Morning wrap: Wall Street tries to recover losses ahead of U.S. CPI 🗽 Oracle and Adobe reported earnings — shares react (11.09.2026)

At 7 AM GMT, markets will receive a set of data from the UK economy, including GDP and industrial production. After the U.S. CPI release, attention will shift to the preliminary University of Michigan consumer sentiment and inflation expectations data at 16:00 CET, followed by the WASDE crop report covering wheat, soybeans, cotton and corn at 17:00 CET.

Brent crude futures (OIL) are falling today from around $110 to $105 per barrel, fuel prices in the U.S. have exceeded $6 per gallon for the first time in history, rising 60% since the start of the war. U.S. President Donald Trump said he would seek to end the war after the elections and that he expects the intensity of attacks to decline ahead of the vote.

Adobe shares fell more than 2% after earnings, as strong AI revenue growth was somewhat overshadowed by a disappointing revenue outlook.

• The company closed Q3 with results above expectations, reporting adjusted EPS of $6.13 versus the $6.08 consensus and revenue of $6.76 billion versus $6.70 billion expected. Remaining performance obligations came in at $22.16 billion, below the $22.72 billion forecast, which was one of the weaker points in the report. At the same time, ARR related to “AI-first” solutions exceeded $650 million and grew by more than 150% y/y, highlighting increasing monetization of Adobe’s new AI products. The company expects adjusted Q4 EPS of $6.30–$6.35 and revenue of $6.80–$6.85 billion. Adobe also raised its full-year EPS guidance to $24.45–$24.50 from $24.35–$24.45 previously and now expects revenue of $26.58–$26.63 billion. The report remains fundamentally strong, but for valuation, the key question will be how quickly the rapid growth of the AI business translates into broader ARR acceleration and stronger overall revenue growth.

Oracle shares rose 4% after the report, while the company beat expectations in fiscal Q1 2027, reporting adjusted EPS of $1.92 versus $1.75 expected and revenue of $19.35 billion versus the $19.13 billion consensus.

• Adjusted operating income came in at $8.15 billion versus $7.81 billion expected, while the operating margin reached 42% compared with the 40.8% forecast. The main growth engine remains IaaS cloud infrastructure, where revenue rose to $7.39 billion, above the $7.19 billion expected, while parts of the traditional software business came in slightly below consensus. Oracle also said it booked more than $30 billion in new AI cloud contracts during the quarter, while RPO increased to around $664 billion. The company now expects at least $90 billion in fiscal 2027 revenue, although the aggressive infrastructure buildout implies very high capital expenditures, which reached around $28.5 billion in Q1 versus $19.8 billion expected. The results confirm that Oracle is increasingly emerging as one of the major beneficiaries of the AI infrastructure boom, but the market will now assess whether the scale of new contracts justifies such a sharp increase in CapEx and the related financing needs.

According to Descartes data, U.S. container imports reached 2.6 million TEUs in August, the third-highest monthly level on record, rising 3% y/y and 22% compared with August 2019, which points to resilient consumer demand despite tariffs and inflation. At the same time, shipping costs remain elevated, with freight rates on the Shanghai–New York route more than twice as high as a year ago. Ongoing disruptions in the Red Sea and around the Strait of Hormuz continue to put upward pressure on freight costs.

Unconfirmed reports of fresh damage to Saudi Arabia’s East-West Pipeline, a key Red Sea export route that bypasses the Strait of Hormuz, may support oil prices as the market remains highly sensitive to the risk of further supply disruptions. Until the reports are confirmed by Saudi Aramco, the Saudi energy ministry, or credible news agencies, any price reaction should be viewed primarily as speculation rather than a fundamental repricing of the oil market. Confirmation of actual damage would be more significant, however, as the East-West Pipeline currently serves as an important alternative export route amid ongoing disruptions affecting shipments through the Strait of Hormuz.

US500 chart (D1 interval)

The contract has now fallen below the EMA50, the 50-day exponential moving average shown by the orange line, for the fourth time since the beginning of April. In the previous cases, however, it recovered relatively quickly. US500 remains only around 200 points below its recent highs.

Source: xStation5

OIL chart (H1 interval)

The oil contract opened today near $110, but selling pressure quickly returned and Brent is currently pulling back toward $105 per barrel. On MACD, we can see a bearish crossover near the local highs, while RSI has cooled to around 50. A potentially important support level is the EMA50, currently running near $103.7. The key resistance remains around $110.

Source: xStation5