three rose and four fell based on Google's Class A shares. Apple led the gains after the launch of its foldable screen product, while Microsoft and Google saw slight increases; Nvidia led the declines, and Meta gave back some of the previous day's gains. Oil prices and interest rate pressures suppress overall risk appetite, and news of Microsoft's data center expansion and Google's TPU procurement expectations did not lead to a broad rally in tech stocks, as the market continues to differentiate between business growth opportunities and capital investment costs.

Sector Movement Observation

Memory Chips: Retreat after the previous day's rebound, interest rate pressure suppresses AI hardware valuations

• Representative Stocks: Micron Technology (MU) down 4.90%, SanDisk (SNDK) down 4.06%.
• Driving Factors: Accelerating month-on-month PPI and oil prices breaking $100 have heightened market concerns about rising interest rates. Both memory stocks gave back the previous day's gains, indicating that industry price increase expectations are still insufficient to offset macro pressures, and future attention is needed on order fulfillment and changes in profit forecasts.

Consumer Electronics: Apple strengthens against the trend, foldable screen sales expectations become the focus

• Representative Stock: Apple (AAPL) up 3.56%.
• Driving Factors: After the launch of the iPhone Duo, the market began to assess Apple's incremental opportunities in the foldable screen market. TrendForce expects this model to ship about 5 million units in 2026, with the product cycle catalyzing support for Apple's outperformance on the day; this figure is based on institutional forecasts and still requires validation through pre-orders and deliveries.

# In-depth Analysis of U.S. Stocks

1. Oracle (ORCL) - Cloud infrastructure revenue grows 121%, order fulfillment and capital expenditure proceed in parallel

Event Overview: Oracle fell 5.38% in regular trading on September 10, closing at $152.94. After hours, it announced its Q1 FY2027 results: revenue of approximately $19.3 billion, a year-on-year increase of 30%; cloud infrastructure revenue of approximately $7.4 billion, a year-on-year increase of 121%; adjusted EPS of $1.92. As of 19:59 Eastern Time, it was reported at $159.26 after hours, up 4.13% from the regular close.
Market Interpretation: Remaining performance obligations reached $664 billion, and the full-year adjusted EPS guidance was raised to $8.10, reflecting support from AI cloud demand. However, capital expenditure for the quarter was approximately $28.5 billion, indicating significant funding input; whether the large contract scale can be converted into revenue, cash recovery, and reasonable returns on time is the core of valuation judgment.
Investment Insight: Focus on new data center deliveries, customer prepayments, and subsequent cash flow. Whether regular trading can continue the after-hours reaction tonight will test whether the earnings report improvement is sufficient to alleviate financing and capital expenditure concerns.

2. Apple (AAPL) - Up 3.56% against the trend, foldable screen enters sales verification stage

Event Overview: Apple rose 3.56% on September 10, closing at $326.57. The starting price for the first foldable iPhone Duo in the U.S. is $1,999, with pre-orders planned to start on October 16 and sales on October 23. After the product launch, investors began to reassess high-end replacement demand and the competitive landscape for foldable screens.
Market Interpretation: TrendForce expects the Duo to ship about 5 million units this year, accounting for approximately 24.8% of the global foldable phone market. This figure is a forecast for 2026 shipments. For Apple, the key is whether new purchases can cover higher component costs and replace existing high-end models; an increase in market share does not directly equate to improved profit margins.
Investment Insight: Focus on pre-order volumes, delivery cycles, and product gross margins. The stock price has reacted positively to new product opportunities, but actual demand needs to support profit expectations going forward.

3. Adobe (ADBE) - Earnings report exceeds expectations, Q4 guidance limits stock price reaction

Event Overview: Adobe fell 2.37% in regular trading on September 10, closing at $248.83. After hours, it announced Q3 revenue of $6.76 billion, a year-on-year increase of 13%, with non-GAAP EPS of $6.13; the company raised its full-year non-GAAP EPS guidance to $24.45-$24.50. As of 19:59 Eastern Time, it was reported at $242.99 after hours, down 2.35% from the regular close.
Market Interpretation: The company disclosed that AI-first annual recurring revenue grew over 150% year-on-year, but the Q4 revenue guidance is $6.8-$6.85 billion, with the midpoint below market expectations. The market is concerned not only about the growth rate of AI products but also about their absolute revenue contribution, paid conversion, and the costs of expanding user coverage.
Investment Insight: Track the scale of AI-related revenue, subscription growth, and profit margins. The simultaneous occurrence of the full-year guidance increase and after-hours decline indicates that performance growth still needs to exceed market expectations for the next stage.

# Market & Project Dynamics

1. U.S. Senate Republicans released a new version of the CLARITY Act amendment, proposing that DeFi protocols that do not meet decentralization criteria register with the CFTC, with relevant departments to formulate implementation rules. The first procedural vote is expected to take place on September 15 local time, and the amendment proposal has not yet become effective law.

2. Kalshi reportedly plans to seek regulatory approval to launch regulated perpetual futures linked to stocks such as Tesla, Apple, and Nvidia. This matter is currently in the planning stage and cannot be considered as products that have been approved or launched.

3. Based on Hyperliquid, trade.xyz announced the launch of an Events marketplace, with the first batch of Up/Down event contracts covering stocks, commodities, and Pre-IPO assets. The platform states that contract outcomes will be determined based on XYZ market prices, further expanding event trading scenarios under a unified account.

# Today's Market Calendar

Data Release Schedule

All times are in Beijing time (UTC+8); market attention is based on the editor's judgment.
Time
Country/Region
Event
Market Attention

|------------|----|------------------|-------| | September 11, 20:30 | U.S. | August CPI and Core CPI | ⭐⭐⭐⭐⭐ | | September 11, 22:00 | U.S. | September University of Michigan Consumer Sentiment Index Preliminary | ⭐⭐⭐⭐ | | September 11, 22:00 | U.S. | September One-Year and Long-Term Inflation Expectations Preliminary | ⭐⭐⭐⭐ |

Important Event Forecast

• Oracle and Adobe Earnings After Trading: Tonight, U.S. stock regular trading will continue to digest the performance of the two companies, focusing on AI cloud growth, software subscription conversion, and different pricing of capital expenditures.
• Federal Reserve Meeting: The meeting will be held on September 15-16 local time in the U.S., and an economic forecast summary will be released, focusing on interest rate decisions and changes in inflation forecasts.
• CLARITY Act: The first procedural vote is expected to be held on September 15 local time in the U.S., focusing on the revised text and legislative progress.

Institutional Views:

According to a report on September 11, the Krishna Guha team at Evercore ISI believes that the role of Treasury repurchases is limited, and the Treasury cannot long-term prevent fundamental factors from determining long-term yields. TD Cowen analyst Derrick Wood pointed out before Oracle's earnings report that financing demand, component costs, and data center construction progress are significant sources of market concerns. The two viewpoints highlight the interest rate environment and project execution risks, and future judgments still need to be combined with new data and earnings report realizations.

Disclaimer: The above content is for market information reference only and does not constitute any investment advice. Quotes are subject to market changes; please refer to the market conditions at the time of trading.