US Macro Daily(Beta Mode)
Equities Slip as Yields Rise Ahead of CPI
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| S&P 500 | 7,673.52 | -0.58% |
| Nasdaq 100 | 29,507.70 | -0.12% |
| Dow Jones | 52,786.07 | -1.18% |
| Russell 2000 | 2,960.20 | -0.52% |
| USD/JPY | 153.55 | -0.20% |
| EUR/USD | 1.16 | +0.05% |
| GBP/USD | 1.35 | -0.07% |
| Gold | 4,443.40 | +1.13% |
| WTI Crude | 94.98 | +2.10% |
| Bitcoin | 78,870.54 | +0.55% |
| US 2Y Treasury | 4.37% | +0.69% |
| US 10Y Treasury | 4.78% | +0.21% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| MBA 30-Year Mortgage Rate | 6.79 | - | - |
US 10Y Treasury Yield | Type: macro_line | Yield %: 4.78 (2026-09-04) | Range: 1.28–4.98 | Trend(6pt): 1.35,3.57,4.09,4.51,4.77,4.78
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| ADP Employment Change Weekly | 11,750 | - | 04:15 |
| API Weekly Crude Oil Stocks | -2.6m | - | 12:30 |
| Thursday (2026-09-10) | |||
| Producer Price Index Month-over-Month | 0 | 0.40 | 04:30 |
| Core Producer Price Index Month-over-Month | 0.20 | 0.30 | 04:30 |
| Weekly Jobless Claims | 206,000 | 205,000 | 04:30 |
| Existing Home Sales Level | 4.1m | 4.0m | 06:00 |
| Existing Home Sales Month-over-Month | -1.70 | - | 06:00 |
| EIA Weekly Crude Oil Inventory | -4.5m | - | 08:00 |
| EIA Weekly Gasoline Inventory | -1.2m | - | 08:00 |
- Equities declined with S&P 500 falling 0.58% to 7,673.52 while 2-year Treasury yields rose to 4.37%.
- Only US data release was MBA 30-year mortgage rate at 6.79%; focus shifts to tomorrow’s PPI and Friday CPI prints.
- Trade tensions with Canada intensified as new tariffs took effect and Trump threatened Bombardier restrictions.
Yesterday's Recap
US equity markets closed lower across the board on September 8. The S&P 500 dropped 0.58% to 7,673.52, the Dow Jones fell 1.18% to 52,786.07, and the Russell 2000 declined 0.52% to 2,960.20. Treasury yields moved higher, with the 2-year yield reaching 4.37% and the 10-year yield at 4.78%.
Oil prices climbed 2.10% to 94.98 while gold advanced 1.13% to 4,443.40. The only scheduled US release was the MBA 30-year mortgage rate, which printed at 6.79%. No immediate market reaction followed the mortgage data.
Broader sentiment reflected caution ahead of the upcoming inflation prints. USD/JPY closed at 153.55, EUR/USD at 1.16, and GBP/USD at 1.35.
The Day Ahead
Markets will receive the ADP Employment Change Weekly at 4:15 ET and API Weekly Crude Oil Stocks at 12:30 ET today. Tomorrow brings high-impact releases including Producer Price Index MoM (consensus 0.4%), Core PPI MoM (consensus 0.3%), Weekly Jobless Claims (consensus 205,000), and Existing Home Sales (consensus 3.98 million). EIA crude and gasoline inventory data follow later in the morning.
Friday’s Core CPI MoM (consensus 0.2%) and headline CPI MoM (consensus 0.4%) will dominate attention. These prints will directly shape expectations for the 3.63% Fed funds rate path and Treasury yield movements.
Other Economic Notes
US GDP growth ran at a 1.50% annualized rate in the first quarter while year-over-year growth stood at 2.10%. Unemployment held at 4.10% in August and retail sales rose 5.01% year-over-year through July. CPI inflation registered 3.30% year-over-year as of July.
These readings show moderate expansion alongside persistent price pressures that keep the 3.63% policy rate in focus. Housing and labor data due this week will test whether the slowdown in activity is broadening.
