Today’s inflation report may be the main event for markets at the end of a tough week—but there are warning signs everywhere.

Consumer price index data for August will dictate the Federal Reserve’s rate call next week, but data in the here and now may have bigger ramifications. Diesel prices are at $6 a gallon for the first time in history, while oil was trading around $104 a barrel, up 15% so far this month.

The question may no longer be whether the Fed will hike, but when and how many times. The odds of rates staying unchanged through the end of the year sit at just 7%, per the CME FedWatch tool.

Higher interest rates won’t be great for high-valuation tech stocks. Though, interestingly the chip sector has been enjoying a fresh rally. In contrast, software’s rebound has stalled and earnings from two of the sector’s most beaten-down stocks—Oracle and Adobe—haven’t done enough to shift the narrative.

On the 25th anniversary of the Sept. 11 terrorist attacks, we remember all those who lost their lives and the countless families and loved ones affected.

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