Wall Street Rebounds After 5 Trading Days, but CPI Leaves Uncertainty Despite Oil's 2%-Range Decline
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U.S. stocks ended 4 consecutive trading days of losses on 2026-09-11 (local time), rising for the first time in 5 trading days. The Dow gained 0.98%, the S&P500 rose 0.86%, and the Nasdaq advanced 0.96%, while Brent crude and WTI each fell in the 2% range on the same day. However, the stronger-than-expected August core Consumer Price Index (CPI) reading did not eliminate concerns about inflation or the Federal Reserve's (Fed) interest rate decisions.
The information was verified as of 2026-09-12, at 9:44 a.m. Korea Standard Time.
How Much Did the 3 Major U.S. Stock Indexes Rise?
In the September 11 U.S. trading session, the Dow Jones 30 Industrial Average, S&P500 Index, and Nasdaq Composite all closed higher. The gains were significant because they ended a streak of 4 consecutive trading days of losses, making the session more meaningful than an ordinary single-day advance.
The Dow Jones 30 Industrial Average gained 509.19 points, or 0.98%, from the previous session to close at 52,573.29.
The S&P500 Index rose 65.28 points, or 0.86%, to 7,656.98.
The Nasdaq Composite finished at 26,333.04, advancing 251.31 points, or 0.96%.
The small-cap-focused Russell 2000 also gained 0.4% to reach 2,903.94.
Although most major indexes rose by around 1% during the session, they still recorded weekly losses. The S&P500 fell 0.8% over the week, the Dow declined 1.6%, and the Nasdaq lost 0.7%.
Therefore, the September 11 market movement is more accurately described as a rebound following consecutive losses than as a rally that completely erased the week's declines.
Why Did Oil Prices Falling by More Than 2% Matter?
Brent crude fell 2.81% to 104.61 dollars per barrel that day, while U.S. West Texas Intermediate (WTI) declined 2.37% to 100.05 dollars per barrel. International oil prices, which had each risen by more than 6% the previous day, temporarily reversed direction.
WTI declined by 2.43 dollars, from 102.48 dollars in the previous session to 100.05 dollars.
According to the author's calculation:
102.48 dollars - 100.05 dollars = a decline of 2.43 dollars, equivalent to a drop of approximately 2.37% from the previous day's price.
Brent crude also fell 3.02 dollars, finishing at 104.61 dollars.
The reason markets have been particularly sensitive to oil prices recently is that crude oil affects more than the earnings of energy companies. Through gasoline prices and aviation and transportation costs, it can also influence consumer prices and corporate expenses. The longer oil prices continue rising, the greater market concerns about inflation may become.
In fact, the August U.S. CPI report showed that gasoline prices rose 3.9% from the previous month, accounting for more than 1 out of 3 of the overall monthly CPI increase.
However, the decline in oil prices during the September 11 session does not necessarily mean that pressure from energy costs has ended. Despite falling that day, both Brent crude and WTI remained more than 8% higher for the week.
In other words, the more important question for markets is not simply whether oil prices fell for a day, but how long elevated prices around 100 dollars per barrel will persist.
Was the August U.S. CPI Report Really Good News for Stocks?
The August U.S. Consumer Price Index rose 0.4% from the previous month and 3.4% from the same month a year earlier. The monthly increase in headline CPI matched market expectations.
However, other figures made it difficult to conclude that inflation had broadly weakened.
Core CPI, which excludes food and energy, rose 0.3% month over month. This exceeded the market forecast of 0.2%.
The annual core CPI inflation rate was 2.4%, lower than the 2.5% recorded in July.
Looking at headline and core CPI together reveals somewhat different trends.
Headline CPI: 0.4% month over month, 3.4% year over year
Core CPI: 0.3% month over month, 2.4% year over year
Gasoline prices: Up 3.9% month over month
Food prices: Up 0.1% month over month
Therefore, it would be inaccurate to describe this CPI report simply as evidence that inflation has stabilized. Headline CPI came in within expectations, but the monthly increase in core inflation was higher than anticipated.
The stock market's advance also does not mean that the CPI report itself strengthened expectations for interest rate cuts. Instead, financial markets increased their expectations of a benchmark interest rate hike at the next Federal Open Market Committee (FOMC) meeting following the release.
Why Did Stocks Rise Despite Strong Inflation Data?
Several factors were moving simultaneously during the September 11 session. International oil prices retreated from the previous day's sharp increase, headline CPI inflation matched expectations, and major stock indexes had already fallen for 4 consecutive trading days.
For that reason, attributing the day's gains solely to a low CPI reading would be inconsistent with the actual figures.
Core CPI was stronger than expected, and expectations for an interest rate hike increased. Meanwhile, international oil prices declined, and the yield on 10-year U.S. Treasury bonds climbed to 4.9915% during the session before retreating to around 4.92%.
For the stock market, the session was also influenced by a partial easing of the upward pressure from oil prices and long-term interest rates, both of which had recently weighed on equities.
Additionally, 9 of the 11 sectors in the S&P500 advanced. Communication services gained 1.35%, while consumer discretionary rose 1.13%, indicating that the rally was not concentrated in a single stock.
However, a one-day rebound is not enough to confirm a trend reversal. The 3 major indexes were still down for the week, while international oil prices continued to show substantial weekly gains.
Why Investors Should Watch Both the FOMC and Oil Prices
The next major event for markets is the Federal Open Market Committee meeting scheduled for September 2026 15–16. The Federal Reserve is expected to announce its policy decision and hold a press conference on September 16.
Because financial markets increased their expectations for a benchmark interest rate hike following the CPI release, the Fed's explanation of its future monetary policy direction has become just as important as the rate decision itself.
In the current market environment, inflation and oil prices are particularly difficult to evaluate separately.
Gasoline price increases made a substantial contribution to headline inflation in the August CPI report, while international oil prices have exceeded 100 dollars per barrel since September. If oil prices begin rising sharply again, markets may reassess their potential impact on future inflation data.
Conversely, if international oil prices stabilize and long-term Treasury yields decline, some of the pressures that have recently weighed on stocks could ease.
Therefore, there are three key figures to monitor in upcoming trading sessions.
First, whether WTI and Brent crude resume rising near 100 dollars per barrel.
Second, whether the yield on 10-year U.S. Treasury bonds approaches or exceeds 5% again.
Third, how the Fed presents its actual benchmark interest rate decision and future policy path at the September 16 FOMC meeting.
The Most Important Caution About This Rebound
The September 11 rebound in U.S. stocks is a confirmed fact, but a single day of gains does not provide sufficient evidence that inflation has been brought under control or that interest rate pressures have disappeared.
In fact, the August CPI report showed that headline inflation rose 0.4% month over month, while core CPI increased by a higher-than-expected 0.3%. International oil prices also declined for the day but remained elevated, with Brent crude at 104.61 dollars and WTI at 100.05 dollars.
The more important takeaway from this market movement is that stocks rebounded after 4 consecutive trading days of losses, even as inflation and interest rate risks remained simultaneously present.
Rather than focusing solely on daily index movements, U.S. stock investors would be better served by monitoring international oil prices, U.S. Treasury yields, and the September FOMC together when assessing current market conditions.
Stock prices and interest rates can change rapidly in response to numerous factors. The figures above are based on the U.S. market close on 2026-09-11 and information verified as of the morning of September 12, Korea Standard Time.
※ This article is provided for informational purposes to help readers understand market trends and does not constitute an investment recommendation for any particular stock or asset. All final investment decisions and responsibilities rest with the individual investor.
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이 포스팅은 쿠팡 파트너스 활동의 일환으로, 이에 따른 일정액의 수수료를 제공받습니다.