This past week, we saw a mixture of gains in the stock market, surprises from corporations, and upheavals on political fronts around the world.
Oracle’s announcement of its cloud backlog sent the stock of that company soaring.
Apple’s latest iPhone line was unveiled, while leadership changes were made in Japan and France, highlighting the growing instability overseas.
While President Trump was pushing for more sanctions against Russian oil, it highlighted the geopolitical factors that continue to shape markets.
US Markets Close Higher for the Week
The S&P 500 index closed out the week with a positive note. This is the highest performance since the beginning of August.
This is the fifth week of six that this index has been positive.
The Nasdaq gained 2% for its second weekly increase in a row, and the Dow rose 1% to end a losing streak of three weeks.
The S&P 500 Information Technology Index rose 1.91%, led by the Tech, Utilities, & Communication Services sectors.
Oracle was the standout, with a 25% increase in value during the past week. Micron also gained 23%.
The Federal Reserve meeting on September 17 is the next big event for investors. Futures markets indicate a near-certainty of a quarter point interest rate reduction.
Oracle’s cloud backlog soars
Oracle’s shares soared on news that its backlog of cloud services had reached $455 billion.
In the next few months, cloud-based services are expected to generate revenues of more than half a billion dollars.
The announcement was overshadowed by a quarter of results which narrowly fell short of expectations.
The adjusted earnings per share was $1.47. This is just below the consensus estimate of $1.48. Revenue of $14.9 Billion grew by 12% on an annual basis, but still fell short of expectations.
Investors have shifted their focus to the long-term prospects of growth, anchored by a surge in performance obligations.
Assassination of Charlie Kirk: Political shock
After the death of Charlie Kirk, a conservative presidential adviser and activist who had been shot dead at an event held by Utah Valley University, a wave of shock spread across the US.
Later, authorities confirmed Tyler Robinson’s arrest. He is a southern Utah resident.
Trump has announced that Kirk will be awarded posthumously the Presidential Medal of Freedom.
The killing of this man has sparked a growing concern about political violence within the US.
Apple unveils iPhone 17 lineup
Apple has unveiled its iPhone 17 Series, which is headlined by the iPhone 17 Air.
The model is 5.6mm thin and costs $999, which places it between the iPhone 17 standard ($799), and the Pro ($1,099+).
AirPods Pro 3 with double active noise cancellation, live translation via Apple Intelligence and the Apple Watch Series 11 were also on display.
General availability will begin September 19 with pre-orders beginning September 12.
Japan and France: Leadership changes
Shigeru Shiba, Japan’s prime minister announced his resignation after a series of electoral defeats and a growing rebellion within the party. This ended a short tenure that was marked by political instability.
This decision has sparked a competition to find his successor and increased uncertainty for the fourth largest economy in the world.
Francois Bayrou, the French Prime Minister, lost a vote of confidence and resigned. He is now the second prime minister to fall under Emmanuel Macron’s presidency.
Sebastien lecornu, the Defense Minister of France, was appointed by President Macron as his new Prime Minister. This is only his fifth appointment in two years.
Trump calls for more sanctions against Russian oil
Donald Trump has indicated his willingness to implement “major sanctions” on Russian oil, if NATO is united.
US also pressures G7 Allies to adopt up to 100 percent tariffs on Chinese and Indian crude imports from Russia. They also propose a framework to seize Russian sovereign assets in support of Ukraine.
The post Weekly Wrap: Markets rally, Charlie Kirk Murder, iPhone 17 Launch and PMs Resignation may be updated as new information becomes available.
