US CPI-U, Oracle, Adobe: Inflation and Tech Earnings Set Market Tone

U.S. stock futures are higher today as investors anticipate the August CPI report, which showed a 0.1% month-over-month increase, alongside earnings from Oracle and Adobe, offering a mixed outlook on inflation and corporate performance.

### Money Play * **Oracle (NYSE: ORCL)**: The company's strong AI cloud contract bookings and maintained annual expenditure target suggest potential for continued growth, which could attract investors focused on enterprise technology and AI infrastructure. * **Adobe (NASDAQ: ADBE)**: Exceeding analyst consensus on adjusted EPS for the third quarter could reinforce investor confidence in its creative software and digital experience offerings.

### Executive Thesis Today's August CPI report, indicating a 0.1% month-over-month increase, provides a crucial input for the Federal Reserve's upcoming policy meeting, while technology earnings from Oracle and Adobe highlight strong demand in AI and digital services. These divergent signals create a complex backdrop for investors, balancing macro inflationary pressures against company-specific growth drivers.

### The Print The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% month-over-month on a seasonally adjusted basis in August. Over the last 12 months, the all items index increased 3.4%.

### Story Arc / How We Got Here Oracle's robust earnings and Adobe's stronger-than-expected adjusted EPS come as Adobe continues its leadership transition, with Anil Chakravarthy having taken over as CEO ahead of its third-quarter earnings report. This management shift, highlighted in prior coverage on September 4, 2026 (/explore/ceo-desk-adobe-names-new-ceo-ahead-of-q3-earnings), prompted investor caution which today's earnings may help alleviate.

### Market Reaction Dow futures rose 0.5%, S&P 500 futures gained 0.4%, and Nasdaq 100 futures advanced 0.4% in the premarket, as markets reacted to the CPI data and corporate reports.

### What It Means for Policy & Positioning The August CPI-U report, showing a 0.1% increase, will be a key consideration for the Federal Reserve as it evaluates its monetary policy ahead of next week's interest-rate decision. While the monthly increase is modest, the overall 3.4% year-over-year rise indicates persistent inflationary forces, which could influence the Fed's stance on future rate adjustments. Investors will be assessing how these inflation figures align with the Fed's dual mandate of stable prices and maximum employment.

### Next Calendar Watch Investors will closely monitor the Federal Reserve's two-day policy meeting scheduled for next week, where officials will discuss interest rates and economic projections, with the CPI data providing a fresh context.

$ORCL+WL shows strong bullish momentum with an RSI14 of 68.8 and volume 1.65x its 20-day average. $ADBE+WL's reported EPS of $6.13 exceeded consensus of $6.07.