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Research

Research Alert: CFRA Keeps Hold Opinion On Shares Of Chevron Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target of $211, up $5, reflects EV/EBITDA and DCF analyses. We apply an 8.0x multiple of EV to projected 2027 EBITDA, above CVX's historical forward average, but below peak levels, yielding $186 per share. Our DCF model, using FCF growth of 7.1% per year for 10 years and 2.5% thereafter, discounted at 6.0%, yields $237 per share. We cut our 2026 EPS estimate by $0.14 to $11.16 and our 2027 estimate by $0.39 to $8.93. CVX suffered some volume degradation in international upstream in Q1, as the war in the Middle East has disrupted the normal course of business. We note, however, that this degradation was less acute for CVX than for its chief rival, Exxon Mobil (XOM 153 ***). CVX maintained a conservative approach to spending in Q1 despite the ramp in crude prices, as we estimate that its reinvestment rate was just 44% in Q1, about on par with that of XOM at 43%. Shares yield 3.7%, and we see a healthy degree of buyback activity as well.

$CVX
Sectors

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks fell late Friday afternoon with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each falling 1.1%.The Philadelphia Oil Service Sector Index dropped 0.6%, and the Dow Jones US Utilities Index declined 0.5%.West Texas Intermediate crude oil fell 3% to $101.93 a barrel, and global benchmark Brent dropped 1.9% to $108.33 a barrel. Henry Hub natural gas futures rose 0.8% to $2.79 per 1 million BTU.In corporate news, Exxon Mobil (XOM) and Chevron (CVX) reported declines in Q1 earnings amid supply disruptions due to the Middle East war, though the results came in ahead of Wall Street's estimates. Exxon shares fell 0.6%, and Chevron declined 1.2%.BP (BP) is considering exiting part or all of its operations in the UK North Sea in order to strip assets and pay down debt, Bloomberg reported. BP shares fell 2.1%.Portland General Electric (POR) shares fell 4% the company reported Q1 earnings and revenue that missed estimates.Occidental Petroleum (OXY) appointed Chief Operating Officer Richard Jackson to succeed Vicki Hollub as president and CEO, starting June 1. Occidental shares declined 3.3%.

$BP$CVX$OXY$POR$XOM
US Markets

Equity Markets Mostly Rise Intraday as Apple Helps Lift Tech

US benchmark equity indexes were mostly higher intraday as a post-earnings rally in Apple (AAPL) shares helped lift the technology sector, while oil prices fell.The Nasdaq Composite was up 1.2% at 25,183.1 after midday Friday, while the S&P 500 rose 0.6% to 7,252.5. Both benchmarks hit new closing highs in the previous session. The Dow Jones Industrial Average was little changed at 49,661.6 intraday Friday.Among sectors, tech paced the gainers with a 1.7% jump, while energy saw the biggest drop.Apple shares were up 4%, the best performer on the Dow. Late Thursday, the tech giant logged fiscal second-quarter results above Wall Street's estimates as iPhone revenue came in stronger than expected.Apple's fiscal third-quarter revenue guidance was well above the Street's estimates despite supply constraints for Mac models that will likely continue for several months, Wedbush Securities said in a note.Several other big tech names were also advancing intraday, with Oracle (ORCL) up 7.4%, among the biggest gainers on the S&P 500. Shares of Intel (INTC), Salesforce (CRM), Microsoft (MSFT), Amazon.com (AMZN), Cisco Systems (CSCO), and IBM (IBM) were also higher.In other company news, Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year declines in their first-quarter earnings amid supply disruptions due to the Middle East war, though the figures came in ahead of the Street's estimates. Exxon shares were down 1.2% intraday, while Chevron lost 1.5%, the second-worst performer on the Dow.West Texas Intermediate crude oil fell 3.1% to $101.82 per barrel, while Brent crude was down 2.1% at $108.04.US President Donald Trump said he is displeased with a new peace offer from Iran, noting that Tehran "wants to make a deal, but I'm not satisfied with it," CNBC reported Friday.Israeli strikes against the Habbouch town in southern Lebanon have killed six people, CNN reported, citing Lebanon's health ministry.US Treasury yields were lower intraday, with the 10-year rate down 1.4 basis points at 4.38% and the two-year rate losing one basis point to 3.88%.In economic news, the US manufacturing sector saw continued growth in April, though inflationary pressures intensified amid disruptions caused by the Middle East conflict, separate surveys by the Institute for Supply Management and S&P Global (SPGI) showed."The prices-paid index's steep climb to multiyear highs -- alongside the conspicuous slowdown in supplier deliveries -- signals mounting supply-chain stress and inflationary pressures driven by surging energy prices and war-related disruptions," TD Economics said in a note. "These resurgent price pressures are keeping the Federal Reserve on alert, supporting expectations that any additional monetary policy easing is unlikely in the near term."Three Fed officials who wanted language changes in the April monetary policy statement said Friday that risks to inflation and employment didn't warrant an inclusion of the so-called easing bias.On Wednesday, regional presidents Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas supported the Fed's decision to keep its benchmark lending rate steady, but opposed including an easing bias in the Federal Open Market Committee statement.Gold rose 0.4% to $4,647 per troy ounce, while silver climbed 3% to $76.23 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$CRM$CSCO$CVX$IBM$INTC$MSFT$ORCL$SPGI$XOM
Sectors

Sector Update: Energy Stocks Fall Friday Afternoon

Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index decreasing 1.5% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.4%.The Philadelphia Oil Service Sector Index fell 0.9%, and the Dow Jones US Utilities Index decreased 0.4%.Front-month West Texas Intermediate crude oil declined 3.3% to $101.62 a barrel, and the global benchmark Brent crude contract dropped 2.1% to $108.09 a barrel. Henry Hub natural gas futures was steady at $2.77 per 1 million BTU.In corporate news, Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year declines in their Q1 earnings on Friday amid supply disruptions due to the Middle East war, but the figures came in ahead of Wall Street's estimates. Exxon shares were down 1.1%, and Chevron fell 1.5%.BP (BP) is considering exiting part or all of its operations in the UK North Sea in order to strip assets and pay down debt, Bloomberg reported. BP's upstream operations in the UK could fetch about $2.7 billion from a full divestment, the report said. BP shares were down 2.2%.Occidental Petroleum (OXY) said Friday its board has appointed Chief Operating Officer Richard Jackson to succeed Vicki Hollub as president and chief executive, starting June 1. Occidental shares declined 3.4%.

$BP$CVX$OXY$XOM
International

Technology, Consumer Discretionary Push S&P 500, Nasdaq to Record Highs

US equity indexes rose midday Friday as technology and consumer discretionary helped lift the S&P 500 and Nasdaq Composite to record highs, and crude oil futures slumped.The Nasdaq Composite jumped 1.1% to 25,172.8, with the S&P 500 up 0.6% to 7,250.9. The Dow Jones Industrial Average leaned slightly higher to 49,659.2.In company news, Apple (AAPL) jumped 4%, the Dow's top gainer, after the iPhone manufacturer overnight reported a year-over-year surge in fiscal Q2 earnings and revenue. Apple's board also raised its quarterly dividend and approved a share buyback program of up to $100 billion.Apple remains well-positioned for continued growth through 2026 following a "strong" fiscal Q2, driven by a 22% rise in iPhone revenue, a 28% rebound in China sales, and gross margins of more than 49%, BofA Securities said in a note.Oracle (ORCL), Intel (INTC), and Apple led midday outperformers among companies with a market capitalization of more than $200 billion, according to data compiled by Finviz. In the top 10 gainers from this category, half were either software or semiconductor companies.Meanwhile, the energy sector was the standout decliner in midday trading after Iran offered a revised peace plan, with Chevron (CVX) among the worst performers.Tehran delivered a new proposal to the US while President Donald Trump vowed to maintain a naval blockade, Bloomberg reported Friday. Tehran relayed its latest position to Washington via Pakistan, which mediated a first round of direct negotiations last month, the report said, citing Iran's state-run Islamic Republic News Agency.West Texas Intermediate crude oil futures dropped 3.4% to $101.69, and Brent crude futures fell 2.1% to $108.28.In precious metals, gold futures edged up 0.4% to $4,646.1, and silver futures jumped 3.3% to $76.41.Most US Treasury yields leaned lower, with the 10-year down 1.4 basis points to 4.38%.In economic news, the Atlanta Federal Reserve's Q2 gross domestic product Nowcast came in at 3.5%, down from 3.7% previously estimated.The Institute for Supply Management's US manufacturing index was unchanged in April at 52.7, below the 53.2 reading expected in a Bloomberg survey. The S&P Global US manufacturing index for April was revised upward to 54.5 from the flash 54.0, compared with expectations for no revision in a Bloomberg-compiled survey.

Dow JonesNasdaq CompositeS&P 500$AAPL$CVX$INTC$ORCL
Sectors

Sector Update: Energy

Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index decreasing 1.5% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.4%.The Philadelphia Oil Service Sector Index fell 0.9%, and the Dow Jones US Utilities Index decreased 0.4%.Front-month West Texas Intermediate crude oil declined 3.3% to $101.62 a barrel, and the global benchmark Brent crude contract dropped 2.1% to $108.09 a barrel. Henry Hub natural gas futures was steady at $2.77 per 1 million BTU.In corporate news, Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year declines in their Q1 earnings on Friday amid supply disruptions due to the Middle East war, but the figures came in ahead of Wall Street's estimates. Exxon shares were down 1.1%, and Chevron fell 1.5%.

$CVX$XOM
Commodities

Chevron Tops Q1 Earnings Estimates on Strong Production, Refining Results, TPH Says

Chevron (CVX) reported stronger-than-expected Q1 earnings, driven by solid performance in both its oil production and refining businesses, alongside disciplined spending and higher cash returns to shareholders, TPH Energy Research analyst Jeoffrey Lambujon said in a Friday note.The company posted adjusted earnings of $1.41 per share, well above analyst expectations of $0.87 to $0.92.The upstream segment, which covers oil and gas production, delivered $4.14 billion in adjusted earnings, beating forecasts and accounting for over half of the overall earnings surprise. Results were led by international operations.Production totaled 3.86 million barrels of oil equivalent per day, broadly in line with expectations.Downstream operations, which include refining and fuels, posted a smaller loss of $470 million, also better than expected, helped by stronger US refining results. That segment accounted for roughly 40% of the total earnings beat.Capital spending came in at $4.06 billion, below analyst estimates, reflecting tighter project execution and cost control. Operating cash flow before working capital changes was $7.14 billion, slightly below some forecasts but supported by a $1 billion inflow from equity affiliate loan activity tied to the Tengizchevroil project, a joint venture project at Kazakhstan's Tengiz oil field.After adjustments, free cash flow totaled $4.13 billion for the quarter.The company returned $6.0 billion to shareholders during the period, including $2.5 billion in share buybacks and about $3.5 billion in dividends. The dividend policy remains unchanged at $1.78 per share following a roughly 4% increase announced earlier this year.Chevron kept its full-year 2026 guidance steady, with capital spending expected between $18 billion and $19 billion and production forecast at 3.98 to 4.10 million barrels of oil equivalent per day. Management said cost-reduction efforts remain on track.Looking ahead, the company highlighted continued operational momentum into the second quarter, supported by high utilization across key assets, including projects in Australia LNG, the Eastern Mediterranean, and Kazakhstan.Chevron also pointed to progress in heavy oil operations in Venezuela and a recently expanded agreement related to power infrastructure development with Microsoft (MSFT).Price: $190.69, Change: $-2.63, Percent Change: -1.36%

$CVX$MSFT
Commodities

Market Chatter: BP Explores Sale of UK North Sea Assets Under New CEO's Disposal Drive

BP (BP) is reviewing its presence in the UK North Sea and considering a sale of part or all of its operations in the basin, as the energy giant seeks to streamline its portfolio and slash debt, Bloomberg reported on Friday, citing industry sources.The company is conducting an internal review of its UK upstream operations, with a full divestment of its remaining oil and gas assets in the region projected to fetch about 2 billion British pounds ($2.7 billion).The review is ongoing, and no final decision has been made on whether to proceed with a divestment, the report said.The London-listed energy firm remains one of the few oil majors still operating in the aging basin. Its evaluation comes as rivals continue to exit or scale back their presence in the region.Chevron (CVX) and ConocoPhillips (COP) recently sold off their North Sea assets, while Shell (SHEL), Exxon Mobil (XOM), and TotalEnergies (TTE) have moved to restructure or divest portions of their holdings, often through joint venture agreements.BP did not respond to' request for comments.BP has reduced its footprint in the UK North Sea over the past decade, including by selling its stake in the Shearwater field to Shell and divesting the Forties pipeline system to Ineos Group Holdings.The oil firm retains a 45% interest in the Clair field, the largest oilfield on the UK Continental Shelf.Plans to dispose of additional assets could rank among the first strategic moves under CEO Meg O'Neill, who took the helm in April as the company's first external appointee.O'Neill and Chairman Albert Manifold vowed to address years of underperformance, which have drawn pressure from activist investor Elliott Investment Management and led to the departure of former CEO Murray Auchincloss.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $46.55, Change: $-0.84, Percent Change: -1.76%

$BP$COP$CVX$SHEL$TTE
Wire

Top Midday Stories: Apple Tops Fiscal Q2 EPS, Revenue Estimates, Raises Dividend; Pentagon Strikes Deals With 7 AI Companies

All three major US stock indexes were up in late-morning trading Friday, as The Street looks to close out a tumultuous week of trading on a high note.In company news, Apple (AAPL) reported fiscal Q2 earnings late Thursday of $2.01 per diluted share, up from $1.65 a year earlier and above the FactSet consensus of $1.95. Fiscal Q2 revenue was $111.18 billion, up from $95.36 billion a year ago and above the FactSet consensus of $109.46 billion. Apple's board raised its quarterly dividend by a cent to $0.27 per share, payable May 14 to stockholders of record as of May 11. The board also authorized an additional program to repurchase up to $100 billion of common shares. Apple shares were up 4.5% around midday.The US Department of Defense said Friday it has entered into agreements with seven of the largest artificial intelligence companies to deploy their AI capabilities on its classified networks. The Pentagon said it reached deals with Alphabet's (GOOG, GOOGL) Google, Nvidia (NVDA), Microsoft (MSFT), Amazon's (AMZN) Amazon Web Services, SpaceX, OpenAI and Reflection. Alphabet's Class C and Class A shares were down 0.1% and up 0.1%, respectively. Shares of Nvidia, Microsoft and Amazon were down 0.3%, up 1.7% and up 1.7%, respectively.Exxon Mobil (XOM) reported Q1 adjusted earnings Friday of $1.16 per diluted share, down from $1.76 a year earlier but above the FactSet consensus of $0.98. First-quarter revenue and other income was $85.14 billion, up from $83.13 billion a year ago and above the FactSet consensus estimate of $81.13 billion. Exxon Mobil shares were down 0.8%.Chevron (CVX) reported Q1 adjusted earnings Friday of $1.41 per diluted share, down from $2.18 a year earlier but above the FactSet consensus of $0.97. First-quarter revenue and other income was $48.61 billion, up from $47.61 billion a year ago but below the FactSet consensus of $51.86 billion. Chevron shares were down 1.2%.SanDisk (SNDK) reported fiscal Q3 adjusted earnings late Thursday of $23.41 per diluted share, up from a loss of $0.30 a year earlier and above the FactSet consensus of $14.62. Fiscal Q3 revenue was $5.95 billion, up from $1.70 billion a year ago and above the FactSet consensus of $4.72 billion. For fiscal Q4, the company said it expects adjusted EPS of $30 to $33 on revenue of $7.75 billion to $8.25 billion. Analysts polled by FactSet expect $23.38 and $6.62 billion, respectively. SanDisk shares were down 0.5%.Price: $284.89, Change: $+13.54, Percent Change: +4.99%

$AAPL$AMZN$CVX$GOOG$GOOGL$MSFT$NVDA$SNDK$XOM
US Markets

Exxon Mobil, Chevron First-Quarter Earnings Fall Amid Middle East Conflict

Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year declines in their first-quarter earnings on Friday amid supply disruptions due to the Middle East war, but the figures came in ahead of Wall Street's estimates.Exxon Mobil's adjusted earnings dropped to $1.16 a share for the March quarter from $1.76 the year before, but topped the consensus on FactSet of $0.98. The result excluded a loss of about $700 million on settled financial hedges that weren't offset by physical shipments due to supply disruptions in the Middle East, according to the oil giant.The company also said it incurred unfavorable timing effects of $3.9 billion due to unsettled derivatives, which are required to be marked to current period-end prices. The related physical shipments were not yet reflected in earnings.The US-Israel war with Iran, which began at the end of February, curtailed shipments through the crucial Strait of Hormuz, driving up energy prices. The conflict paused following a ceasefire between Washington and Tehran last month, but a framework for a permanent truce is yet to be reached."The underlying business delivered strong results, reflecting the benefits of the strategy we have consistently executed since 2018," Chief Executive Darren Woods said in a statement. "We have grown advantaged volumes, optimized our operations, reduced structural costs, and strengthened our earnings power."Exxon Mobil's total revenue increased to $85.14 billion from $83.13 billion in the 2025 quarter, ahead of the Street's view for $81.13 billion.Upstream production reached nearly 4.6 million oil-equivalent barrels per day, up from 4.55 million barrels a year ago, but missed the average analyst estimate on FactSet of 4.63 million barrels a day. Production was also down on a sequential basis. The segment's adjusted earnings fell to $5.74 billion from $6.76 billion, amid lower base volumes from divestments and operational disruptions in Kazakhstan, among other factors, according to the company.Separately, Chevron posted adjusted EPS of $1.41 for the first quarter, down from $2.18 a year ago, but surpassed the Street's expectations for $0.97. The company incurred $2.9 billion of unfavorable timing effects related to derivatives and inventory accounting.Total revenue rose to $48.61 billion from $47.61 billion, but fell short of Wall Street's estimate of $51.86 billion."Despite heightened geopolitical volatility and related supply disruptions, Chevron delivered solid first quarter performance," according to Chevron CEO Mike Wirth. "Our US refineries operated at record crude throughput in March, capital spending remains within guidance, and our structural cost reductions are firmly on track."Chevron's global oil-equivalent production in the quarter increased to 3.86 million barrels per day from 3.35 million barrels in the prior-year period, just ahead of the market's 3.85 million-barrel view. In the prior quarter, output came in at 4.05 million barrels a day.US upstream production rose to 2.02 million barrels a day from 1.64 million barrels. International output gained 117,000 barrels per day on an annual basis.

$CVX$XOM
Research

Research Alert: Cvx: A Q1 Beat Amid Middle East Turmoil

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CVX delivered a sizable Q1 earnings beat with adjusted EPS of $1.41 vs. consensus, though down from $2.18 Y/Y due to mark-to-market derivative losses worth $0.73 per share, in our estimation. Upstream production rose 15% Y/Y to 3.86M boe/d, largely from the Hess acquisition, but fell 4.6% sequentially due to Middle East disruptions. We believe CVX's derivative losses will unwind in coming periods, and the company outperformed chief rival XOM on international production declines (-7.8% vs. -13%). CVX maintained 2026 capex guidance of $18B-$19B. The company returned $6.0B to shareholders in Q1 ($3.5B dividends, $2.5B buybacks) versus $4.1B in oil and gas development. At the midpoint of CVX's capex guide, we estimate a 44% reinvestment rate, comparable to XOM's estimated 43%. We expect CVX's relatively better international exposure and Hess synergies to support production growth, while disciplined capital allocation continues prioritizing shareholder returns over aggressive expansion.

$CVX
Sectors

Sector Update: Energy Stocks Lean Lower Premarket Friday

Energy stocks were leaning lower premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.3%.The United States Oil Fund (USO) was down 2.1% and the United States Natural Gas Fund (UNG) was 1.1% higher.Front-month US West Texas Intermediate crude oil was 1.3% lower at $103.71 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.3% to $110.77 per barrel, and natural gas futures were up 0.4% at $2.56 per 1 million British Thermal Units.Exxon Mobil (XOM) shares were down 0.7% after the company reported a decline in Q1 adjusted earnings.Chevron (CVX) stock was 0.8% lower after the company posted a decline in Q1 adjusted earnings, while revenue missed analysts' estimates.Imperial Oil (IMO) shares were down more than 2% after the company reported lower Q1 net income and revenue.

$CVX$IMO$UNG$USO$XLE$XOM
Oil & Energy

Chevron Reports Record US Output Amid Middle East Supply Disruptions

Chevron (CVX) reported a surge in production for the first quarter of 2026 on Friday even as geopolitical tensions in the Middle East begin to weigh on international operations.The company's US production exceeded 2 million oil-equivalent barrels per day for the third consecutive quarter.The year-over-year production increase was largely attributed to the integration of Hess Corporation and continued momentum in the Permian Basin and the Gulf of Mexico.These gains helped offset significant operational headwinds, including downtime at the 50 percent owned Tengizchevroil (TCO) affiliate and production curtailments in Israel and the Partitioned Zone between Saudi Arabia and Kuwait."We continue to closely monitor developments in the Middle East with a focus on the safety of our workforce and the integrity of our assets and operations," said Mike Wirth, Chevron's Chairman and Chief Executive Officer, acknowledging the regional volatility that has impacted the company's footprint.Chevron's US upstream segment saw earnings rise, supported by a net oil-equivalent production increase of 388,000 barrels per day compared to the previous year.In contrast, international upstream earnings were lower than year-ago levels.Despite a volume boost of 117,000 barrels per day from the Hess acquisition, the segment was hampered by unfavorable foreign currency effects, higher depreciation costs, and the production dip at TCO.The company's refining sector hit major milestones this quarter, with US refinery crude unit throughput maintaining levels over 1 million barrels per day for the fifth straight quarter, reaching an all-time record in March 2026.In the US downstream segment earnings improved primarily due to higher refined product margins, though a higher litigation reserve capped the gains, Chevron noted.The international downstream segment faced challenges, with earnings falling due to lower margins, unfavorable timing effects, and rising transportation costs, the company said.

$CVX
Asia Markets

US Equity Futures Nudge Higher Pre-Bell After S&P 500, Nasdaq Reach New Closing Highs

US equity futures were higher pre-bell Friday after the S&P 500 and Nasdaq Composite reached new closing highs to close out April amid a continued impasse in the Middle East.Dow Jones Industrial Average futures were 0.4% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were marginally higher.On Thursday, the S&P 500 rose 1% to close at 7,209.01, breaching the 7,200 mark for the first time, while Nasdaq increased 0.9% to close at 24,892.31, also a new closing record.US President Donald Trump has rejected Iran's latest offer, stating that the US naval blockade on the nation's ports will remain until the regime agrees to a deal that addresses US concerns about its nuclear program, according to an Axios report on Wednesday.Traders took note of the latest round of earnings, with energy majors Exxon Mobil (XOM) and Chevron (CVX) both reporting lower Q1 adjusted earnings but higher revenue.Oil prices were mixed, with front-month global benchmark North Sea Brent crude up 0.4% at $110.85 per barrel and US West Texas Intermediate crude 1.2% lower at $103.79 per barrel.The final Purchasing Managers' Manufacturing Index for April, due at 9:45 am ET, is seen coming in at 54.0, unchanged from its prior value, according to estimates compiled by Bloomberg.The April Institute for Supply Management's services index, due at 10 am ET, is projected at 53.2, versus 52.7 previously.In other world markets, Japan's Nikkei, Hong Kong's Hang Seng, China's Shanghai Composite, and Germany's DAX index were all closed due to public holidays. The UK's FTSE 100 was down 0.6% in Europe's early afternoon session.In equities, Roblox (RBLX) stock was down 24% after the company reported a wider Q1 loss and lower-than-expected revenue, as well as lowering its 2026 revenue outlook. Sandisk (SNDK) and Western Digital (WDC) shares dropped 4.6% and 8%, respectively, despite the companies posting fiscal Q3 earnings and revenue that surpassed analysts' consensus.On the winning side, Apple (AAPL) stock was up 3.6% after the company posted higher fiscal Q2 earnings and revenue that also beat analysts' estimates. Reddit (RDDT) shares were up 15% after the company reported higher Q1 earnings and revenue in addition to issuing better-than-expected Q2 revenue guidance.

Dow JonesNasdaq CompositeS&P 500$AAPL$CVX$RBLX$RDDT$SNDK$WDC$XOM
Japan

US Equity Futures Turn Mixed Pre-Bell After S&P 500, Nasdaq Reach New Closing Highs

US equity futures were mixed pre-bell Friday after the S&P 500 and Nasdaq Composite reached new closing highs to close out April amid a continued impasse in the Middle East.Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.2% lower.On Thursday, the S&P 500 rose 1% to close at 7,209.01, breaching the 7,200 mark for the first time, while Nasdaq increased 0.9% to close at 24,892.31, also a new closing record.US President Donald Trump has rejected Iran's latest offer, stating that the US naval blockade on the nation's ports will remain until the regime agrees to a deal that addresses US concerns about its nuclear program, according to an Axios report on Wednesday.Traders took note of the latest round of earnings, with energy majors Exxon Mobil (XOM) and Chevron (CVX) both reporting lower Q1 adjusted earnings but higher revenue.Oil prices were mixed, with front-month global benchmark North Sea Brent crude up 0.5% at $110.95 per barrel and US West Texas Intermediate crude 0.8% lower at $104.21 per barrel.The final Purchasing Managers' Manufacturing Index for April, due at 9:45 am ET, is seen coming in at 54.0, unchanged from its prior value, according to estimates compiled by Bloomberg.The April Institute for Supply Management's services index, due at 10 am ET, is projected at 53.2, versus 52.7 previously.

Dow JonesNasdaq CompositeS&P 500$CVX$XOM
US Markets

Stocks Mostly Up Pre-Bell as Investors Await More Corporate Earnings

The benchmark US stock measures were mostly pointing higher before the open Friday as investors await the week's final round of corporate earnings and track ongoing Middle East tensions, with no apparent signs of progress toward a peace deal between Washington and Tehran.The S&P 500 rose 0.1% and the Dow Jones Industrial Average added 0.2% in premarket activity, while the Nasdaq was off 0.1%. The indexes finished Thursday's trading session in the green, with the S&P 500 and Nasdaq logging new closing highs.Oil giants Exxon Mobil (XOM) and Chevron (CVX) are scheduled to release their latest quarterly results before the bell, along with Colgate-Palmolive (CL), Estee Lauder (EL), Moderna (MRNA), Magna International (MGA) and Newell Brands (NWL).Shares of Apple (AAPL) advanced 2.8% pre-bell as the iPhone maker's fiscal second-quarter results topped market estimates. Reddit (RDDT) climbed 16% after the social media platform recorded better-than-expected first-quarter results and issued an upbeat revenue outlook for the ongoing three-month period at the midpoint. Nvidia (NVDA) rebounded 0.4% following a 4.6% decline at the close of Thursday.President Donald Trump told reporters at the White House on Thursday that the US will maintain its naval blockade of Iranian ports, according to Bloomberg News. "Their economy is crashing, the blockade is incredible," Trump reportedly said. "So we'll see how long they hold out."Iran's new supreme leader, Mojtaba Khamenei, reportedly said Thursday that Iran will defend its nuclear and missile capabilities.West Texas Intermediate crude oil inclined 0.3% to $105.43 a barrel before the opening bell, while Brent increased 0.9% to $111.37.US economic growth fell short of Wall Street's expectations in the first quarter as spending slowed amid inflationary pressures, government data showed Thursday.Separate official data showed that inflation, as measured by the personal consumption expenditure price index, accelerated in March to the fastest pace since mid-2022 as the Middle East conflict sent energy prices soaring.Treasury yields were down in premarket action, with the two-year rate nudging 0.1 basis point lower to 3.88% and the 10-year rate decreasing 0.8 basis point to 4.38%.Friday's economic calendar has the final Purchasing Managers' manufacturing index for April at 9:45 am ET, followed by the Institute for Supply Management's manufacturing index for the same month at 10 am. The weekly Baker Hughes oil-and-gas rig count posts at 1 pm.Gold fell 1.1% to $4,578 per troy ounce, while bitcoin rose 1.1% to $77,248.

Dow JonesNasdaq CompositeS&P 500$AAPL$CL$CVX$EL$MGA$MRNA$NVDA$NWL$RDDT$XOM
Equities

Chevron Q1 Adjusted Earnings Fall, Revenue Rises

Chevron (CVX) reported Q1 adjusted earnings Friday of $1.41 per diluted share, down from $2.18 a year earlier.Analysts polled by FactSet expected $0.97.Revenue and other income for the quarter ended March 31 was $48.61 billion, compared with $47.61 billion a year earlier.Analysts surveyed by FactSet expected $51.86 billion.The company's shares were up 1.4% in premarket activity.

$CVX
Oil & Energy

Market Chatter: Trump Meets Oil Executives at White House to Discuss Energy Market Impacts of Iran War

US President Donald Trump and a number of senior government officials met executives from the oil and gas industry at the White House on Tuesday to discuss the implications of the Iran war, Axios reported on Wednesday.Chevron (CVX) CEO Mike Wirth was among attendees, a company spokesperson confirmed to Axios.The discussion covered domestic production, Venezuela's oil sector, the oil futures market, natural gas and shipping, a White House official told Axios, but nothing is known about the conclusions of the talks, if any.While the US is relatively insulated from the supply shock that has mainly hit Asia since the Feb. 28 of the Iran war, higher gasoline prices in the US, amid growing competition for its hydrocarbons, risk repercussions for the administration.Axios said average gasoline prices were $4.18 per gallon on Tuesday, citing to the American Automobile Association. That is the highest level since 2022.With limited scope to lower prices, Axios said prolonged higher prices may result in demand destruction, basically less consumption, in the US, as has already been seen elsewhere.The White House did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Sectors

Sector Update: Energy Stocks Higher Late Afternoon

Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.8%.The Philadelphia Oil Service Sector Index was increasing 0.2%, and the Dow Jones US Utilities Index was shedding 0.2%.In sector news, the United Arab Emirates will leave the Organization of the Petroleum Exporting Countries and its more expanded version, OPEC+, effective May 1, the Emirates News Agency reported.This comes as Iran's latest proposal to end the war in the Middle East has still not won President Donald Trump's backing, leaving the deadly conflict in a continuing state of deadlock, Reuters reported Tuesday, citing an unnamed US official.Front-month West Texas Intermediate crude oil gained 3.7% to $99.90 a barrel, and the global benchmark Brent crude contract rose 2.7% to $111.17 a barrel. Henry Hub natural gas futures increased 0.4% to $2.56 per 1 million BTU.In corporate news, Chevron (CVX) signed a memorandum of understanding with Libya's National Oil Corporation, or NOC, to conduct a joint study evaluating the potential of unconventional shale oil and gas resources in sedimentary basins across the country, NOC said Tuesday. Separately, Chevron is in advanced talks to sell a portfolio of Asian assets to Eneos in a deal that could be valued at more than $2 billion, Bloomberg reported. Chevron shares climbed 1.9%.Equinor (EQNR) shares rose 1.1% after Morgan Stanley upgraded the stock to equal weight from underweight and raised its price target to $40.40 from $22.80.NextEra Energy (NEE) shares gained 1.5% after it said the US Nuclear Regulatory Commission approved operating license renewals for Florida Power & Light's St. Lucie nuclear units, extending Unit 1 to 2056 and Unit 2 to 2063.BP (BP) shares added 0.8%. The company reported Q1 underlying replacement cost profit Tuesday of $1.24 per American depositary share, up from $0.53 a year earlier. Sales and other operating revenue for the quarter totaled $52.26 billion, up from $46.91 billion a year earlier. Analysts polled by FactSet expected $49.4 billion.

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Sectors

Sector Update: Energy

Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.8%.The Philadelphia Oil Service Sector Index was increasing 0.2%, and the Dow Jones US Utilities Index was shedding 0.2%.Front-month West Texas Intermediate crude oil gained 3.7% to $99.90 a barrel, and the global benchmark Brent crude contract rose 2.7% to $111.17 a barrel. Henry Hub natural gas futures increased 0.4% to $2.56 per 1 million BTU.In corporate news, Chevron (CVX) signed a memorandum of understanding with Libya's National Oil Corporation, or NOC, to conduct a joint study evaluating the potential of unconventional shale oil and gas resources in sedimentary basins across the country, NOC said Tuesday. Chevron shares climbed 1.8%.

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