Equities
TD Cowen Adjusts Price Target on Exxon Mobil to $168 From $155, Maintains Buy Rating
Exxon Mobil (XOM) has an average rating of overweight and mean price target of $168.36, according to analysts polled by FactSet.
$XOM
Exxon Mobil Corporation
$XOMNYSEEnergy
317 stories mentioning Exxon Mobil CorporationUpdated 2d ago
Exxon featured as Australia's Woodside dismissed media speculation it intended to acquire the firm, while energy shares moved on US-Iran peace news.
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Commodities
Asset Quality, Location now Define Refining Sector Winners, Says Rystad
Competitiveness in the refining sector now depends more than anything else on asset quality, configuration and location, analysts at Rystad said in their Refinery Market Review and Outlook.The US Gulf Coast is now among the most competitive globally, with plentiful cheap crude, a deep conversion capacity and strong export routes, while higher cost assets are slipping in the ranks, the report summary said.Capacity growth from 2015 to 2026 has been concentrated in Asia first and foremost with the Middle East and Africa ranking behind it. Capacity in North America has not changed while there has been a net decline in Europe, the report said.New capacity added in that period, 59 refineries versus 83 that closed, is generally larger, more complex and more focused on exports.Margins for jet fuel and diesel cracks have been the strongest signals in H1, 2026 while naphtha and high-sulfur fuel oil were weak, thereby rewarding refineries that can upgrade lower-value streams.Asia is the largest refined-fuels center with a capacity of more than 30 million barrels a day but it still lacks about 3 million bpd of LPG, 1.5 million bpd of naphtha and 1.3 million of fuel oil.Gasoline demand is falling yearly to about 26.4 million bpd now as sales of electric vehicles accelerate and with increased blending of bioethanol into the fossil fuel. Total biofuel demand is now 1.75 million bpd, the report said.Diesel now holds above 23 million bpd and trucks now use about 67% of this, underscoring the fuel's tight links to freight, goods movement and industrial productivity.National oil companies and pure refiners have led growth in capacity, with Sinopec at 6.5 million bpd, ExxonMobil (XOM) at 4.1 million and Marathon at 3.1 million bpd.Biorefining and circular value chains, led by Eni (E), TotalEnergies (TTE) and Exxonmobil (XOM), are emerging as a new "strategic battleground", the report said.The closure of the Strait of Hormuz since March has left the market structurally short, with a crude balance of around 4 million bpd and refined product balance now 3.8 billion bpd below pre-conflict levels.Global product demand will decline to 65 million bpd by 2050, the report forecasts, after first peaking in the early 2030s at about 82 million bpd. Asia will lead the decline at 6.3 million bpd while African demand will grow, by 500,000 bpd, the report says.By product, demand for gasoline will drop most, falling 11.9 million bpd while jet and kerosene volumes will increase.
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Wire
Market Chatter: White House Set to Extend Jones Act Waiver in Bid to Lower Gas Prices
The Trump administration is expected to extend a waiver of the Jones Act in the coming days to keep a lid on gasoline prices, Reuters reported Tuesday, citing unnamed sources.The Jones Act requires cargo moving between US ports to be carried by US-built ships, owned by US companies and operated by American crews, the report said.The White House didn't immediately reply to a request for comment from.(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: $154.78, Change: $-0.28, Percent Change: -0.18%
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Wire
White House Set to Extend Jones Act Waiver in Bid to Lower Gas Prices, Reuters Reports
White House Set to Extend Jones Act Waiver in Bid to Lower Gas Prices, Reuters Reports
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Asia Markets
Update: Palantir Earnings Beat, Tech Stock Rally Lift US Equity Futures Pre-Bell
(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were higher pre-bell Tuesday as technology-related stocks were on the upswing, highlighted by a Q2 beat-and-raise from Palantir Technologies (PLTR).Dow Jones Industrial Average futures were 1.2% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were 1.1% higher.Palantir shares were up more than 15% in pre-market activity after the company posted Q2 adjusted earnings and revenue that surpassed analysts' estimates, as well as boosting its full-year 2026 revenue outlook.President Donald Trump said late Monday that Exxon Mobil (XOM) and Chevron (CVX) had made "too much money" off higher oil prices and told them to "give some of that back to the public," multiple media outlets reported.SpaceX (SPCX) is expected to report its Q2 earnings after the market closes. Analysts polled by FactSet expect a loss of $0.23 per share on revenue of $6.83 billion.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2.4% at $81.77 per barrel and US West Texas Intermediate crude 3.1% lower at $77.86 per barrel.The US international trade deficit narrowed to $73.26 billion in June from revised $77.65 billion gap in May, compared with a $73.0 billion gap expected in a survey compiled by Bloomberg.June factory orders, due at 10 am ET, are expected to have gained 0.2%, compared with a decline of 1.3% previously. June job openings from the US Department of Labor's Job Openings and Labor Turnover Survey are expected at 7.454 million, compared with 7.594 million in the prior month.In other world markets, Japan's Nikkei closed 0.3% higher, Hong Kong's Hang Seng ended 0.6% lower, and China's Shanghai Composite finished 0.3% higher. Meanwhile, the UK's FTSE 100 was up 0.3%, and Germany's DAX index was 0.8% higher in Europe's early afternoon session.In equities, Caterpillar (CAT) shares rose 11% after the company's Q2 adjusted profit and revenue beat analysts' consensus. Merck (MRK) stock was up 0.9% after the company posted better-than-expected Q2 results. Broadcom (AVGO) shares were 2.7% higher and Micron Technology (MU) stock was up 4.5% as part of a broader rally in technology stocks.On the losing side, HSBC (HSBC) shares fell 2% despite the company posting higher basic earnings and revenue for Q2. Prologis (PLD) stock was down 3% after the company said it reached a recommended agreement to acquire Segro in a transaction valuing the target company at about $18.8 billion.
Dow JonesNasdaq CompositeS&P 500$AVGO$CAT$CVX$HSBC$MRK$MU$PLD$PLTR$SPCX$XOM
Equities
Update: Market Chatter: Trump Says Exxon, Chevron Making 'Too Much Money'
(Update with Exxon's response to a request for comment in the last paragraph.)President Donald Trump said Exxon Mobil (XOM) and Chevron (CVX) are making "too much money" and that "they better cut the retail price," Bloomberg reported Monday, citing comments made by him at the White House.Exxon declined to comment, while Chevron didn't reply to a request for comment from.(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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Japan
Palantir Earnings Beat, Tech Stock Rally Lift US Equity Futures Pre-Bell
US equity futures were higher pre-bell Tuesday as technology-related stocks were on the upswing, highlighted by a Q2 beat-and-raise from Palantir Technologies (PLTR).Dow Jones Industrial Average futures were 0.8% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were 0.9% higher.Palantir shares were up more than 15% in pre-market activity after the company posted Q2 adjusted earnings and revenue that surpassed analysts' estimates, as well as boosting its full-year 2026 revenue outlook.President Donald Trump said late Monday that Exxon Mobil (XOM) and Chevron (CVX) had made "too much money" off higher oil prices and told them to "give some of that back to the public," multiple media outlets reported.SpaceX (SPCX) is expected to report its Q2 earnings after the market closes. Analysts polled by FactSet expect a loss of $0.23 per share on revenue of $6.83 billion.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.6% at $82.35 per barrel and US West Texas Intermediate crude 2.5% lower at $78.30 per barrel.The international trade in goods report for June, scheduled for release at 8:30 am ET, is expected to post a deficit narrowing to $73.0 billion from $77.6 billion in the prior month, according to estimates compiled by Bloomberg.June factory orders, due at 10 am ET, are expected to have gained 0.2%, compared with a decline of 1.3% previously. June job openings from the US Department of Labor's Job Openings and Labor Turnover Survey are expected at 7.454 million, compared with 7.594 million in the prior month.
Dow JonesNasdaq CompositeS&P 500$CVX$PLTR$SPCX$XOM
Equities
Goldman Sachs Adjusts Exxon Mobil Price Target to $168 From $164, Maintains Neutral Rating
Exxon Mobil (XOM) has an average rating of overweight and mean price target of $167.05, according to analysts polled by FactSet.
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Oil & Energy
EMEA Oil Update: Oil Benchmarks Rebound as Supply Concerns Linger
Crude oil futures rebounded on Tuesday after sliding sharply in the last session as persistent shipping bottlenecks in the Strait of Hormuz and sliding Saudi exports underscored ongoing supply vulnerabilities.Brent crude futures gained by 1.1% to $84.72 per barrel, while Murban crude futures added 0.9% to $81.77/bbl."Oil sold off sharply yesterday on optimism that a Middle East deal might be within reach. However, markets may be getting ahead of themselves once again," ING analysts said.Saudi Arabia's crude oil exports slipped in July as security risks in the Persian Gulf and Red Sea disrupted tanker movements, Bloomberg reported on Monday.Commercial vessel traffic remained severely constrained, with MarineTraffic data showing just nine crossings through the Strait of Hormuz on August 2, down from 23 on July 31, while activity via the Bab el-Mandeb also eased.ING highlighted that Iran's public denials of talks and President Trump's warning of renewed escalation leave ample room for market volatility.US President Donald Trump stated on Monday that negotiations with Iran are continuing, describing the diplomatic push as Tehran's "last chance" while prioritizing the reopening of the Strait of Hormuz.Trump noted that talks are ongoing at the request of Iran and regional partners, including Saudi Arabia, the UAE, and Qatar, despite Tehran's earlier denials.Meanwhile, regulatory and policy shifts emerged in Asia as India raised windfall taxes on petrol, diesel, and aviation fuel exports.Additionally, state-run Oil and Natural Gas Corporation announced it will reserve half of its planned 1.75 million-metric-ton oil storage facility in Mangaluru for national strategic petroleum reserves.Meanwhile, Trump publicly criticized energy giants ExxonMobil (XOM) and Chevron (CVX) on Monday for making "too much money" off higher fuel prices following robust second-quarter earnings, calling on the companies to return capital to the public.
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Oil & Energy
Trump Calls Iran Talks 'Last Chance' as Strait of Hormuz Reopening Tops Agenda
US President Donald Trump said Monday that Iran negotiations are continuing after he delayed planned military action, calling the talks Tehran's "last chance" while prioritizing reopening the Strait of Hormuz.The president made the remarks while speaking to reporters after signing an executive order at the White House.Trump said US and Iranian officials currently remain in talks despite Tehran's earlier public denials. "We're talking, and we're talking at the request of Iran, backed by Saudi Arabia, backed by UAE, and backed by Qatar in particular, but others also," he said.He said the US had prepared a major military strike before postponing the operation after Iran sought negotiations."We were going to hit them very hard yesterday [Sunday]...," he said, adding, "... this is a last chance for them to sign a good document."Trump said he still has military options available but prefers diplomacy. "I want to give them every last chance before decapitation," he added.Trump said reopening the Strait of Hormuz remains the immediate priority. "We're talking about the Strait... having it open literally by tomorrow, completely open, and that's phase one," he said.He said negotiations would then shift to Iran's nuclear program. "The second phase will be the denuclearization and that'll take a little while," Trump said.Asked whether Iran could impose transit charges in the Strait of Hormuz, Trump rejected the idea. "I'm not going to let them charge," he said."If anybody's going to charge, we'll charge," Trump said, adding the US has "total control" of the waterway.Trump also linked a potential agreement with lower energy prices. "You're going to see oil, when we're finished with Iran, you're going to see the prices drop through the floor," he said.He criticized major US oil producers for reporting strong earnings. "They're making too much money... they better cut the retail price, the consumer price," Trump said of Exxon Mobil (XOM) and Chevron (CVX).Trump also urged the UK to expand North Sea oil production, arguing the country could sharply reduce energy costs."You could cut them [prices] in half. You could give away free energy if you'd open up the North Sea ...," he said.
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Sectors
Sector Update: Energy Stocks Fall Late Afternoon
Energy stocks declined late Monday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each falling 1.6%.The Philadelphia Oil Service Sector Index was down 1.5%, and the Dow Jones US Utilities Index was easing 0.2%.Crude oil prices fell after US President Donald Trump said talks with Iran were set to begin Monday after he called off a planned military strike against the Gulf nation. Over the weekend, Trump said negotiations with Iran would begin Monday, without revealing the venue or participants, news outlets reported. In a social media post, Trump said he had called off a planned attack against Iran after being asked by Tehran and other Middle Eastern countries because the "perimeters of a deal has been agreed to."Front-month West Texas Intermediate crude oil fell 5.1% to $80.34 a barrel, and the global benchmark Brent crude contract dropped 4.5% to $83.98 a barrel. Henry Hub natural gas futures rose 1% to $2.77 per 1 million BTU.In corporate news, Shell (SHEL) said Monday it has agreed to sell its European onshore renewables portfolio to TotalEnergies (TTE). Shell was down 0.8%, and TotalEnergies eased 0.5%.Chevron (CVX) said it will expand its North American base oils distribution network through new agreements with HF Sinclair Lubricants & Specialties and Renkert Oil, starting May 1, 2027. Chevron shares were shedding 1.9%.President Donald Trump said Exxon Mobil (XOM) and Chevron are making "too much money" and that "they better cut the retail price," Bloomberg reported Monday, citing comments made by him at the White House. Exxon shares were down 0.5%.BP (BP) has completed the sale of its Gelsenkirchen refinery and related businesses in Germany to Klesch, the company said. BP shares were falling 2.3%.
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Sectors
Sector Update: Energy
Energy stocks declined late Monday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each falling 1.6%.The Philadelphia Oil Service Sector Index was down 1.5%, and the Dow Jones US Utilities Index was easing 0.2%.Front-month West Texas Intermediate crude oil fell 5.1% to $80.34 a barrel, and the global benchmark Brent crude contract dropped 4.5% to $83.98 a barrel. Henry Hub natural gas futures rose 1% to $2.77 per 1 million BTU.In corporate news, President Donald Trump said Exxon Mobil (XOM) and Chevron (CVX) are making "too much money" and that "they better cut the retail price," Bloomberg reported Monday, citing comments made by him at the White House. Exxon shares were down 0.6%, and Chevron was falling 2.1%.
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Wire
Market Chatter: Trump Says Exxon, Chevron Making 'Too Much Money'
President Donald Trump said Exxon Mobil (XOM) and Chevron (CVX) are making "too much money" and that "they better cut the retail price," Bloomberg reported Monday, citing comments made by him at the White House.Exxon and Chevron didn't immediately reply to requests for comment from.(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: $154.75, Change: $-0.69, Percent Change: -0.44%
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Wire
Trump Says Exxon, Chevron Making 'Too Much Money,' Bloomberg Reports
Trump Says Exxon, Chevron Making 'Too Much Money,' Bloomberg Reports
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Commodities
US Land Rig Count Holds at 572 While Oilfield Services Stocks Decline, RBC Says
US active land drilling rigs held steady at 572 last week as the Permian added rigs, while oilfield services stocks declined and basin activity remained mixed, RBC Capital Markets said in a Monday note.The Baker Hughes (BKR) US land rig count remained unchanged at 572. Oil rigs held at 436 and gas rigs stayed at 127, while oil rigs increased by four over the month and gas rigs rose by one.The Permian added two rigs to 260, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.Among drillers, Helmerich & Payne (HP) operated 90 Permian rigs, or 32% of the total, followed by Patterson-UTI (PTEN) with 32 rigs, or 11%, and Nabors Industries (NBR) with 29 rigs, or 10%, RBC said.Among operators, ExxonMobil (XOM) led the Permian with 35 rigs, followed by Devon Energy (DVN) and Occidental Petroleum (OXY) with 21 rigs each. Private operators accounted for 45% of active Permian rigs, up from 42% a year earlier.The Eagle Ford also added two rigs to 49. Among drillers, Helmerich & Payne operated 17 rigs, Nabors Industries had 12 and Patterson-UTI had seven, RBC said.Among operators, ConocoPhillips (COP) led the Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators accounted for 54% of active Eagle Ford rigs, up from 36% a year earlier, RBC said.The Williston rig count remained unchanged at 27. Among drillers, Nabors Industries operated 16 rigs, Patterson-UTI had seven and Helmerich & Payne had five, according to RBC.Among operators, Chord Energy (CHRD) led the Williston with five rigs, while Chevron (CVX) and ConocoPhillips each operated three. Public operators accounted for 37% of active rigs, compared with 38% a year earlier, RBC said.Oilfield services stocks under RBC coverage declined 3.3% over the week, while West Texas Intermediate crude fell 3.8%. Liberty Energy (LBRT) gained 7.8%, Baker Hughes rose 5.7% and Nabors Industries advanced 2.8%.The weakest performers were Atlas Energy Solutions (AESI), down 9.8%, Trican Well Service, down 11%, and Ensign Energy Services, down 11.6%.RBC added that its oilfield services coverage group has gained 30.1% year to date, compared with a 10.1% gain for the S&P 500 Index.Price: $60.46, Change: $-0.03, Percent Change: -0.05%
$AESI$BKR$CHRD$COP$CRGY$CVX$DVN$EOG$HP$LBRT$NBR$OXY$PTEN$XOM
Equities
JPMorgan Adjusts Price Target on Exxon Mobil to $166 From $158, Maintain Overweight Rating
Exxon Mobil (XOM) has an average rating of overweight and mean price target of $167.05, according to analysts polled by FactSet.
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Equities
HSBC Adjusts Price Target on Exxon Mobil to $158 From $168, Maintain Hold Rating
Exxon Mobil (XOM) has an average rating of overweight and mean price target of $167.05, according to analysts polled by FactSet.
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US Markets
Update: Wall Street Gains Amid Amazon Rally as July Ends Mostly Lower
(Updates with market moves at the end of the day, along with weekly and monthly index changes.)US equity indexes rose Friday as Amazon (AMZN) surged 15% post earnings, while Wall Street closed out July mostly lower.The Nasdaq Composite rose 1% to 25,373.85, while the S&P 500 climbed 0.7% to 7,489.72. The Dow Jones Industrial Average gained 0.5% to settle at 52,485.03. Among sectors, consumer discretionary was a standout gainer with its 6.1% advance, while materials saw the steepest drop of 2.7%.For the month of July, the Nasdaq shed 3.2% and the S&P 500 edged 0.1% lower, the second consecutive month of losses for both measures. The Dow added 0.3% to log its fourth straight monthly gain.All three indexes posted weekly gains, with the Nasdaq up 1.6%. The S&P 500 and the Dow climbed 1.1% and 1%, respectively.Amazon was the best performer on the Dow and the S&P 500. Late Thursday, the e-commerce giant reported second-quarter earnings above Wall Street's estimates amid a 37% jump in its Amazon Web Services cloud computing business."Amazon's (second-quarter) print was exactly what bulls wanted," RBC Capital Markets said in an emailed client note. "AWS' accelerating 37% growth beat the bogey, the backlog meaningfully accelerated and AWS's margin flow-through would suggest AI may not be the (return on invested capital) depressant it's been made out to be."Apple (AAPL) slumped 7.1%, the worst performer on the Dow and among the biggest declines on the S&P 500. The company missed market estimates for iPad and services revenue in its fiscal third quarter.Apple supply chain-related concerns could persist into fiscal 2027, UBS Securities said, after Chief Financial Officer Kevan Parekh flagged a worsening supply backdrop.West Texas Intermediate crude oil was up 1.1% at $84.52 a barrel in Friday late-afternoon trade, while Brent rose 1.2% to $90.12. Both benchmarks are set to close out July with monthly gains of more than 20%, following two consecutive monthly declines.Iran hit two tankers trying to transit the Strait of Hormuz under US military escort, CNBC reported, citing state run PressTV.Iran's army said Friday that it struck strategic US assets and military bases in Kuwait and Bahrain, following Washington's attacks against Iran, according to a separate CNBC report that cited state media.In other corporate news, oil giants Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year gains in their second-quarter results as supply disruptions in the Middle East boosted oil prices. Exxon shares fell 1%, while Chevron rose 2.4%.Newell Brands (NWL) jumped 9% as its second-quarter earnings unexpectedly rose year over year on the back of tariff refunds, while the consumer products manufacturer returned to revenue growth for the first time in more than four years.Treasury yields were higher, with the 10-year rate up 5.5 basis points at 4.72%, while the two-year rate rose 3.3 basis points to 4.26%.The Federal Reserve may need to pursue an aggressive tightening cycle if it doesn't raise interest rates immediately to bring inflation down, the three dissenters at this week's monetary policy meeting said Friday.The central bank's 12-member Federal Open Market Committee maintained its benchmark rate on Wednesday, staying on hold for the fifth time. However, three regional Fed presidents -- Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas -- preferred to raise rates by a quarter percentage point.Spot gold declined 1.2% to $4,052.33 per troy ounce, while silver fell 1.6% to $58.08 per ounce.
Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$CVX$NWL$XOM
Sectors
Sector Update: Energy Stocks Rise Late Afternoon
Energy stocks were higher late Friday afternoon, with the NYSE Energy Sector Index rising 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.7%.The Philadelphia Oil Service Sector Index was climbing 2.3%, and the Dow Jones US Utilities Index decreased 0.4%.In geopolitical news, Iran said Friday that it had targeted US military assets at Kuwait's Ahmad Al-Jaber airbase, describing the attack as retaliation for US strikes a day earlier, Al Jazeera reported Friday. The US has not responded to Iran's attack yet, and specific details about the damage and casualties are not known, the report said.Separately, President Donald Trump said the US has an "understanding" with Israel to start implementing an agreement in Gaza that would require Israeli forces to withdraw and Hamas to give up its weapons, a critical step in implementing a multi-phase peace plan to end the war, according to CNN. A senior Hamas official told CNN that the militant group had agreed to the deal with the US-backed Board of Peace, contingent on Israel upholding its obligations. Hamas has never before agreed to a specific plan to hand over its weapons, according to CNN.Front-month West Texas Intermediate crude oil rose 1.3% to $84.64 a barrel, and the global benchmark Brent crude contract added 1.2% to $90.12 a barrel. Henry Hub natural gas futures shed 0.4% to $2.75 per 1 million BTU.In corporate news, Exxon Mobil (XOM) and Chevron (CVX) on Friday reported year-over-year gains in their Q2 results as the supply disruptions in the Middle East boosted oil prices. Exxon shares were down 0.8%, and Chevron rose 2.5%.Phillips 66 (PSX) said Friday its board authorized an additional $10 billion of share repurchases, increasing the company's buyback capacity as the remaining authorization nears depletion. Phillips 66 shares were up 0.4%.Shell (SHEL) has agreed to sell its BG Cyprus subsidiary to MOL Group for up to $720 million, subject to customary adjustments and milestone-linked contingent payments, the company said Friday. Shell shares were up 1.4%.BP (BP) said Friday it has launched a process to market its North Sea oil and gas business for a potential sale as part of its broader portfolio review. BP shares rose 1.9%.
$BP$CVX$PSX$SHEL$XOM
US Markets
Update: Equity Markets Rise Intraday Amid Amazon's Post-Earnings Rally
(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, supported by Amazon's (AMZN) post-earnings rally, though Apple's (AAPL) shares tumbled after the iPhone maker flagged worsening supply constraints.The Nasdaq Composite was up 0.9% at 25,342.7 after midday Friday, while the S&P 500 climbed 0.7% to 7,485.7. The Dow Jones Industrial Average rose 0.6% to 52,521.3. Among sectors, consumer discretionary was a standout gainer with its 6% advance, while materials saw the steepest drop.Amazon' shares jumped 15% intraday, the best performer on the Dow and the S&P 500. Late Thursday, the e-commerce giant reported second-quarter earnings above Wall Street's estimates amid a 37% jump in its Amazon Web Services cloud computing business."Amazon's (second-quarter) print was exactly what bulls wanted," RBC Capital Markets said in an emailed client note. "AWS' accelerating 37% growth beat the bogey, the backlog meaningfully accelerated and AWS's margin flow-through would suggest AI may not be the (return on invested capital) depressant it's been made out to be."Apple was down 9.7%, the worst performer on the Dow and among the biggest declines on the S&P 500. The company missed market estimates for iPad and services revenue in its fiscal third quarter. The tech giant recently increased prices for MacBooks and iPads amid surging memory and storage chip costs.On the earnings call late Thursday, Apple Chief Executive Tim Cook flagged supply constraints in the September quarter affecting iPhone, Mac, and iPad."We continue to expect high levels of demand. However, with less flexibility in supply chain, we expect the impact from the supply constraints to increase significantly sequentially," he told analysts, according to a FactSet transcript.West Texas Intermediate crude oil was up 1.4% at $84.74 a barrel intraday, while Brent rose 1.1% to $90.03. Both benchmarks are set to close out July with monthly gains of more than 20%, following two consecutive monthly declines.Iran hit two tankers trying to transit the Strait of Hormuz under US military escort, CNBC reported, citing state run PressTV.Iran's army said Friday that it struck strategic US assets and military bases in Kuwait and Bahrain, following Washington's attacks against Iran, according to a separate CNBC report that cited state media.In other corporate news, oil giants Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year gains in their second-quarter results as supply disruptions in the Middle East boosted oil prices. Exxon shares fell 1.5%, while Chevron rose 1.7%.Newell Brands (NWL) jumped 14% as its second-quarter earnings unexpectedly rose year over year on the back of tariff refunds, while the consumer products manufacturer returned to revenue growth for the first time in more than four years.Treasury yields were higher, with the 10-year rate up 7.4 basis points at 4.74%, while the two-year rate jumped six basis points to 4.29%.The Federal Reserve may need to pursue an aggressive tightening cycle if it doesn't raise interest rates immediately to bring inflation down, the three dissenters at this week's monetary policy meeting said Friday.The central bank's 12-member Federal Open Market Committee maintained its benchmark rate on Wednesday, staying on hold for the fifth time. However, three regional Fed presidents -- Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas -- preferred to raise rates by a quarter percentage point.Spot gold declined 1.5% to $4,043.11 per troy ounce, while silver fell 2.3% to $57.65 per ounce.
Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$CVX$NWL$XOM
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