It's a rough start to the new month for Wall Street, as major U.S. stock indices plunged by midday Friday, setting the stage for a negative weekly close.
Exxon Mobil’s second-quarter revenue of $81.506 billion and adjusted earnings per share of $1.64 surpassed the analysts’ consensus estimate of $80.3 billion and $1.55, respectively.
On Thursday, stocks succumbed to concerns about tariffs and macroeconomic worries, which offset the optimism generated by solid quarterly results from Meta and Microsoft.
Evercore ISI resumed coverage of Chevron with an ‘Outperform’ rating and $180 price target and noted that the Hess acquisition boosts Chevron's upstream trajectory, particularly in Guyana.
Energy stocks have come under pressure as global commodity market swings collide with intensifying geopolitical and regulatory headwinds. In recent weeks, crude oil and natural gas prices have seesawed in response to conflicting signals from OPEC+ production strategies, weakening Chinese demand, and emerging policy shifts in the U.S. and
In early July, Exxon had forecast that the lower oil and gas prices could reduce its second-quarter earnings by about $1.5 billion from the prior quarter's level.
