The US news cycle on Wednesday was marked by a mix of political, corporate, and economic developments that drew national and market attention.
Conservative commentator Charlie Kirk was shot during a campus event in Utah, prompting widespread condemnation.
Meanwhile, Oracle co-founder Larry Ellison surpassed Elon Musk to become the world’s richest person after a sharp rally in the company’s shares.
Fresh government data showed US producer prices unexpectedly declined in August, fueling speculation of a Federal Reserve rate cut.
Against this backdrop, US markets swung between record highs and late-session pullbacks, led by strength in AI-related stocks.
Conservative commentator Charlie Kirk shot at Utah event
Conservative commentator Charlie Kirk, a high-profile ally of President Donald Trump, was shot during an event at Utah Valley University on Wednesday, according to multiple reports.
Video circulating online appeared to show Kirk being struck mid-remarks, with students fleeing the scene as gunfire erupted.
The university confirmed that a single shot was fired on campus, noting that the suspect is in custody and that an investigation is underway.
University spokeswoman Ellen Treanor told Bloomberg that the shot came from a building about 200 yards away, roughly 20 minutes into Kirk’s address.
The university said the campus would remain closed for the rest of the day.
The extent of Kirk’s injuries was not immediately known, but the incident drew swift condemnation from political leaders across party lines.
Larry Ellison overtakes Musk as world’s richest person
In corporate news, Oracle co-founder and chairman Larry Ellison surpassed Tesla CEO Elon Musk to become the world’s richest person, following a sharp rally in Oracle shares.
The company’s stock rose to $341.77, pushing its market capitalization from $678 billion to $960 billion. Ellison, who owns 41% of the software giant, saw his net worth climb to $397 billion, overtaking Musk’s $384 billion.
Ellison, 81, derives the bulk of his fortune from Oracle, where he also serves as chief technology officer.
The rally came after the company’s quarterly results, released Tuesday evening, sparked investor enthusiasm for its role in powering artificial intelligence infrastructure.
Musk, who first reached the top of the global wealth rankings in 2021, has traded the position with Amazon’s Jeff Bezos and LVMH’s Bernard Arnault in recent years.
He had maintained the top spot for just over 300 days before Ellison’s rise.
US producer prices decline in August
Economic data released Wednesday provided a fresh signal that US inflationary pressures are cooling.
The Producer Price Index (PPI) for final demand slipped 0.1% in August, defying Wall Street forecasts for a 0.3% increase.
The report gives the Federal Reserve more flexibility as it considers lowering interest rates at its upcoming policy meeting later this month.
Economists had expected a rebound in wholesale prices, but the decline suggests easing cost pressures across key sectors of the economy.
Meanwhile, wholesale inventories edged up 0.1% in July, slightly below the previously estimated 0.2%.
The figures suggest that businesses remain cautious in restocking after sharp drawdowns earlier in the year.
Markets slide after reaching new highs
US equities had a volatile session on Wednesday as investors digested the producer price data, corporate earnings, and sector-specific developments.
The S&P 500 briefly touched a record intraday high of 6,555.97 with a 0.7% rise before trimming gains to close up 0.3%.
The Nasdaq Composite closed flat after also hitting an intraday peak.
The Dow Jones Industrial Average dropped 219 points, or 0.5%, dragged lower by Apple after its latest iPhone launch underwhelmed investors.
Oracle and other artificial intelligence-linked stocks were among the biggest gainers, while breadth across the S&P 500 remained weak, with more decliners than advancers.
Investors now turn their attention to Thursday’s consumer price index reading, a more closely watched inflation measure that could influence the Fed’s near-term rate decisions.
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