Inflation, Apple, Adobe, Oracle, Macy’s, and More to Watch This Week

Equities ended last week little changed as the S&P 500 index edged up 0.1%, the Nasdaq Composite rose 0.4%, and the Dow Jones Industrial Average fell 0.3%.

Stocks fell early in the week as sovereign bond yields reached more than 15-year highs in some countries including Germany, Japan, and the U.S. But dovish remarks from Federal Reserve governor Christopher Waller on Thursday pared some of the rise in yields and led to a snapback in equities.

This holiday-shortened week will bring perhaps the most consequential economic data release in many years. The Bureau of Labor Statistics’ consumer price index release on Friday could be the swing factor for the Federal Open Market Committee when it sets interest-rate policy at its September 15-16 meeting.

The BLS will also release the producer price index on Thursday, a day before the CPI.

Six S&P 500 companies report earnings this week, including software giants Adobe and Oracle , which will announce results on Thursday. They’ll look to keep the software renaissance going as the companies try to recover from the SaaSpocalypse. The iShares Expanded Tech-Software Sector exchanged-traded fund is up 15% since the beginning of July versus a 18% decline for the PHLX Semiconductor Index. That’s a reversal from the first half of the year, when the semiconductor index outperformed software stocks by a whopping 115 percentage points.

Monday 9/7

Equity and fixed-income markets are closed in observance of Labor Day.

Tuesday 9/8

Braze, Casey’s General Stores, and ServiceTitan report quarterly results.

The National Federation of Independent Business releases its Small Business Optimism Index for August. Consensus estimate is for a 99.2 reading, slightly lower than the July data and near the historical average of 98.

Wednesday 9/9

Academy Sports & Outdoors, AeroVironment, American Eagle Outfitters, Chewy, Cooper Cos., Korn Ferry, Navan, and SailPoint release earnings.

Apple hosts the “Surprise and shine” event at its headquarters in Cupertino, Calif. This will be the first launch event as CEO for John Ternus, who replaced Tim Cook on Sept. 1. Apple is expected to introduce a foldable phone as well as the latest iterations of its iPhone and AirPods, among other gadgets.

Thursday 9/10

Adobe, Copart, Macy’s, Oracle, and RH announce quarterly results.

The European Central Bank announces its monetary-policy decision. The ECB is widely expected to raise its key interest rate by a quarter of a percentage point to 2.5%. Eurozone inflation was 3.3% in August, well above the central bank’s 2% target.

The Bureau of Labor Statistics releases the producer price index for August. The consensus call is for a 5.2% jump from a year earlier. The core PPI, which excludes food and energy prices, is expected to rise 4.6%. This compares with increases of 4.7% and 4.2%, respectively, in July.

The National Association of Realtors reports existing-home sales for August. Consensus estimate is for a seasonally adjusted annual rate of 3.98 million homes sold, slightly fewer than in July. The median existing-home sale price was $434,100 in July, up 2% from a year earlier.

Friday 9/11

Kroger reports second-quarter fiscal-2027 results.

The BLS releases the consumer price index for August. Economists forecast a 3.4% year-over-year increase, matching the July figure. The core CPI is expected to rise 2.4%, one-tenth of a percentage point less than previously. A 2.4% annual increase would be the slowest inflation rate since March 2021. With the labor market on solid footing, as evidenced by the 162,000 jobs added in August, this CPI release could easily be the deciding factor as to whether the Federal Open Market Committee raises the federal-funds rate at its September 15-16 monetary-policy meeting. Traders are currently pricing in a 60% chance that the FOMC will raise interest rates.

The University of Michigan releases its Consumer Sentiment survey for September. Expectations are for a 51 reading, about one point less than in August. Consumer sentiment continues to be well below the historical average.

Write to Dan Lam at dan.lam@dowjones.com

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