U.S. stock futures traded mixed on Wednesday, September 10, as Wall Street braced for a fresh test from inflation data that could redefine the Federal Reserve’s next move. Dow Jones futures slipped 0.2%, pointing to a softer open for blue chips, while S&P 500 contracts edged 0.2% higher and Nasdaq futures hovered just above flat.
The cautious start comes after Tuesday’s record-setting rally, where optimism about Fed rate cuts drove all three indexes higher despite signs of slowing job growth.
Beneath the surface, markets are grappling with conflicting forces. The 10-year Treasury yield ticked up to 4.09%, reversing recent declines, while gold surged past $3,640 an ounce after hitting a fresh record high on safe-haven demand.
The next 48 hours will prove pivotal. Wednesday’s Producer Price Index (PPI) release, followed by Thursday’s Consumer Price Index (CPI), could dictate whether policymakers deliver a modest September rate cut or hold fire amid stagflation risks.
With premarket moves from Oracle, GameStop, and Robinhood adding fuel to sector-specific trades, and consumer bellwethers like Macy’s and Campbell Soup reporting earnings, investors are entering a volatile stretch that may determine if this year’s rally still has legs—or stalls at record levels.
Market futures today
As of 6:15 a.m. ET, Dow Jones Industrial Average futures (YM=F) were down 0.2%, pointing to a softer open for blue chips. S&P 500 contracts (ES=F) rose about 0.2%, and the Nasdaq 100 (NQ=F) hovered slightly above the flat line. The moves follow a record-setting Tuesday session, when all three major indexes climbed on confirmation that U.S. job growth is slowing, reinforcing expectations that the Fed will cut rates at its September 17 meeting.
Why does inflation matter so much right now?
Today’s Producer Price Index (PPI) release, followed by Thursday’s Consumer Price Index (CPI), will act as a decisive test.
Inflation has cooled from 2022 peaks but remains above the Fed’s 2% target, creating uncertainty over whether policymakers will opt for a one-off rate cut or begin a deeper easing cycle.
For markets already pricing in a dovish Fed, any upside surprise in the data could spark volatility. Analysts are openly warning of stagflation risks—slowing growth paired with sticky prices—that could undermine this year’s rally.
Top premarket movers: Oracle leads, Synopsys tumbles
Oracle (ORCL) is the clear headline-grabber, soaring more than 30% after forecasting its cloud backlog could top $500 billion, thanks to multi-billion-dollar deals with OpenAI, Meta, and xAI.
Tech and chipmakers extend gains
The tech sector remains firm, with several chip and infrastructure plays higher:
- Arista Networks (ANET) up 4.3%
- GE Vernova (GEV) up 3.4%
- AMD (AMD) rising 3.3%
- Vistra Energy (VST) climbing 3.2%
- Broadcom (AVGO) up 2.3%
- NVIDIA (NVDA) gaining 2.2%
- Palantir (PLTR) adding 2%
- Super Micro (SMCI) advancing 1.6%
These moves suggest AI-driven demand and digital infrastructure remain core themes, even as investors brace for inflation data.
Utilities and energy names attract buyers
Defensive sectors are also showing strength. Constellation Energy (CEG) is up nearly 2%, while Vistra and GE Vernova are riding tailwinds from energy infrastructure demand. This rotation signals investors are hedging against potential volatility in growth stocks.
Synopsys sinks on weak outlook
On the flip side, Synopsys (SNPS) is the biggest loser of the morning, plunging more than 21% after issuing disappointing guidance.
Gold in golden mood
Gold extended its rally on Wednesday, fueled by expectations of a dovish Federal Reserve and ongoing geopolitical uncertainty.
Spot gold traded around $3,642.93 per ounce, up 0.5%, after touching a record high of $3,673.95 on Tuesday.
So far in 2025, the metal has climbed more than 38%, supported by dollar weakness and aggressive central bank purchases.
Analysts expect a near-term trading range of $3,600 to $3,900, with the possibility of a push toward $4,000 in 2026. Goldman Sachs has gone further, suggesting prices could reach $5,000 if worries over Federal Reserve independence intensify.
Treasury yields edge higher
Bond markets, meanwhile, are showing signs of renewed tension. The 10-year Treasury yield climbed to 4.093%, bouncing off recent lows, while in premarket trading it was last reported at 4.072%.
Earlier declines in yields had hinted at recessionary fears and expectations for early Fed easing. The latest move upward suggests a more complicated picture: investors are weighing the likelihood of near-term rate cuts against deeper concerns about growth and fiscal pressures.
What’s the big picture for investors?
The S&P 500 has climbed nearly 30% year-to-date, powered by resilient earnings, the AI boom, and optimism around monetary easing. Barclays lifted its year-end target for the index to 6,450, citing strong growth and corporate results. Still, that’s below Tuesday’s closing level of 6,512.61, a subtle warning that risks—from inflation to geopolitical tensions—remain front of mind.
Adding another layer, President Donald Trump has urged the EU to join the U.S. in imposing 100% tariffs on China and India to squeeze Russia, underscoring the geopolitical uncertainty hanging over global trade. Such moves could rattle supply chains and reignite price pressures at a time when central bankers are already on edge.
FAQs:
Q1: Which are the top premarket movers stocks today?
A1: Oracle is up nearly 11% after a major AI deal with Microsoft and OpenAI, while AMD gained around 1.6% on chip demand optimism. On the downside, Synopsys slid 14% after weak guidance, and Intel dipped about 0.8% in premarket trade.
Q2: Why is gold price surging near record highs today?
A2: Gold is trading above $3,640 per ounce, supported by a weaker dollar, central bank buying, and investor demand for safe-haven assets amid inflation worries and Fed policy uncertainty.