PPI and Adobe Earnings Take Center Stage 10/09/2026
Market Wrap
U.S. stocks fell for a third straight session on Wednesday as rising Treasury yields and another advance in oil prices kept pressure on equities ahead of key inflation data.
The Dow Jones Industrial Average dropped 405 points, or 0.8%, to 52,380.66. The S&P 500 declined 0.5% to 7,636.36, while the Nasdaq Composite lost 0.6%.
Treasury yields surged after the Treasury Department said it would triple its buybacks of longer-dated government debt to $6 billion. The 10-year yield climbed to 4.857%, its highest level since November 2023, as the increase fell short of expectations among some investors for an even larger repurchase program.
Oil added to the pressure as escalating tensions between the U.S. and Iran continued to raise concerns about disruptions to Middle East energy supplies. Higher crude prices and bond yields have intensified worries that inflation could remain persistent, complicating the Federal Reserve's policy outlook.
Attention now turns to a crucial two-day inflation test. August producer prices are due Thursday, with economists expecting a 0.3% monthly increase and a 5.3% annual gain. Weekly jobless claims and existing-home sales will also be released.
The bigger test arrives Friday with the consumer price index. CPI is expected to rise 0.4% in August and 3.4% from a year earlier, potentially providing the final major signal on inflation ahead of next week's Fed meeting.
Apple Unveils First Foldable iPhone in Major Product Push
Apple (AAPL) unveiled its first foldable iPhone on Wednesday, marking the company's biggest smartphone redesign in years as CEO John Ternus made his debut at Apple's flagship product event.
The new iPhone Duo starts at $1,999 and headlines a broader product refresh that includes the iPhone 18 Pro and Pro Max, AirPods 5 and Apple Watch Series 12. Apple also introduced new colors for the iPhone 18 lineup.
Prices are moving higher across the range. The iPhone 18 Pro and Pro Max will cost $100 more than last year's models, extending a broader trend of price increases as memory and storage costs rise.
The Duo also features Apple's new C2 modem, its second-generation in-house connectivity chip. Apple says the modem is 50% faster and uses 15% less energy than its predecessor, further reducing the company's reliance on Qualcomm (QCOM).
Artificial intelligence was another major focus, with Ternus positioning the iPhone as Apple's central platform for AI and the company showcasing new Siri and image-related capabilities.
Investors were less enthusiastic. Apple shares traded lower through most of the roughly 80-minute presentation, suggesting the new devices and AI announcements did little to immediately change Wall Street's expectations for the company.
Stocks on the Move
- AeroVironment (AVAV): Shares gained 2% after first-quarter results comfortably beat expectations. The drone manufacturer reported adjusted earnings of 59 cents per share on $480 million in revenue, versus estimates of 25 cents and $456 million.
- American Eagle Outfitters (AEO): Shares dropped 10% after second-quarter comparable sales fell 1%, slightly worse than expected. The retailer also forecast current-quarter operating income of $110 million to $115 million, below the $124.3 million consensus.
- Navan (NAVN): Shares tumbled 12% after second-quarter adjusted earnings of 5 cents per share only narrowly beat expectations. The business-travel software company also announced the acquisition of events platform BoomPop, without disclosing financial terms.
- Wealthfront (WLTH): Shares fell nearly 4% despite modestly beating second-quarter expectations. Earnings came in at 10 cents per share, while revenue of $91.9 million was slightly above forecasts.
- Cooper Companies (COO): Shares sank roughly 14% after the medical-device maker issued weaker-than-expected fourth-quarter guidance. Cooper expects revenue of $1.057 billion to $1.080 billion and adjusted earnings of $1.05 to $1.09 per share, both below Wall Street forecasts.
Watchlist: AVAV, AAPL, TSLA, MSTR, XOM, USO, AEO, SNDK, AMD, ORCL, QCOM
Key Economic Events Today
Economic Data (EST)
- 08:30 AM — USD Unemployment Claims
- 08:30 AM — USD Core PPI, PPI
- 10:00 AM — USD Existing Home Sales
- 10:00 AM — USD Final Wholesale Inventories
- 10:30 AM — USD Crude Oil Inventories
- 01:00 PM — USD 30-y Bond Auction
Earnings
Before Market Open: Macy's (M), Tsakos Energy (TEN)
After Market Close: Oracle (ORCL), Adobe (ADBE), Copart (CPRT)
