**Strong August CPI data and elevated oil prices have anchored trader focus on the S&P 500 during the week of September 7, 2026, reinforcing expectations for a Federal Reserve rate hike at the upcoming FOMC meeting.** The index traded between roughly 7,580 and 7,718 amid volatility, closing the week near 7,656–7,663 after a Friday rebound. Hotter-than-expected consumer prices, with gasoline costs contributing, lifted 10-year Treasury yields toward 5% and pushed implied probabilities of a September hike above 85–90% per futures markets. This reduced uncertainty but weighed on valuations after the benchmark had already pulled back about 2% from its August 13 record near 7,799. Tech earnings from Oracle and AI-related names like Dell provided support, while broader concerns over sticky inflation and energy costs shaped positioning. Upcoming data and the Fed decision remain key near-term catalysts.