- Brent crude climbed 4.38% to $109.19 on September 14, 2026, while the Invesco QQQ fell 1.03% to $707.54 — a decline concentrated in technology versus the S&P 500's 0.47% drop.
- The QQQ hit was driven by richly valued AI shares and oil above $109 creating an inflation hurdle that lifts discount rates on growth earnings; Nvidia, the fund's largest position, fell about 3%.
- Société Générale strategist Albert Edwards, who previously viewed inflation as contained, now sees potential for aggressive Fed rate hikes, arguing gasoline prices are reflecting crude oil at $150 a barrel.
- August CPI came in at +0.4% m/m with core at +0.3% m/m, lifting the odds of a +25 bp FOMC hike on September 15-16 to 88% from 75%, and the 10-year T-note yield rose to 4.969%.
- Supply tightness underpins the oil bid: Saudi Arabia told OPEC its August crude production fell to 6.238 million bpd, the lowest since 1990, even as the IEA warned high prices and restricted supply will cause the biggest drop in global oil demand since the Covid pandemic.
Quotes
“On September 14, 2026, the Invesco QQQ fell 1.03% to $707.54, while Brent crude climbed 4.38% to $109.19/barrel”
“Albert Edwards, of Société Générale, said current gasoline prices are more closely reflecting crude oil prices of $150 a barrel.”
“Friday's CPI report caused the markets to raise the odds for a +25 bp FOMC rate hike at next week's meeting on September 15-16 to 88% from 75% on Thursday.”
“Saudi Arabia told OPEC on Thursday that its crude production in August fell to 6.238 million bpd, the lowest since 1990.”