The Week Ahead: Will CPI and PPI Reports Push Stocks to New Record Highs?

Market Overview

U.S. equities ended the week mixed. The Dow Jones Industrial Average closed at 53,414.25, down 0.27% for the week. The Nasdaq Composite finished at 26,506.99, up 0.40%, while the S&P 500 settled at 7,718.60, up 0.09%.

Federal Reserve policy remains the primary issue. August payrolls increased by 162,000 versus forecasts of 55,000, unemployment held at 4.1%, and wage growth slowed to 3.1%. Fed funds futures suggested a 57% chance of a September rate hike late Friday.

Inflation reports will be the main corporate-market test after Oracle’s Thursday results were identified as important for the AI trade and data-center spending. AeroVironment and Kroger also report during the week.

Labor Day shortens the trading week, but PPI arrives Thursday and CPI follows Friday. The inflation reports come ahead of the September 15–16 FOMC meeting.

Key Economic Releases & Notable Earnings

Monday, September 7

Before the Open

• No earnings reports scheduled

Economic Releases

• All Day, Bank Holiday

After the Close

• No earnings reports scheduled

Tuesday, September 8

Before the Open

• ABM Industries (ABM), est. $1.01 per share
• United Natural Foods (UNFI), est. $0.61 per share

Economic Releases

• 10:00 GMT, NFIB Small Business Index, forecast 99.2 (prior 99.8)
• 19:00 GMT, Consumer Credit m/m, forecast 13.2B (prior 14.2B)

After the Close

• Braze (BRZE), est. $0.15 per share
• Casey’s General (CASY), est. $6.75 per share
• Mission Produce (AVO), est. $0.12 per share
• ServiceTitan (TTAN), est. $0.35 per share

Wednesday, September 9

Before the Open

• Academy Sports + Outdoors (ASO), est. $2.07 per share
• Chewy (CHWY), est. $0.18 per share
• Core & Main (CNM), est. $0.92 per share
• Jersey Mike’s (JMKE), est. $0.22 per share
• Korn/Ferry (KFY), est. $1.36 per share
• ODDITY Tech (ODD), est. $0.12 per share
• SailPoint (SAIL), est. $0.08 per share
• Signet Jewelers (SIG), est. $1.74 per share
• Sunbelt Rentals Holdings (SUNB), est. $1.04 per share

Economic Releases

• 12:15 GMT, ADP Weekly Employment Change, prior 11.8K
• 17:01 GMT, 10-y Bond Auction, prior 4.68|2.5
• 20:30 GMT, API Weekly Statistical Bulletin

After the Close

• AeroVironment (AVAV), est. $0.30 per share

AeroVironment is expected to report fiscal 2027 first-quarter revenue of $459.9 million. The company announced a $465 million U.S. Army contract that is embedded in fiscal 2027 guidance.

• American Eagle (AEO), est. $0.21 per share
• Cooper (COO), est. $1.12 per share
• Navan (NAVN), est. $0.04 per share
• Wealthfront (WLTH), est. $0.08 per share

Thursday, September 10

Before the Open

• Caleres (CAL), est. $0.37 per share
• Lovesac (LOVE), est. -$0.36 per share
• Macy’s (M), est. $0.37 per share
• MasterCraft (MCFT), est. $0.62 per share
• Shoe Station Group (SHOE), est. $0.34 per share

Economic Releases

• 12:30 GMT, Core PPI m/m, forecast 0.3% (prior 0.2%)
• 12:30 GMT, PPI m/m, forecast 0.4% (prior 0.0%)
• 12:30 GMT, Unemployment Claims, forecast 205K (prior 206K)
• 14:00 GMT, Existing Home Sales, forecast 3.98M (prior 4.06M)
• 14:00 GMT, Final Wholesale Inventories m/m, forecast 1.3% (prior 1.3%)
• 14:30 GMT, Natural Gas Storage, prior 30B
• 16:00 GMT, Crude Oil Inventories, prior -4.5M
• 17:01 GMT, 30-y Bond Auction, prior 5.22|2.4

After the Close

• Oracle (ORCL), est. $1. 74 per share

Oracle’s results could affect the AI trade because the company is spending heavily to build AI data centers.

• Adobe (ADBE), est. $6.08 per share
• Copart (CPRT), est. $0.38 per share
• Descartes (DSGX), est. $0.55 per share
• Reformation (REF), est. $0.21 per share
• Zumiez (ZUMZ), est. -$0.14 per share

Friday, September 11

Before the Open

• Kroger (KR), est. $1.06 per share

Kroger is expected to report fiscal second-quarter revenue of $34.61 billion.

Economic Releases

• 12:30 GMT, Core CPI m/m, forecast 0.2% (prior 0.2%)
• 12:30 GMT, Core CPI y/y, forecast 2.4% (prior 2.5%)
• 12:30 GMT, CPI m/m, forecast 0.4% (prior 0.1%)
• 12:30 GMT, CPI y/y, forecast 3.4% (prior 3.4%)
• 14:00 GMT, Prelim UoM Consumer Sentiment, forecast 51.0 (prior 51.7)
• 14:00 GMT, Prelim UoM Inflation Expectations, prior 4.0%
• Tentative, Fed Monetary Policy Report
• 18:00 GMT, Federal Budget Balance, forecast -202.4B (prior -432.3B)

After the Close

• No earnings reports scheduled

Central Bank Activity

Friday, September 11

• Federal Reserve Monetary Policy Report, Tentative

Traders will monitor the report before the September 15–16 FOMC meeting.

Technical Outlook

Weekly Dow Jones Industrial Average Index

Dow Jones: 53,414.25 (-0.27%), support at 53,143.20, 51,542.06, 49,900.81, the 52-week SMA at 49,234.71, 48,757.73 and 45,057.28, resistance at 54,744.33.

Weekly Nasdaq Composite Index

Nasdaq: 26,506.99 (+0.40%), support at 25,650.43, 24,425.34, the 52-week SMA at 24,068.73, 24,002.43, 23,173.24 and 20,987.12, resistance at 26,875.52 and 27,190.21.

Weekly S&P 500 Index

S&P 500: 7,718.60 (+0.09%), support at 7,565.31, 7,527.28, 7,313.92, 7,237.85, 7,066.81, the 52-week SMA at 7,053.37, 6,889.83 and 6,316.91, resistance at 7,816.70.

All major indices remain above rising 52-week SMAs, confirming an intact long-term uptrend.

Outlook

PPI on Thursday and CPI on Friday are the week’s primary events before the September 15–16 FOMC meeting. Economists expect Core PPI to rise 0.3% after 0.2% in the prior report, while PPI is forecast to increase 0.4% after a flat 0.0% reading. Friday’s CPI report is expected to show a 0.4% monthly gain, up from 0.1%, with the annual rate holding at 3.4%. Core CPI is forecast at 0.2% for the month, with the annual rate easing to 2.4% from 2.5%.

The inflation reports follow August payroll growth of 162,000, unemployment at 4.1%, and wage growth of 3.1%. CPI in line with or below expectations, combined with contained wage gains, would support the case for the Fed to hold rates steady. A reacceleration in inflation would strengthen the case for a rate hike.

The major indices remain near their record highs, so PPI and CPI could determine whether buyers make another run at those levels or sellers start a correction. Traders will also monitor Oracle’s results for the AI trade, AeroVironment’s report, and Kroger’s earnings.

More Information in our Economic Calendar.