GPM Weekly Snapshot

After an extended stretch of low volatility, the S&P 500 recorded daily changes of 1% or greater in four of the last six trading days. Despite this, the index finished up half of one percent, closing the week at 2,139. Some of this volatility can be attributed to Fed officials speaking about whether or not an interest rate hike is warranted at the next FOMC meeting. 

U.S. data was mixed, with PPI unchanged for the month of August, which was an improvement over the decline in July. Retail Sales declined 0.3% after a strong second quarter reading, and following signs of life in the factory sector in July, Industrial Production fell 0.4% for August. 

The current largest market cap company, Apple, and its suppliers (SWKS, AVGO, etc.) increased greatly after multiple mobile carriers announced that the new iPhone 7 was selling extremely well. Oracle (ORCL) reported quarterly earnings results on Thursday. While the numbers were slightly below analysts' expectations, Oracle continued to prove it is on the right track with strong cloud growth outweighing declines in the legacy business.