Tech Earnings Disappoint Amid Energy Sector Upsurge
Tech earnings dominated this week's market news, with SpaceX and AMD failing to impress investors despite beating revenue expectations.
The tech sector wasn't alone in facing investor skepticism, as pharma giants Eli Lilly and Merck, oil major ConocoPhillips, industrial bellwether Caterpillar, and media group Disney also reported mixed results.
However, some notable companies did exceed expectations, including Exxon, which posted downstream profits of $5.5 billion in the second quarter, its strongest result since 2022, driven by record diesel production.
In energy news, OPEC+ members agreed to increase production by 188,000 barrels per day in September, but this move may not have a significant impact given ongoing disruptions in the Strait of Hormuz and refineries across the Gulf.