Weekly wrap: markets rally, Charlie Kirk murder, iPhone 17 launch and PMs resign
The past week delivered a mix of market gains, corporate surprises, and political upheavals across the globe.
US equities posted their strongest performance in weeks, while Oracle’s cloud backlog announcement sent its stock soaring.
In politics, the assassination of Charlie Kirk shocked Washington, Apple unveiled its latest iPhone lineup, and leadership changes in Japan and France underscored rising instability abroad.
Meanwhile, President Trump pushed for broader sanctions on Russian oil, highlighting the ongoing geopolitical stakes shaping markets.
US markets close higher for the week
U.S. equities closed the week on a strong note, marking the best performance for the S&P 500 since early August.
The index rose 1.6% week-to-date, securing its fifth positive week in six.
The Nasdaq advanced 2%, notching its second consecutive weekly gain, while the Dow climbed 1%, breaking a three-week losing streak.
Tech, Utilities, and Communication Services sectors led the rally, with the S&P 500 Information Technology index advancing 1.91%.
Oracle stood out, surging 25% during the week, while Micron gained 23%.
Investors now await the Federal Reserve’s September 17 meeting, where futures markets point with near certainty to a quarter-point interest rate cut.
Oracle soars on cloud backlog
Oracle shares spiked after the software giant revealed its cloud backlog had ballooned to $455 billion.
The company forecast that booked revenue from cloud services would surpass half a trillion dollars in the coming months.
This announcement overshadowed a set of quarterly results that narrowly missed expectations.
Adjusted earnings per share came in at $1.47, just below consensus estimates of $1.48, while revenue of $14.9 billion grew 12% year-on-year but fell short of forecasts.
Despite muted near-term guidance, investor focus shifted to long-term growth prospects anchored by the surge in remaining performance obligations.
Political shock: Charlie Kirk assassinated
A wave of political shock swept across the US following the assassination of conservative activist and presidential aide Charlie Kirk, who was fatally shot during an event at Utah Valley University.
Authorities later confirmed the arrest of suspect Tyler Robinson, a resident of southern Utah.
Trump announced Kirk would be posthumously awarded the Presidential Medal of Freedom.
Bipartisan condemnation of the killing has underscored rising concerns about political violence in the US.
Apple unveils iPhone 17 lineup
Apple unveiled the iPhone 17 series, headlined by the ultra-thin iPhone 17 Air.
At just 5.6mm thick, the model has drawn attention for its engineering feat and $999 price point, positioned between the standard iPhone 17 ($799) and Pro models ($1,099+).
The event also featured AirPods Pro 3, offering double the active noise cancellation and live translation through Apple Intelligence, alongside the Apple Watch Series 11 and redesigned Ultra 3.
Pre-orders began September 12, with general availability starting September 19.
Leadership shake-ups in Japan and France
Japan’s Prime Minister Shigeru Ishiba announced his resignation following electoral setbacks and growing internal party rebellion, ending a brief tenure marked by political instability.
The decision has set off a race to determine his successor, deepening uncertainty in the world’s fourth-largest economy.
In France, Prime Minister François Bayrou lost a confidence vote and resigned, becoming the second PM to fall during Emmanuel Macron’s presidency.
President Macron appointed Defense Minister Sebastien Lecornu as the new prime minister, his fifth appointee in just two years.
Trump pushes for broader sanctions on Russian oil
President Donald Trump signaled readiness to impose “major” sanctions on Russian oil, contingent on unified NATO participation.
The US is also pressing G7 allies to adopt tariffs of up to 100% on Chinese and Indian imports of Russian crude while also proposing a framework for seizing Russian sovereign assets to support Ukraine.
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