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US Markets

Chevron Flags Tailwind to Quarterly Upstream Earnings From Higher Commodity Prices

Chevron (CVX) expects higher commodity prices driven by the Middle East conflict to boost first-quarter earnings in its upstream segment by up to $2.2 billion, though timing impacts could weigh on the oil giant's bottom line.Elevated oil prices are projected to benefit upstream segment earnings by $1.6 billion to $2.2 billion in the March quarter, compared with the previous three-month period, the company said in a regulatory filing Thursday.Crude prices resumed their upward trend Thursday amid uncertainty over the two-week ceasefire deal between the US and Iran announced Tuesday. The war started at the end of February, sending energy prices soaring amid the closure of the crucial Strait of Hormuz.West Texas Intermediate crude oil was 4.5% higher intraday at $98.67 a barrel, while Brent increased 1.7% to $96.37, well above pre-war levels.Chevron said that timing effects linked to hedging and accounting in a rising commodity price environment are "generally negative," potentially impacting first-quarter earnings and cash flow from operations, excluding working capital, by roughly $2.7 billion to $3.7 billion."The majority of these effects are in the downstream segment and are expected to unwind in future periods," the company said in the filing.Chevron shares were down 1.2% intraday, reducing its year-to-date gain to about 26%.The company expects downstream earnings to include a charge of about $350 million to $400 million tied to a litigation reserve related to ceased operations, according to the filing.First-quarter upstream oil-equivalent production is forecast to be in a range of 3.8 million barrels per day to 3.9 million barrels, mainly reflecting downtime at Kazakhstan's Tengizchevroil project and reduced production in the Middle East, Chevron said.The company expects to report first-quarter results by May 1.On Wednesday, larger rival Exxon Mobil (XOM) flagged that production disruptions caused by the Middle East conflict could lower its global oil-equivalent output by roughly 6% on a sequential basis in the first quarter. The company also said it expected the surge in energy prices to boost upstream earnings.Price: $191.94, Change: $-0.95, Percent Change: -0.49%

$CVX$XOM
Asia Markets

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Thursday as Fragile Middle East Ceasefire Lifts Oil Prices

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.3% lower in Thursday's premarket activity as doubts over the durability of a Middle East ceasefire lift oil prices.US stock futures were also lower, with S&P 500 Index futures down 0.4%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures retreating 0.4% before the start of regular trading.US initial jobless claims rose to a level of 219,000 in the week ended April 4 from an upwardly revised 203,000 level in the previous week, compared with expectations for a smaller increase to 210,000 in survey of analysts compiled by Bloomberg.Personal income declined 0.1% in February following January's 0.4% gain, compared with the expected 0.3% gain in a survey conducted by Bloomberg as of 7:35 am ET.US economic growth, measured by gross domestic product, was revised lower to a 0.5% increase in Q4 from a 0.7% gain in the second estimate, compared with estimates for no revision in a survey compiled by Bloomberg as of 7:35 am ET.Wholesale inventory data for February are due to be released at 10 am ET, followed by weekly natural gas stocks data at 10:30 am ET.In premarket activity, bitcoin was down by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.2% lower, Ether ETF (EETH) fell 1.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) retreated marginally by 0.01%, while the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was 0.01% higher, and the iShares US Consumer Staples ETF (IYK) was up 0.5%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 1.3% lower.Simply Good Foods (SMPL) shares were down more than 19% pre-bell after the company posted lower fiscal Q2 adjusted earnings and net sales.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.7%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.9% higher.Whitestone REIT (WSR) shares were up more than 11% pre-bell after the company said it has agreed to be acquired by Ares Management (ARES) for $19 per common share or operating partnership unit in an all-cash deal valued at about $1.70 billion. Ares stock was 1.5% higher.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.2%, and the iShares US Technology ETF (IYW) was 0.1% higher, while the iShares Expanded Tech Sector ETF (IGM) was down 0.1%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) declined by 0.3%.Aehr Test Systems (AEHR) shares were down more than 2% in premarket activity, a day after the company said it plans to sell up to $60 million of its common shares via an at-the-market offering.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.1%, the Vanguard Health Care Index Fund (VHT) was down 0.1%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 0.7% lower.Novartis (NVS) stock was down more than 1% premarket after closing the prior session with a 2% gain. The company said Thursday it will expand its programs to find and treat patients with heart disease and cancer in "hard-to-reach" communities worldwide.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) declined by 0.7%, while the Vanguard Industrials Index Fund (VIS) gained 0.4% and the iShares US Industrials ETF (IYJ) was down 0.8%.American Airlines Group (AAL) stock was down more than 1% before the opening bell, a day after the Federal Aviation Administration said the airline should pay a $255,000 civil penalty for allegedly breaching drug and alcohol regulations.EnergyThe iShares US Energy ETF (IYE) was up 0.2%, while the State Street Energy Select Sector SPDR ETF (XLE) advanced by 0.5%.Occidental Petroleum (OXY) stock was up more than 1% before Thursday's opening bell after the company said it had discovered oil at the Bandit prospect, co-owned by Chevron (CVX) and Woodside Energy (WDS), in the Gulf of Mexico. Chevron stock was 0.8% higher, while Woodside advanced 0.5%.CommoditiesFront-month US West Texas Intermediate crude oil rose by 4.4% to $98.57 per barrel on the New York Mercantile Exchange. Natural gas retreated by 0.2% to $2.72 per 1 million British Thermal Units. The United States Oil Fund (USO) was up by 2%, while the United States Natural Gas Fund (UNG) was 0.3% lower.Gold futures for May were up by 0.1% at $4,781.00 an ounce on the Comex. Silver futures declined by 1% to $74.60 an ounce. SPDR Gold Shares (GLD) was 0.4% higher, and the iShares Silver Trust (SLV) advanced by 0.03%.

Dow JonesNasdaq CompositeS&P 500$AAL$AEHR$ARES$BETH$BITO$CVX$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NVS$OXY$PMR$QQQ$RTH$SLV$SMPL$SOXX$SPY$UNG$USO$VDC$VHT$VIS$WDS$WSR$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
US Markets

Equities Mark Best Finish in At Least 4 Weeks Following US-Iran Truce

Equities on Wall Street rallied Wednesday, driving key indexes to their highest close in at least four weeks, as oil prices slid following a two-week ceasefire between the US and Iran.The Dow Jones Industrial Average increased 2.9% to 47,909.9, the highest close since March 5, while the Nasdaq Composite jumped 2.8% to 22,635, its best finish since March 11.The S&P 500 advanced 2.5% to 6,782.8, marking the highest closing level since March 9.Barring energy's 3.7% decline, all sectors ended in the green, led by industrials' 3.8% advance.West Texas Intermediate crude oil was last down nearly 15% at $96.44 a barrel, while Brent futures tumbled about 12% to $96.40 -- though both benchmarks remained well above pre-conflict levels.US President Donald Trump, who had set an 8 pm ET, Tuesday, deadline for Tehran to fully reopen the Strait of Hormuz, agreed to suspend planned attacks on Iran for two weeks upon Pakistan's request. Tehran said it would allow "safe passage" through the key trading route, subject to coordination with Iranian authorities.However, reports about ceasefire violations signified the possible fragile nature of the pact.Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, accused the US of violating the ceasefire agreement.The White House said Iran assured that ships are transiting the Strait of Hormuz, despite reports that Tehran had again closed the waterway because of Israel's attacks on Lebanon, CNN reported.Separately, Kuwait and the United Arab Emirates reportedly said they were targeted with Iranian drones and missiles."The headlines may calm down first, but the real reset depends on what happens in the days ahead," Charu Chanana, chief investment strategist at Saxo Bank, said in a report.US Treasury yields were down, with the 10-year rate falling 5 basis points at 4.3% and the two-year rate dropping 4.1 basis points at 3.79%.Minutes from the Federal Reserve's March meeting showed that participants emphasized the need for the central bank to be "nimble" in adjusting monetary policy amid heightened macro risks."The vast majority of participants judged that upside risks to inflation and downside risks to employment were elevated, and the majority of participants noted that these risks had increased with developments in the Middle East," the minutes showed.Most policymakers were concerned that a prolonged war could soften labor market conditions, possibly warranting policy easing, according to the minutes. However, persistent inflation amid higher oil prices could call for rate increases."The conflicting viewpoints point to a period of policy stability," Sal Guatieri, senior economist at BMO Capital Markets, said in a report. "The Fed is on hold until it has greater clarity on the direction of the Iran war and its effects on the economy and inflation."Airline and cruise operator stocks jumped, with Carnival (CCL) up 11%, among the top gainers on the S&P 500. United Airlines (UAL) surged 7.8%. Southwest Airlines (LUV) and American Airlines (AAL) were also up, along with Norwegian Cruise Line (NCLH) and Royal Caribbean Cruises (RCL).In company news, Meta Platforms (META) shares jumped 6.5% after the tech giant unveiled its Muse Spark artificial intelligence model.Delta Air Lines (DAL) logged better-than-expected first-quarter results amid robust corporate and leisure demand. The air carrier's shares rose 3.8%.Exxon Mobil (XOM) expects its global oil-equivalent output to take a hit in the first quarter due to production disruptions caused by the Middle East conflict. Shares of the US oil giant fell 4.7%, while smaller rival Chevron (CVX) slumped 4.3%, the steepest decline on the Dow.Gold was last up 1.4% at $4,750.70 per troy ounce, while silver gained 3.4% to $74.44 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAL$CCL$CVX$DAL$LUV$META$NCLH$RCL$UAL$XOM
US Markets

Equity Markets Jump Intraday, Oil Sinks Following US-Iran Ceasefire

US benchmark equity indexes rallied intraday, while oil prices slumped after Washington and Iran agreed to a two-week ceasefire.The Nasdaq Composite jumped 2.9% to 22,651.5 after midday Wednesday, while the Dow Jones Industrial Average increased 2.6% to 47,803.5. The S&P 500 advanced 2.4% to 6,778.6. Barring energy's 4.6% decline, all sectors were in the green, led by a 3.9% rise in communication services.West Texas Intermediate crude oil sank 15% to $95.85 a barrel intraday, while Brent futures tumbled 13% to $95.40.US President Donald Trump, who had set an 8 pm ET, Tuesday, deadline for Tehran to fully reopen the Strait of Hormuz, agreed to suspend planned attacks on Iran for two weeks upon Pakistan's request. Tehran said it would allow "safe passage" through the key trading route, subject to coordination with Iranian authorities.However, reports about ceasefire violations signified the possible fragile nature of the pact."While markets are hailing the agreement as cause for celebration, it remains to be seen if the ceasefire will hold, and if flows resume through the Strait of Hormuz," Stifel said in a note.Iran halted oil tanker traffic through the waterway after Israel attacked Lebanon, CNN reported Wednesday, citing semi-official news agency Fars. Separately, Kuwait and the United Arab Emirates reportedly said they were targeted with Iranian drones and missiles.Airline and cruise operator stocks jumped intraday, with Carnival (CCL) up 11%, the top gainer on the S&P 500. United Airlines (UAL) surged 9.9%, among the best performers on the index. Southwest Airlines (LUV) and American Airlines (AAL) were also up sharply, along with Norwegian Cruise Line (NCLH) and Royal Caribbean Cruises (RCL).US Treasury yields were lower intraday, with the 10-year rate down 6.4 basis points at 4.28% and the two-year rate dropping six basis points to 3.77%.In company news, Meta Platforms (META) shares soared 7.9%, among the best performers on the S&P 500, after the tech giant unveiled its Muse Spark artificial intelligence model.Delta Air Lines (DAL) logged better-than-expected first-quarter results amid robust corporate and leisure demand. The air carrier's shares were up 5.8% intraday.Exxon Mobil (XOM) expects its global oil-equivalent output to take a hit in the first quarter due to production disruptions caused by the Middle East conflict. Shares of the US oil giant were down 5.9%, while smaller rival Chevron (CVX) fell 5.5%, the steepest decline on the Dow.Gold was up 1.7% at $4,764.70 per troy ounce, while silver gained 4.7% to $75.35 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAL$CCL$CVX$DAL$LUV$META$NCLH$RCL$UAL$XOM
US Markets

Exxon Mobil Flags First-Quarter Output Hit Due to Middle East Conflict

Exxon Mobil (XOM) expects its global oil-equivalent output to take a hit in the first quarter due to production disruptions caused by the Middle East conflict.Production at certain upstream assets in Qatar and the United Arab Emirates was impacted beginning in March, according to an Exxon regulatory filing. The attacks included those on two liquefied natural gas trains in Qatar.These disruptions could lower Exxon's global oil-equivalent output by roughly 6% on a sequential basis in the first quarter, the company said Wednesday."Public reports indicate the (train) damage will take a prolonged period to repair," Exxon said. "Pending an on-site evaluation, we are unable to comment on the length of time before the two trains return to normal operations."The Middle East assets represent some 20% of the company's oil-equivalent production across the world, but a smaller percentage of upstream earnings, according to the filing.Including the impact of reduced crude availability at its Asia Pacific operations, Exxon said it expects a 2% sequential drop in its global energy products throughput in the first quarter.Shares of the US oil giant were down 5.8% in Wednesday trade. Smaller rival Chevron's (CVX) stock fell 5.6%. Crude oil prices tumbled following a two-week ceasefire between the US and Iran.Exxon expects a surge in energy prices following the 39-day long US-Israel war with Tehran to boost its first-quarter upstream earnings. The company is scheduled to release its first-quarter results on May 1."First-quarter earnings per share are expected to be higher than the fourth quarter of 2025, excluding unfavorable timing effects that will reverse over time," the company said.Exxon said that it normally sees negative timing effects during times of rising prices.The company said timing effects could result in a $3.3 billion to $4.1 billion hit to first-quarter energy products earnings related to transactions for crude and finished products.Price: $154.13, Change: $-9.78, Percent Change: -5.97%

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