TLDR
- August CPI report due Friday could push the Fed toward a September rate hike after a stronger-than-expected jobs report
- The US economy added 162,000 jobs in August, far above the 55,000 forecast
- Oracle reports earnings Thursday; shares are down nearly 20% this year on debt concerns
- US diesel prices hit an all-time high of $5.85 per gallon, driven by the Iran conflict and Russia-Ukraine war
- Apple is set to unveil the iPhone 18 Pro and a foldable iPhone at its Wednesday product event
This week, investors face a packed schedule of inflation data, major earnings, and rising energy costs that could all move markets.
The most-watched event is Friday’s Consumer Price Index report for August. After the US economy added 162,000 jobs last month, well above the 55,000 forecast, the question is whether inflation data will push the Federal Reserve to raise interest rates in September.
Fed Chairman Kevin Warsh has kept price stability at the center of his agenda. Inflation has now run above the Fed’s 2% target for roughly five years.
“Price stability is not self-executing, nor is inflation necessarily mean-reverting,” Warsh said. “It is the Fed’s job to deliver stable prices.”
Bets on a September rate hike were roughly 50/50 heading into the week. Thursday’s Producer Price Index data will offer an early read before Friday’s CPI.
Oracle Earnings Under the Microscope
Thursday’s big event in the corporate world is Oracle earnings. The company’s shares have dropped nearly 20% this year and close to 30% over the past 12 months. Much of that decline ties back to concerns over the debt Oracle has taken on to fund its data center build-out.
#earnings for the week of September 7, 2026https://t.co/hLn2sKQhEY$ORCL $ADBE $FLWS $CASY $CHWY $AVAV $M $BRZE $CAL $KR $ABM $AEO $NAVN $SAIL $TTAN $RH $NOX $CAN $MCFT $ASO $AVO $DBI $DSGX $UNFI $VNCE $WLTH $SHOE $SIG $LAKE $CNM $COO $CPRT $JMKE $LPTH $LSAK $MNY $AENT $INNV… pic.twitter.com/n41bM8gxkD
— Earnings Whispers (@eWhispers) September 4, 2026
Bank of America analyst Tal Liani is still positive ahead of the report. He expects infrastructure-as-a-service revenue to grow 25% quarter over quarter and 116% year over year. He also sees Cloud SaaS revenue growing around 12.8% in the quarter.
“We favor the risk/reward of Oracle,” Liani wrote, noting that Wall Street may not be fully pricing in the company’s revenue growth potential tied to data center milestones.
Adobe also reports Thursday, following a recent CEO change. Macy’s reports the same day, giving investors a look at consumer spending trends.
Diesel Hits a Record High
US diesel prices hit an all-time high of $5.85 per gallon on Friday, topping the previous record of $5.816 set in June 2022. The Iran conflict has cut off refined product flows from the Persian Gulf, while Ukrainian attacks on Russian refineries have reduced supply from one of the world’s main diesel exporters.
Diesel jumped to its highest price in history yesterday 📈 📈 pic.twitter.com/yvkvXbudbR
— Barchart (@Barchart) September 4, 2026
US distillate stockpiles are at their lowest levels on record for this time of year, and East Coast inventories are at all-time lows. That shortage is arriving just as the northeast heads into the winter heating season.
“Record diesel will start funneling down into the economy,” said Patrick de Haan of GasBuddy.
Apple holds its annual product event Wednesday, where it is expected to unveil the iPhone 18 Pro, Pro Max, and a foldable iPhone. This will be the first product launch under new CEO John Ternus.
Retail earnings from Casey’s General Stores, American Eagle Outfitters, and Kroger round out the week.
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