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WTF Dailies September 10, 2025

Stock futures are mixed Wednesday morning ahead of today’s Producer Price Index (PPI) for August and July’s finalized wholesale inventories data.

Sage Kakkat

10 Sep 2025 — 4 min read

Stock futures are mixed Wednesday morning ahead of today’s Producer Price Index (PPI) for August and July’s finalized wholesale inventories data. As of 7:17 AM ET, the Dow is decreasing 0.1%, while the S&P 500 is up 0.3%. The Nasdaq 100 is increasing 0.2% relative to fair value on the GLOBEX.
U.S. equities were higher on Tuesday as the U.S. Bureau of Labor Statistics' preliminary annual benchmark revision for data through March 2025 showed total nonfarm employment being revised down by 911,000 jobs, more than expected and roughly halving job gains. The Dow was up 0.4%, while the tech-heavy Nasdaq Composite also rose 0.4%. The S&P 500 increased 0.3% with eight of 11 sectors finishing in positive territory. The Communication Services sector was the top performer, rising 1.6%, while the Materials sector was the bottom performer, falling 1.6%.
On the data front, the Mortgage Banker Association’s gauge of mortgage applications increased by 9.2% for the week ending September 5 versus the prior week’s decrease of 1.2%. The headline PPI for August is expected to show price increases of 0.3% month-over-month (MOM) and 3.3% year-over-year (YOY) versus the prior month’s increases of 0.9% and 3.3%, respectively. The core PPI, which excludes volatile components like food and energy, is expected to show price increases of 0.3% MOM and 3.5% YOY versus the prior month’s increases of 0.9% and 3.7%, respectively. The finalized July reading of wholesale inventories is expected to show an increase of 0.2% MOM, similar to the prior reading, while July’s wholesale trade sales is expected to come in at 0.2% MOM versus the prior month’s increase of 0.3%. Meanwhile, the Department of Energy’s measure of crude oil inventories is expected to have decreased by 1.4 million barrels for the week ending September 5 versus the prior week’s increase of 2.4 million barrels.
Across the pond, European stocks are higher in mid-day trading as investors look ahead to the European Central Bank’s meeting tomorrow, with policymakers widely expected to leave their policy rate unchanged amid stable inflation and easing trade risks.
Overnight in Asia, stocks were higher as China’s Consumer Price Index (CPI) and PPI both showed deflation in August, with declines of 0.4% and 2.9% YOY, respectively. Meanwhile, South Korea’s unemployment rate ticked up to 2.6% in August.
In FOREX trading, the dollar is little changed ahead of today’s U.S. PPI data release.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.8% higher at $63.13/barrel following an expected decline in U.S. oil inventories; escalating Middle East tensions, including Israel’s strike in Qatar; and U.S. pressure on Russian oil buyers.
In the metals complex, gold is 0.3% higher at $3,665.90/ounce.

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