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What’s happening: Shares of Oracle Corporation rose sharply on Thursday after the company released its fiscal fourth-quarter results.
What happened: The tech giant reported better-than-expected sales and earnings results for its latest quarter.
Oracle also announced a 41% year-over-year surge in its backlogs, driven by demand for cloud infrastructure due to AI growth.
How were the results: The Austin, Texas-based company reported low double-digit growth in sales for its fourth quarter.
Why it matters: Oracle has been looking to fortify its position as a leading player in the cloud computing business by focusing on clients investing big in AI. Earlier this year, the company announced a joint venture known as Stargate, to provide computing capabilities to OpenAI.
Investor confidence has remained high in the software sector, despite the ongoing geopolitical concerns and speculations of the Trump administration’s higher tariffs impacting AI investments by tech leaders.
Revenues from Oracle’s cloud services surged 14% to $11.70 billion during the latest quarter. The company reported that its MultiCloud database revenue from Amazon, Google and Azure surged 115% from the previous quarter.
Oracle’s RPOs (remaining performance obligations), a measure of bookings for future deliverables, surged 41% year-over-year to $138 billion. This performance was backed by multi-year deals for cloud infrastructure supporting AI applications.
The company’s board declared a quarterly cash dividend of 50 cents per share.
CEO Safra Catz said Oracle’s performance in fiscal 2026 could be even better, projecting the total cloud growth rate to accelerate from 24% in fiscal 2025 to over 40%. Management projected total revenues to be at least $67 billion in fiscal 2026.
How shares responded: Oracle’s shares climbed 13.3% to close at $199.86 on Thursday following the release of quarterly results. The stock has jumped around 27% over the past month.
What to watch: Investors will continue monitoring the company’s progress in the Stargate venture, which is expected to significantly impact its overall results ahead.
Context: The CAD/USD forex pair climbed on Thursday to hit its strongest level in eight months.
Details: The loonie surged past the 1.36 level on Thursday, amid broad weakness in the US dollar.
Lower-than-expected inflation data from the US fuelled speculations of interest rate cuts by the Federal Reserve. This weighed on the greenback, lending support to the CAD/USD forex pair. The annual inflation rate in the US rose to 2.4% in May, from 2.3% in the previous month, but came in below market expectations of 2.5%. May’s Producer Price Index also rose 0.1%, lower than market estimates of 0.2%.
The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell more than 0.7% to 97.92 on Thursday.
Hopes of successful trade talks between the US and Canada supported the CAD/USD forex pair. Meanwhile, sentiment for the Canadian dollar is being supported by Mark Carney’s pledge to make the country an energy superpower. Reports of the government looking to approve additional oil pipelines fuelled optimism for the currency.
However, some weakness in the price of crude oil, one of Canada’s major exports, weighed on the loonie. WTI crude oil prices fell around 0.1% to close at $68.04 a barrel on Thursday.
The CAD/USD pair rose around 0.5% to 1.3604 on Thursday, recording its highest level in eight months.
What to watch: Investors await the release of economic data on Canada’s capacity utilisation (1630 UAE Time), manufacturing sales (1630 UAE Time), new motor vehicle sales (1630 UAE Time) and wholesale sales (1630 UAE Time) today. Canada’s manufacturing sales are projected to contract by 2% in April, after a 1.4% decline in the previous month, while wholesale sales are expected to decline by 0.9% in April versus a 0.2% gain in March.
Car registrations in Canada rose to 189,152 units in March versus 125,402 units in the previous month.
Other Markets: US trading indices closed higher on Thursday, with the Dow Jones index, S&P 500 and Nasdaq 100 up by 0.24%, 0.38% and 0.24%, respectively.
Israel conducted airstrikes against Iran last night, targeting its nuclear programme and military leadership. Asian stock markets fell sharply, with the Asia Dow Index down 1.21% to 4,406.32 this morning.
Crude oil prices surged more than 7% to reach $72.90 this morning on concerns around Israel’s attack on Iran leading to a broader Middle East conflict and disrupting energy supplies.
Gold prices surged more than 1% to $3,442.00 this morning, as investors flocked to safe-haven assets after Israel’s attack on Iran triggered a decline in equity markets around the world.
Ukraine’s President Volodymyr Zelensky said the country’s military forces are gradually pushing back Russia’s troops from parts of Sumy Oblast. The news sent the RUB/USD pair lower in forex trading this morning.
New Zealand’s BusinessNZ Performance of Manufacturing Index fell to 47.5 in May, from 53.3 in the previous month. Manufacturing activity falling back to the contraction zone exerted pressure on the NZD/USD forex pair.
Italy’s balance of trade (1200 UAE Time), Eurozone’s balance of trade (1300 UAE Time) and industrial production (1300 UAE Time), India’s foreign exchange reserves (1530 UAE Time), Turkey’s foreign exchange reserves (1530 UAE Time), US Michigan consumer sentiment (1800 UAE Time), Michigan 5 year inflation expectations (1800 UAE Time), Michigan consumer expectations (1800 UAE Time), Michigan current conditions (1800 UAE Time), Michigan inflation expectations (1800 UAE Time), Baker Hughes oil rig count (2100 UAE Time) and Baker Hughes total rigs count (2100 UAE Time), as well as Russia’s GDP growth rate (2000 UAE Time).
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