Stock Market Turmoil: Earnings, Subsidies, and Bitcoin Woes
The US stock market is seeing significant activity as various companies report their quarterly earnings. ExxonMobil and Chevron together posted $26.5 billion in Q2 2026 earnings, with Exxon's profit at $14.5 billion and Chevron hitting a record $12.2 billion. This comes amid market unrest stemming from the Iran conflict, production declines in the Gulf, and refinery shutdowns.
MicroStrategy reported a Q2 net loss of $8.22B, largely attributed to an $8.32B unrealized markdown on its Bitcoin holdings. Despite this, subscription revenues climbed 54% to $62.86M, and the firm's target price points to a potential 245% rebound if Bitcoin recovers.
Centene is particularly vulnerable as it has 90% of its prescription drug plan customers enrolled in standalone Medicare Part D plans set to lose the $10/month subsidy after 2026. This could lead to a nationwide bid jump for 2027, with final premiums to be announced in September.