Descartes Systems reported fiscal 2025 second-quarter net income of $50 million, equal to 57 cents per share. The company posted revenue of $201.1 million for the quarter.

The U.S. Labor Department reported the Producer Price Index rose 5.4% year over year, slightly above the 5.3% consensus, while core PPI returned to positive growth on a monthly basis. After the release, expectations for another Federal Reserve rate hike strengthened, with the implied probability rising to 74%. Bitcoin fell about 2.7% to $77,300, Ethereum dropped about 2.1% to $2,450, and XRP slid about 3.9% to $1.37.

The U.S. national average diesel price on Thursday rose above $6 a gallon for the first time, setting a record high. Supply has tightened amid escalating geopolitical conflict, including the U.S.-Israeli war on Iran and Ukrainian attacks on Russia’s refineries. Diesel inventories are 13% below the five-year average at 106.3 million barrels, while Brent settled at $107.63 and WTI at $102.48, both the highest since mid-May.

Oracle reported fiscal 2025 first-quarter net income of $4.76 billion, or $1.56 a share, and adjusted earnings of $1.92 a share. The adjusted result beat the $1.74-per-share estimate from analysts surveyed by Zacks Investment Research. Revenue came in at $19.35 billion, above the $19.13 billion forecast. The company said it expects full-year earnings of $8.10 per share and revenue of $90 billion.

Adobe reported fiscal 2024 third-quarter results with net income of $1.83 billion, adjusted earnings of $6.13 per share and revenue of $6.76 billion, exceeding Wall Street expectations. For the quarter ending in November, the company forecast adjusted earnings of $6.30 to $6.35 per share. Adobe also guided fiscal fourth-quarter revenue to $6.8 billion to $6.85 billion. The results were based on data from Zacks Investment Research via Automated Insights.

Oil climbed to its highest level since May, with Brent crude topping $108 a barrel in intraday trading as the war with Iran continued to disrupt global supplies. The move intensified inflation worries and pressured the bond market. The 10-year U.S. Treasury yield rose to 4.95% as the three major U.S. stock indexes fell.

U.S. stocks finished lower, with the S&P 500 down 0.58%, the Nasdaq Composite off 0.64% and the Dow Jones Industrial Average falling 0.60%. Brent crude jumped 6% to $107 a barrel and U.S. Treasury yields rose to multiyear highs, reinforcing expectations for a Federal Reserve rate hike next week. Markets also weighed the risk that U.S.-Israeli military action on Iran could disrupt supply routes through the Strait of Hormuz and the Red Sea, adding to energy costs and inflation pressure.

U.S. August producer prices rose and oil costs surged, fueling worries the Federal Reserve could raise interest rates at its meeting next Wednesday. Brent crude climbed 6% to $107 a barrel amid supply disruptions tied to geopolitical conflict, adding to inflation expectations. The 10year Treasury yield rose to multi-year highs, pressuring equity valuations; the S&P 500 fell with Nvidia and Micron leading declines, while Apple gained after unveiling its $1,999 iPhone.