[Pre-market U.S. Stocks] Pre-market keywords of the day (2025.09.11)

Inflation data is imminent, futures are higher

U.S. stock futures moved more before the release of inflation data tonight in Taiwan time. Nasdaq and S & P 500 futures rose about 0.3% and 0.2% respectively, while Dow Jones futures rose 0.2%, continuing the optimistic atmosphere after large technology stocks led the day before. The CPI was released at 8:30 p.m. Taiwan time. The market focused on whether the annual growth rate of inflation rebounded to 2.9%, and the impact on the policy assessment at next week's Federal Reserve meeting. The yield rate on the 10-year U.S. bond had little change, oil and gold futures fell, and Bitcoin stood above $114,000.

CPI annual growth rebounded under test, and the Federal Reserve Committee attracted more attention

The market generally expects CPI to increase by 2.9% year-on-year in August, up from 2.7% in July. If it comes true, it will be the highest since January this year. The monthly PPI decline of 0.1% in August announced the previous day is significantly different from the market expectation of a monthly increase of 0.3%. The annual increase of 2.6% shows that upstream price pressure is moderate. Investors are concerned about the implications of CPI details on core inflation and assess whether the Federal Reserve will issue a clearer signal to cut interest rates at next week's meeting against the backdrop of cooling employment and weak producer prices.

Interest rate expectations are sawing, and yields are stable and wait-and-see

A weaker PPI adds points to easing expectations, but if CPI rises again, short-term bets on the pace of interest rate cuts may be restrained. The 10-year U.S. bond yield rate showed limited movement before the data was released, reflecting the market's choice to wait for clearer inflation and demand-side signals before pricing. The seesaw of interest rate expectations also makes the relative performance between growth and defensive assets depend on tonight's data gap and the tone of the Fed's statement at next week's meeting.

U.S. stocks fluctuated after hitting highs, and technology rights supported the market

The S & P 500 and Nasdaq closed higher for three consecutive days on the previous trading day and set a new record, while Dow Jones fell 0.5%, indicating that the market is still dominated by large growth stocks. The market's resilience in demand for AI, cloud and software services provides support for risk appetite, but after the index hit a high, it has become cautious in front of key inflation data. Short-term sentiment and capital flows focus on tonight's CPI results.

Oracle continues to rise, and its focus expands, AI cloud demand drives stock price

Oracle(Oracle, ORCL) continued to gain about 2% before the market, continuing its strength after a 36% surge on Wednesday, its best one-day performance since 1992. Many institutions have raised their target prices, and the market is concerned about their AI-driven cloud momentum and order visibility. Reports allege that OpenAI will purchase US$300 billion in cloud services from Oracle in the next five years, strengthening its expectations for its cloud infrastructure and AI workload capacity, and has also become one of the focuses of many parties.

Klarna's popularity recedes, and it is sorted out after a surge on the first day of listing

Klarna(Klarna, KLAR) rose nearly 15% on its first day of trading on the New York Stock Exchange, closing at $45.82, above its IPO price of $40, and fell about 2% before the market. The company opened at US$52 yesterday and hit above US$57 in intraday trading, closing with a market value of more than US$17 billion. The market subsequently observed the volume and risk control performance of its post-purchase payment business under changes in the interest rate environment and regulatory trends.

Opendoor becomes the focus of meme, and high-level changes ignite

Opendoor Technologies(OPEN) surged about 35% before the market after the company appointed Kaz Nejatian, chief operating officer of Shopify (SHOP), as its new CEO, and co-founders Keith Rabois and Eric Wu returned to the board of directors, with Rabois becoming chairman. The stock rose from US$0.53 at the end of June to US$5.86 entered pre-market on Thursday. The chase of retail funds has caused volatility to rise sharply, and the expansion of pre-market trading volume has become a hot topic on the market.

Weak consolidation of raw materials, divergent trends of hedging and risky assets

International oil prices and gold futures rolled back before the data was released, reflecting a remeasurement of the path of demand and real interest rates. Bitcoin rose above US$114,000, indicating that appetite for risky assets is still there, but the performance of traditional safe-haven assets is flat, indicating that funds are temporarily focusing on wait-and-see CPI and waiting for new direction signals.

International stock markets continue risk appetite, Japanese stocks hit high and European stocks remain flat

Driven by Wall Street's highs, risk appetite in Asian stock markets continued, and Japan's Nikkei Index hit a record high, benefiting from technology equity and the strength of SoftBank. Europe was relatively balanced intraday, with the Stoxx Europe 600 almost flat. The market also waited for the U.S. inflation data to be implemented before deciding on position adjustments.

Futures and bond market signals are more neutral waiting to be verified

The large number of futures markets and stable yields indicate that the market prefers the benchmark scenario of "moderate inflation + available policy space", but remains cautious about the sub-trend of CPI tightening at the top and loosening at the bottom. If energy or housing costs become sticky, risky assets may face short-term sentiment corrections; conversely, if core inflation continues to fall back towards the target, the willingness to take capital risks is expected to be maintained.

The pre-market focus focuses on inflation and large technologies, and the trading rhythm depends on the data gap

The main line before today's market is the trend of CPI and large technology stocks, especially whether Oracle's continued rise will spill over to the cloud and AI supply chain, and whether the event-driven events of Klarna and Opendoor will drive the rise or divergence of financial technology and real estate platform stocks. Overall, risk appetite is still there and variables are concentrated on a single data. Investors pay close attention to the inflation reading released at 8:30 pm and the subsequent capital rotation of various stocks.