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Oil and interest rates dominated this holiday-shortened week. Crude prices eased Friday morning but remained elevated after Thursday’s surge. This morning’s U.S. inflation report offered a mixed picture: energy prices accelerated while annual inflation excluding food and energy edged lower. U.S. indexes rebounded in Friday’s opening minutes after the losses accumulated during the week. Among companies, Oracle and Bloom Energy illustrate the growing demand for infrastructure and electricity associated with artificial intelligence.
This week should nevertheless be kept in perspective. Despite the sometimes alarming tone surrounding the trade war, markets continue to function normally and once again demonstrate their ability to adapt. This morning’s rebound, together with the investment and growth of companies such as Oracle and Bloom Energy, confirms that opportunities remain very much present. For investors, the best response to periods of uncertainty remains maintaining a disciplined, long-term strategy rather than reacting to the news of the day.
Under the spotlight
Bloom Energy (BE)
Artificial intelligence needs powerful chips and reliable electricity. Bloom Energy addresses that need with fuel cells that generate power directly at customer sites, including data centres. The company says this approach speeds up the deployment of new electrical capacity.
Its Oracle partnership illustrates the opportunity. The agreement announced in April covers up to 2.8 gigawatts of capacity, including an initial 1.2 gigawatts under contract at that time. The remainder represents potential orders.
Second-quarter revenue reached US$1.065 billion, up 165.5% year over year. Gross margin rose from 26.7% to 33.4%, while operations generated US$226.4 million in cash. Management now forecasts annual revenue of US$3.9 billion to US$4.2 billion.
Bloom began trading on the New York Stock Exchange on July 25, 2018, with an IPO price of US$15 per share. The offering comprised 18 million shares, or US$270 million before fees and excluding the overallotment option. On Thursday, September 10, the stock closed at US$258.49, representing price appreciation of approximately 1,623% from the IPO price. It fell 4.01% during Thursday’s session but retained a 2.22% gain from the previous Friday’s close. On Friday at 9:30:58 a.m. Eastern, the stock traded at US$268.00, up 3.68% from Thursday’s close.
Another milestone is ahead: Bloom is scheduled to join the S&P 500 before the opening on September 21, 2026, according to S&P Dow Jones Indices.
At Pratte, we bought Bloom Energy during its pullback a few weeks ago. The company meets all our selection criteria, and the investment has been profitable for us. Our purchase was recent; the gain since 2018 describes the stock’s history.
Risks remain, including manufacturing expansion, supply availability and installation schedules. A slowdown in data-centre investment could also weigh on demand. Bloom provides exposure to AI’s electricity requirements, with volatility investors should keep in mind.
Theme of the week
Oil and inflation: a fragile reprieve
Oil set the pace for markets. Attacks on shipping in the Middle East revived supply concerns. On Thursday, Brent settled at US$107.63 a barrel and WTI at US$102.48, gaining 6.34% and 6.69% respectively during the session.
Crude retreated Friday morning following reports of talks about a temporary arrangement for navigation through the Strait of Hormuz. At about 9:47 a.m. Eastern, Brent stood at US$104.18 and WTI at US$98.83, retaining weekly gains of 8.21% and 8.03%, respectively.
That relief does not resolve the disruptions. Threats in the Red Sea also complicate export routes. In its report released this morning, the International Energy Agency pushed its expected normalization of Middle Eastern supply into 2027. It estimates that observed global oil inventories fell by 95 million barrels in August, reducing the cushion available against interruptions.
Higher energy costs are showing up in U.S. statistics. Producer prices rose 0.44% in August and 5.4% from a year earlier. Diesel jumped 24.1% during the month. For businesses transporting goods, higher fuel bills can put pressure on margins or customer prices.
The CPI report released Friday at 8:30 a.m. adds nuance. Consumer prices rose 0.4% in August, bringing annual inflation to 3.4%. Excluding food and energy, prices increased 0.3% for the month, but the annual pace slowed to 2.4% from 2.5% in July. Gasoline rose 3.9% during the month and accounted for more than a third of the overall increase. Inflation is therefore following an uneven path.
Central banks must weigh this tension between energy prices and economic activity. On Thursday, the European Central Bank raised its rates by 0.25 percentage points; its deposit rate will reach 2.50% on September 16. In the United States, the benchmark 10-year Treasury rate stood at 4.92%, up 14 basis points from the previous Friday. Ahead of the Fed meeting, investors will be watching how persistent price pressures prove and how they affect household spending.
Market summary
From the close on Friday, September 4 to Friday, September 11 at 9:38 a.m. Eastern, the S&P 500 declined 0.61%, the Nasdaq Composite 0.54%, the Dow Jones 1.33% and the S&P/TSX 2.00%. Despite this morning’s rebound, all four indexes remained lower for the week.
Surging oil prices and rising bond yields marked trading. Among individual companies, Oracle and Adobe earnings prompted contrasting reactions. Investors are therefore approaching the next Fed meeting with inflation and the growth outlook still central to market sentiment.
Markets by the numbers
Weekly changes as of September 11, 2026
S&P 500: −0.61%
Nasdaq: −0.54%
Dow Jones: −1.33%
S&P/TSX: −2.00%
Brent crude: +8.21%
WTI crude: +8.03%
U.S. 10-year yield: +14 bps
CAD USD: −0.2%
Stock summary
Friday morning changes from Thursday’s close.
Oracle (ORCL): +5.92%
Quarterly revenue rose 30% to US$19.3 billion; cloud infrastructure revenue increased 121%.
Adobe (ADBE): −1.09%
Concerns over the near-term impact of its free offering with paid upgrades accompanied the decline.
Copart (CPRT): +1.27%
The company announced an agreement to acquire ACV Auctions for nearly US$2 billion.
RH (RH): +5.21%
Quarterly revenue and profit exceeded expectations.
Bloom Energy (BE): +3.68%
S&P 500 entry scheduled for September 21, announced September 4. Thursday close: US$258.49.
Looking ahead to next week
The Fed and consumer resilience
The Federal Reserve meets on September 15–16 and will release new economic projections. Beyond the rate decision, its assessment of inflation and growth will be pivotal. U.S. August retail sales, due Wednesday, September 16 at 8:30 a.m. Eastern, will offer insight into consumer strength.
Oil also remains in focus: lasting relief in supply conditions could ease cost pressures, while further disruptions would prolong uncertainty.
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