The Week Ahead: CPI Inflation Data, Oracle Earnings, and Record Diesel Prices in Focus for Markets
Key Takeaways
- •Friday's August CPI report follows a stronger-than-expected jobs report of 162,000 jobs added, with markets split on whether the Fed will raise rates in September.
- •Oracle reports Thursday after its shares fell nearly 20% this year, with concerns centered on debt from its data center build-out, though Bank of America's Tal Liani remains positive on the stock.
- •US diesel prices hit an all-time high of $5.85 per gallon, surpassing the prior record set in June 2022, driven by the Iran conflict and Ukrainian attacks on Russian refineries.
- •US distillate stockpiles are at record lows for this time of year, and record diesel prices risk raising freight and shipping costs across a wide range of goods.
- •Apple's Wednesday event, its first product launch under new CEO John Ternus, is expected to unveil the iPhone 18 Pro, Pro Max, and a foldable iPhone.
Investors face a packed schedule this week, with key inflation data, major corporate earnings, and rising energy costs all capable of moving markets.
The most closely watched event is Friday's Consumer Price Index (CPI) report for August. The release follows a stronger-than-expected jobs report: the US economy added 162,000 jobs in August, far above the 55,000 forecast. The question now is whether the inflation data will push the Federal Reserve to raise interest rates in September.
Fed in Focus
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."
Heading into the week, bets on a September rate hike were roughly 50/50. Thursday's Producer Price Index (PPI) data will offer an early read before Friday's CPI. The PPI captures prices at the factory gate and, alongside Thursday's diesel record, offers a signal of cost pressures that can work their way into consumer prices in the months ahead.
Oracle Earnings Under the Microscope
Thursday's headline corporate event is Oracle's earnings report. 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 — a tension playing out across the sector, as cloud and AI infrastructure spending has pushed capital expenditures and borrowing to record levels for major technology companies.
#earnings for the week of September 7, 2026 $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 remains positive ahead of the report. He expects infrastructure-as-a-service revenue to grow 25% quarter over quarter and 116% year over year, and he 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. The shortage is arriving just as the northeast heads into the winter heating season. Because diesel powers most of the trucks, trains, and ships that move goods, sustained record prices raise freight and shipping costs that feed through to a wide range of goods prices.
"Record diesel will start funneling down into the economy," said Patrick de Haan of GasBuddy.
Apple Event and Retail Earnings
Apple holds its annual product event on 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. The fall event is typically Apple's biggest product moment of the year, and the first launch under a new leader will be watched as an early read on product strategy.
Retail earnings from Casey's General Stores, American Eagle Outfitters, and Kroger round out the week — reports that will also show whether record fuel costs are weighing on consumer behavior.
Source: CoinCentral
