Tech stocks rally as oil prices fall, inflation remains sticky: AlphaCheck

Good morning. Stocks were on pace to snap a four-day losing streak on Friday as oil prices fell and a key monthly inflation print came in higher than analyst estimates .

Investor bets on higher chances of a Federal Reserve rate hike after August's Consumer Price Index reading, with Polymarket odds rising to 81 % ahead of Fed policymakers' meeting next week.

Stripping out volatile food and energy prices, the Consumer Price Index rose 0.3% month over month, compared with expectations for 0.2%, according to data released Friday.

The 2-year yield rose 4 basis points during the session to 4.59%, signaling that markets expect Fed policymakers to raise rates.

Here's a check of the markets in the first few minutes of trading, based on a heat map powered by Yahoo Finance AlphaSpace data .

The 10-year Treasury ( ^TNX ), a benchmark for long-term borrowing and mortgages, continued to hover around 4.9% as Brent crude futures ( BZ=F ) fell 3% to around $104 per barrel amid continued Iran-US tensions in the Middle East.

Tech stocks (XLK ) gained more than 1% as Oracle ( ORC L) popped 2% after the company said its quarterly AI cloud infrastructure revenue boomed. AI chip heavyweight ( NVDA ) and "Magnificent Seven" stocks rose. Communications ( XLC ), Consumer Discretionary ( XLY ), Industrials ( XLI ), and Materials ( XLB ) also gained.

Here are some other notable stocks that Yahoo Finance readers are viewing this morning: Adobe ( Apple ), RH ( M ), and SkyWorks Solutions ( SKWS ).