Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines, distillates, aviation, and renewable. The M&S segment purchases for resale and markets refined petroleum products, including gasolines, distillates, and aviation fuels. This segment also manufactures and markets specialty products, such as base oils and lubricants. Phillips 66 was founded in 1875 and is headquartered in Houston, Texas.

Phillips 66 looks like a company with strong earnings, but with a noticeably more expensive valuation on a balance sheet and cash flow basis than one would like to see for conservative upside. A P/E of 14.57 looks close to the industry median, so on its own it does not provide a strong signal either to the upside or the downside. At the same time, a P/S of 0.68 is noticeably below the industry median, which supports the thesis that it is undervalued on a revenue basis, but this positive point is partially offset by a high P/B of 3.12 and P/FCF of 16.17, which point to a more expensive valuation of capital and free cash flow. Return on capital looks very strong: ROE of 23.51% and return on tangible equity of 25.55% are above the industry, which indicates good quality earnings on equity. However, ROA of 5.32% is below the median, which suggests less efficient use of assets than the sector’s best players. Margins remain a weak point: net margin of 4.66%, operating margin of 5.74%, and gross margin of 13.10% are significantly below industry benchmarks, so the business’s profitability at the operating level does not yet look outstanding. Earnings and revenue trends are generally positive: revenue of 51.0 billion and net income of 3.85 billion support the valuation, while EPS of 9.41 and forward EPS of 7.68 remain strong relative to the sector. The balance sheet is moderately stable: a current ratio of 1.32 and quick ratio of 1.00 are not concerning, but debt/equity of 0.57 and long-term debt of 18.68 billion call for caution, especially given the industry’s high capital intensity. Equity of 32.7 billion and net worth of 67.7 billion look like a solid foundation for the valuation, but rising liabilities and imperfect liquidity limit re-rating potential. Dividend yield is currently absent, and historically it has declined, which removes one of the traditional arguments in favor of energy stocks. Overall, the fundamentals support a moderately positive view of the business, but the high P/B and P/FCF valuation, as well as weak margins and imperfect leverage, do not allow for an aggressive increase in the target price. For an investor, this is not a story of deep undervaluation, but rather of a quality asset that is no longer cheap and has limited room for revaluation.

Phillips 66

Средний индекс, значительно упал. Быки продолжают терять уверенность.

Medium index, significantly down. Bulls continue to lose confidence.

Сильный индекс, без изменений. Медведи в растерянности.

Strong index, flat. The bears are confused.

Сильный индекс, незначительно упал. Рынок не поддерживает быков.

Strong index, slightly down. The market does not support the bulls.

Сильный индекс, без изменений. Рынок на стороне медведей.

Strong index, flat. The market is on the bears' side.

Средний индекс, незначительно вырос. Отток средств из лонгов снизился, но остается значительным.

Medium index, slightly up. The outflow of funds from longs has decreased, but remains significant.

Слабый индекс, незначительно упал. Приток средств в шорты снизился, но остается положительным.

Weak index, slightly down. The inflow of funds into shorts has decreased, but remains positive.

Strong profitability and ROE support PSX, but weak margins, a high P/B, and an expensive P/FCF limit valuation upside.

The S&P 500 Index ($SPX) (SPY) closed down by -1.09% on Friday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.34%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.50%. December E-mini S&P futures (ESZ26) fell -1.14%, and December E-mini Nasdaq futures (NQZ26) fell -2.51%.
Stock indexes sold off sharply on Friday, with the S&P 500 falling to a 2-week low and the Nasdaq 100 dropping to a 1-month low. Selling in chipmakers and AI-infrastructure stocks led the market lower on Friday, driven by concerns about whether companies will see returns on their huge investments in the AI infrastructure buildout. Also, CoreWeave sank more than -11% to weigh on cloud infrastructure stocks as concerns about the company’s credit risk linger.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stock losses accelerated Friday afternoon as crude oil prices soared more than 3% to a 1-month high, raising inflation expectations and fueling fears the Fed will keep raising interest rates to contain inflation.
Higher bond yields undercut stocks after Fed Chair Warsh made no remarks on monetary policy or his outlook for the US economy late Thursday evening at the IMF annual meeting in Bangkok. The 10-year T-note yield rose +1 bp to 5.09%.
Friday’s US economic news was mixed for stocks. The Sep import price index ex-petroleum rose +0.8% m/m, stronger than expectations of +0.6% m/m, the largest increase in 5 months and a sign of price pressures. However, Sep manufacturing production rose +0.3% m/m, right on expectations.
Stocks have support from the prospect of solid quarterly earnings results that began this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%. As of Friday, 40 of the S&P 500 companies have reported results, with 78% beating estimates.
Nov WTI crude oil prices (CLX26) surged more than +3% on Friday to a 1-month high. Crude prices rallied on Friday amid a weaker dollar and concerns that escalating Middle East hostilities could disrupt regional energy supplies. Prices race to their highs Friday afternoon after US lawmakers introduced a bill to block President Trump’s deal with Russia to release several hundred million barrels of diesel fuel.
Markets are discounting a 17% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled higher on Friday. The Euro Stoxx 50 closed up +0.58%. China's Shanghai Composite closed up +0.24%. Japan's Nikkei-225 Stock Average closed up +1.39%.
Interest Rates
December 10-year T-notes (ZNZ6) closed down -2.5 ticks on Friday. The 10-year T-note yield rose +2.7 bp to 5.085%. Dec T-notes were under pressure Friday after Fed Chair Warsh's lack of guidance at the annual IMF meeting in Bangkok weighed on T-notes. Also, Friday’s +3% surge in WTI crude oil to a 1-month high raised inflation expectations and weighed on T-notes. Friday’s stock plunge sparked safe-haven buying of government debt and limited T-note losses.
European government bond yields were mixed on Friday. The 10-year German bund yield rose +1.3 bp to 3.426%. The 10-year UK gilt yield fell -0.2 bp to 5.373%.
ECB Governing Council member and Bundesbank President Joachim Nagel said. "The ECB has raised interest rates twice, and if the situation remains as it is, we don't rule out the possibility that we may have to take further action."
Markets are discounting a 10% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks continued their week-long slide on Friday, weighing on the broader market. Seagate Technology Holdings Plc (STX) closed down more than -7%, and Western Digital (WDC), SanDisk (SNDK), and ARM Holdings Plc (ARM) closed down more than -6%. Also, Advanced Micro Devices (AMD), Micron Technology (MU), Intel (INTC), and Marvell Technology (MRVL) closed down more than -5%, and Lam Research (LRCX), KLA Corp (KLAC), Applied Materials (AMAT), and Broadcom (AVGO) closed down more than -4%. In addition,
CoreWeave (CRWV) closed down more than -11% to weigh on cloud infrastructure stocks as debt concerns linger after swaps priced in more than a 50% chance the company will default on its debt within five years. Also, Nebius Group NV (NBIS) closed down more than -12% to lead losers in the Nasdaq 100, and Applied Digital (APLD) closed down more than -11%. In addition, Lumentum Holdings (LITE) closed down more than -5%, and Oracle (ORCL) and Arista Networks (ANET) closed down more than -4%.
The Magnificent Seven stocks, excluding Apple, fell on Friday and weighed on the overall market. Meta Platforms (META) closed down more than -3%, and Alphabet (GOOGL) closed down more than -2% to lead losers in the Dow Jones Industrials. Also, Tesla (TSLA) closed down more than -2%, and Amazon.com (AMZN), Microsoft (MSFT), and Nvidia (NVDA) closed down more than -1%. Apple (AAPL) bucked the trend and closed up +0.43%.
Cybersecurity stocks retreated on Friday. Okta (OKTA) closed down more than -10%, and SentinelOne (S), Fortinet (FTNT), Crowdstrike Holdings (CRWD), and Palo Alto Networks (PANW) closed down more than -7%. Also, Cloudflare (NET) closed down more than -6%, Zscaler (ZS) closed down more than -5%, and Gen Digital (GEN) closed down more than -2%.
Energy producers and service providers rallied on Friday after WTI crude oil rose more than +3% to a 1-month high. APA Corp (APA) closed up more than +4%, and Diamondback Energy (FANG) closed up more than +4% to lead gainers in the Nasdaq 100. Also, ConocoPhillips (COP) and Devon Energy (DVN) closed up more than +3%, and Chevron (CVX) closed up more than +2% to lead gainers in the Dow Jones industrials. In addition, Baker Hughes (BKR), ExxonMobil Holdings (XOM), Occidental Petroleum (OXY), and SLB Ltd (SLB) closed up more than +2%, and Halliburton (HAL) and Phillips 66 (PSX) closed up more than +1%.
Defense contractors rose on Friday as the companies are set to benefit from increased defense spending. Northrop Grumman (NOC) closed up more than +4%, and Lockheed Martin (LMT), RTX Corp (RTX), and L3Harris Technologies (LHX) closed up more than +3%. Also, General Dynamics (GD) closed up more than +2%, and Huntington Ingalls Industries (HII) closed up more than +1%.
Defensive food producers moved higher on Friday amid the slump in the broader market. Kraft Heinz Co (KHC), McCormick & Co (MKC), J M Smucker (SJM), Hershey Co (HSY), Hormel Foods (HRL), and Mondelez International (MDLZ) closed up more than +1%.
Omeros (OMER) closed down more than -14% after the European Medicines Agency issued a negative opinion on the company’s application for its narsoplimab therapy.
Earnings Reports (10/19/2026)
AGNC Investment Corp (AGNC), BOK Financial Corp (BOKF), Cleveland-Cliffs Inc (CLF), Crown Holdings Inc (CCK), Fifth Third Bancorp (FITB), FNB Corp/PA (FNB), RLI Corp (RLI), Steel Dynamics Inc (STLD), W R Berkley Corp (WRB), Western Alliance Bancorp (WAL), Wintrust Financial Corp (WTFC), Zions Bancorp NA (ZION).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stock Indexes Finish Sharply Lower as Tech Stocks Plunge

The S&P 500 Index ($SPX) (SPY) closed down by -0.02% on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.35%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.31%. December E-mini S&P futures (ESZ26) fell -0.02%, and December E-mini Nasdaq futures (NQZ26) fell -0.32%.
Stock indexes settled lower on Tuesday, with the Nasdaq 100 falling to a 1.5-week low. Weakness in chipmakers weighed on the broader market Tuesday amid concerns that investment in artificial intelligence may be unsustainable due to safety concerns and signs of funding strain. Also, a selloff in South Korea’s Samsung Electronics and SK Hynix knocked South Korea’s Kospi Index down more than -5% on Tuesday to a 2.5-month low amid concerns over intensifying competition from China, adding additional pressure to chip stocks.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
However, stocks recovered from their worst levels on Tuesday as bond yields fell on dovish Fed comments that bolstered speculation the Fed won’t be forced to raise interest rates aggressively. Fed Governor Christopher Waller said the recent surge in long-term bond yields is helping to curb demand in interest-rate-sensitive sectors, such as housing and automobiles, doing some of the Fed's work to tighten monetary policy. Waller’s comments suggest he favors holding policy steady at the FOMC meeting later this month. Also, New York Fed President John Williams said, "It may be appropriate for one more 25 bp Fed rate hike this year, but I don't think at this time I have any reason to believe that we would need to do more."
Hawkish comments on Tuesday from Chicago Fed President Austan Goolsbee limited the decline in T-note yields when he said inflation tied to the AI boom is "jumping out of its lane" and starting to push up prices in unrelated corners of the economy. The 10-year T-note yield fell -3 bp to 5.21%.
Tuesday’s US economic news was supportive for stocks after Sep existing home sales unexpectedly rose +1.5% m/m to 3.99 million, stronger than expectations of a decline to 3.95 million.
Stocks have support from the prospect of solid quarterly earnings results starting this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.”
According to data compiled by Bloomberg Intelligence, Q3 S&P 500 profits are expected to climb by +25% from a year earlier, up from a July estimate of 22%. Q3 earnings season begins this week when US money center banks report.
The International Monetary Fund (IMF) raised its 2026 global GDP forecast to 3.1% from 3.0% in July and kept its 2026 global consumer price forecast unchanged from July at 4.7%.
Nov WTI crude oil prices (CLX26) rose slightly on Tuesday amid concerns about Middle East energy-supply disruptions. Saudi Arabia has seen an increase in attacks from Houthi rebels in Yemen in recent days, while Iran has ramped up attacks on shipping in the Strait of Hormuz.
Gains in crude were limited on Tuesday after Saudi Arabia said its Sep crude production rose by +2 million bpd (+40% m/m) to 8.732 million bpd, recovering from a 36-year low in August. Goldman Sachs estimates a $24-a-barrel risk premium in crude oil prices due to the Middle East conflict. However, if Europe releases half the diesel it has announced from reserves, fair value prices could fall by about $11 a barrel.
Markets are discounting a 22% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled mixed on Tuesday. The Euro Stoxx 50 closed down -0.55%. China's Shanghai Composite recovered from a 2.5-month low and closed up +0.10%. Japan's Nikkei-225 Stock Average fell to a 1.5-week low and closed down -1.82%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +5.5 ticks on Tuesday. The 10-year T-note yield fell -2.5 bp to 5.213%. Dec T-notes rose to a 1-week high on Tuesday, and the 10-year T-note yield fell to a 1-week low of 5.171%. Lower inflation expectations supported gains in T-notes on Tuesday after the 10-year breakeven inflation rate fell to a 1-week low of 2.336%. Dovish Fed comments also supported T-note prices on Tuesday when Fed Governor Christopher Waller said the recent surge in long-term bond yields is doing some of the Fed’s work to tighten monetary policy, suggesting he favors holding policy steady at the FOMC meeting later this month. Also, New York Fed President John Williams said that after the Fed hikes rates one more time this year, he believes the Fed’s rate-hike cycle is done.
T-note gains were limited Tuesday after Chicago Fed President Austan Goolsbee said inflation remains too high. Also, Tuesday’s report showing Sep existing home sales unexpectedly increased weighed on T-notes.
European government bond yields were mixed on Tuesday. The 10-year German bund yield fell to a 1-week low of 3.426% and finished down -0.8 bp to 3.469%. The 10-year UK gilt yield rose +0.7 bp to 5.447%.
Markets are discounting a 12% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks retreated for a second session on Tuesday, weighing on the overall market. Applied Materials (AMAT) closed down more than -6% to lead losers in the S&P 500 and Nasdaq 100 after failing to give a detailed outlook at an investor day conference. Also, Micron Technology (MU) and KLA Corp (KLAC) closed down more than -3%, and Lam Research (LRCX) closed down more than -2%. In addition, ASML Holding NV (ASML) and Western Digital (WDC) closed down more than -1%.
Pharmaceutical stocks sold off on Tuesday. Vertex Pharmaceuticals (VRTX) closed down more than -4%, and Merck & Co (MRK), Ionis Pharmaceuticals (IONS), Jazz Pharmaceuticals Plc (JAZZ), and Untragenyx Pharmaceutical (RARE) closed down more than -2%. Also, Gilead Sciences (GILD), Amgen (AMGN), Eli Lilly (LLY), Alnylam Pharmaceuticals (ALNY), and Regeneron Pharmaceuticals (REGN) closed down more than -1%.
Energy producers and service providers rallied on Tuesday as WTI crude prices rose. Valero Energy (VLO) closed up more than +4%, and Marathon Petroleum (MPC) and Phillips 66 (PSX) closed up more than +3%. Also, APA Corp (APA), ConocoPhillips (COP), and Devon Energy (DVN) closed up more than +2%, and Chevron (CVX), Diamondback Energy (FANG), and ExxonMobil Holdings (XOM) closed up more than +1%.
Telecom operators moved higher on Tuesday. Charter Communications (CHTR) closed up more than +4%, and T-Mobile US (TMUS), Comcast (CMCSA), Verizon Communications (VZ), and AT&T (T) closed up more than +1%.
Syndax Pharmaceuticals (SNDX) closed down more than -16% after saying its MAXPIRe Phase 2 trial of its axatilimab to treat idiopathic pulmonary fibrosis failed to meet its primary endpoint.
AST SpaceMobile (ASTS) closed down more than -8% after Piper Sandler downgraded the stock to neutral from overweight.
SentinelOne (S) closed down more than -6% after announcing that it intends to offer $1.25 billion in convertible senior notes due in 2031 via private placement.
Johnson & Johnson (JNJ) closed down more than -5% to lead losers in the Dow Jones Industrials after forecasting full-year sales of $101.00 billion to $101.40 billion, the midpoint below the consensus of $101.24 billion.
Domino’s Pizza (DPZ) closed down more than -5% after reporting Q3 total domestic store comparable sales growth of +0.30%, below the consensus of +0.72%.
Meta Platforms (META) closed up more than +2% to lead gainers in the Nasdaq 100, adding to Monday’s +3% gain, after releasing a new artificial intelligence model called Muse Wonder, which the company claims has “frontier capabilities.”
Ollie’s Bargain Outlet Holdings (OLLI) closed up more than +2% after its Board of Directors approved a $500 million stock buyback plan.
Amer Sports (AS) closed up more than +2% after Jefferies initiated coverage on the stock with a buy recommendation and a price target of $42.
Earnings Reports (10/14/2026)
Bank of America Corp (BAC), Blackrock Inc (BLK), Fastenal Co (FAST), Morgan Stanley (MS), Progressive Corp/The (PGR), State Street Corp (STT).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Finish Lower Ahead of Wednesday’s CPI Report

In trading on Tuesday, the WisdomTree Artificial Intelligence and Innovation Fund ETF is outperforming other ETFs, up about 1.9% on the day. Components of that ETF showing particular strength include shares of Bloom Energy, up about 12.3% and shares of Cerebras Systems, up about 6.9% on the day.
And underperforming other ETFs today is the VanEck Oil Refiners ETF, down about 2.4% in Tuesday afternoon trading. Among components of that ETF with the weakest showing on Tuesday were shares of Valero Energy, lower by about 1.2%, and shares of Phillips 66, lower by about 1% on the day.

Tuesday's ETF Movers: WTAI, CRAK

HF Sinclair Corporation’s DINO Go-West initiative is designed to expand its midstream operations while strengthening integration across its downstream network. The multiphase project will move additional Rockies supply into Western markets, where long-term supply-demand imbalances create opportunities for incremental infrastructure and transportation capacity. By leveraging its existing pipelines, terminals, tankage and loading facilities, DINO aims to capture greater value from its integrated asset base while increasing exposure to more stable-margin midstream activities. The initiative also complements DINO’s refining, marketing and renewables businesses by enhancing connectivity across key U.S. markets.
Phase 1 targets roughly 35,000 barrels per day (BPD) of additional capacity into Nevada and is scheduled to come online in 2029. Management views this as the starting point, with the broader project reaching about 140,000-150,000 BPD as later phases advance. DINO’s owned midstream infrastructure and strategic proximity to Rockies production position it to capture incremental volumes. Larger phases expand the opportunity to move third-party barrels from the Mid-Continent into PADD 5, adding another avenue for long-term midstream growth.
The longer-term case is supported by supply tightness in Western markets, where refinery closures and continued import dependence have increased the need for reliable fuel transportation. HF Sinclair believes its Go-West project complements other regional infrastructure developments and positions the company to participate in growing demand across Western PADD 4 and PADD 5. As the project scales, higher pipeline utilization, greater third-party activity and tighter integration with DINO’s refining network strengthen midstream growth while supporting resilient through-the-cycle cash flows.
Refiners Expand Midstream for Long-Term Growth
HF Sinclair’s Go-West strategy reflects a broader trend among refiners seeking long-term growth from more stable midstream operations.
Marathon Petroleum Corporation MPC is following a similar path through its MPLX business, which plans about $2.7 billion of capital spending in 2026, with roughly 90% directed toward growth projects. MPC is expanding its Permian-to-Gulf Coast value chain, long-haul pipelines and processing capacity in the Permian and Marcellus regions, supporting higher volumes and a broader logistics footprint. These investments strengthen Marathon Petroleum’s exposure to fee-based infrastructure and add another growth engine alongside refining.
Phillips 66 PSX is allocating significant capital to its midstream operation, with $700 million of its 2026 midstream budget earmarked for growth projects. Investments include the Iron Mesa gas processing plant, the Coastal Bend pipeline expansion and additional Gulf Coast fractionation capacity, all designed to expand PSX’s integrated NGL network. The strategy gives Phillips 66 greater connectivity between major production basins and downstream markets while adding infrastructure that supports long-term throughput growth.
DINO’s Price Performance, Valuation & Estimates
HF Sinclair shares have gained 102.9% over the past year compared with the industry’s 106.2% growth.
From a valuation standpoint, DINO trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 5.78X. This is above the broader industry average of 5.68X.
The Zacks Consensus Estimate for DINO's 2026 earnings has remained constant over the past seven days.
DINO currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Radical New Technology Could Hand Investors Huge Gains
Quantum Computing is the next technological revolution, and it could be even more advanced than AI.
While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.
Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power.
Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.
See Top Quantum Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Can HF Sinclair's Go-West Initiative Drive Long-Term Midstream Growth?

The S&P 500 Index ($SPX) (SPY) is up by +0.25% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.36%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.30%. December E-mini S&P futures (ESZ26) are up +0.25%, and December E-mini Nasdaq futures (NQZ26) are up +0.31%.
Stock indexes are moving higher today amid weakness in crude oil prices. WTI crude oil is down more than -1% on a report that US and Iranian negotiators are exploring a phased deal to reopen the Strait of Hormuz. Also, strength in chipmakers and AI stocks today is also a supportive factor for stocks amid optimism over AI and demand for AI infrastructure.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Today’s US economic news was better than expected and supportive for stocks after Aug nondefense ex-aircraft capital goods new orders, a proxy for capital spending, rose +1.6% m/m, stronger than expectations of +0.6% m/m. July was also revised upward to +0.6% m/m from the previously reported unchanged m/m. Also, the University of Michigan US Sep consumer sentiment index was unexpectedly revised upward by +0.3 to 48.1, stronger than expectations of a downward revision to 47.5.
Stock indexes fell from their highs today as bond yields rose. The 10-year T-note yield climbed to a new 19-year high of 5.23% today on concerns the Fed will continue to raise interest rates after New York Fed President John Williams said the Fed can't ignore supply shocks if they have a persistent effect on prices and it needs to return inflation to target.
Nov WTI crude oil prices (CLX26) are down more than -1% today as US and Iranian negotiators explored a phased deal that would see Iran reopen the Strait of Hormuz. The Financial Times reported that Iranian Foreign Minister Abbas Araghchi had submitted a new seven-day proposal to the US to reopen Hormuz if certain conditions were met.
Markets are discounting a 66% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are higher today. The Euro Stoxx 50 is up +0.37%. China's Shanghai Composite did not trade today, with markets in China closed for the Mid-Autumn Festival holiday. Japan's Nikkei-225 Stock Average rose to a 2.5-week high and closed up +1.30%.
Interest Rates
December 10-year T-notes (ZNZ6) are down by -9 ticks today. The 10-year T-note yield is up +2.3 bp to 5.225%. Dec T-notes are under pressure today and are just above Thursday’s 19-year nearest-futures low, and the 10-year T-note yield rose to a new 19-year high of 5.223%. T-notes gave up an overnight advance and turned lower on hawkish comments from New York Fed President John Williams, who stressed that the Fed needs to return inflation to target. T-notes also fell today on better-than-expected US economic news, including Aug nondefense ex-aircraft capital goods new orders and the University of Michigan Sep US consumer sentiment index. T-notes initially moved higher today as WTI crude oil prices fell more than -1%, easing inflation expectations and sparking some mid short covering.
European government bond yields are moving higher today. The 10-year German bund yield rose to a 17-year high of 3.632% and is up +2.8 bp to 3.628%. The 10-year UK gilt yield climbed to a 1.5-week high of 5.408% and is up +1.6 bp to 5.397%.
The German Oct GfK consumer confidence index fell -3.8 to a 5-month low of -30.6, weaker than expectations of -27.2.
Markets are discounting a 47% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are moving higher today, supporting the overall market. The iShares Semiconductor ETF (SOXX) is up more than +1%. ARM Holdings Plc (ARM), NXP Semiconductors NV (NXPI), and Qualcomm (QCOM) are up more than +3%, and Microchip Technology (MCHP), Analog Devices (ADI), and Texas Instruments (TXN) are up more than +2%. Also, SanDisk (SNDK), ASML Holding NV (ASML), Applied Materials (AMAT), and Lam Researach (LRCX) are up, more than +1%.
Cybersecurity stocks are under pressure today, led by an -8% decline in Zscaler (ZS) after announcing Ross Tackett as the new chief revenue officer, effective October 1. Also, Okta (OKTA) and SentinelOne (S) are down more than -3%, and Palo Alto Networks (PANW), Fortinet (FTNT) and Gen Digital (GEN) are down more than -2%. In addition, CrowdStrike Holdings (CRWD) is down more than -1%.
Energy stocks and service providers are weaker today, with WTI crude oil down more than -1%. Valero Energy (VLO) and Devon Energy (DVN) are down more than -2%, and Phillips 66 (PSX), Marathon Petroleum (MPC), APA Corp (APA), ConocoPhillips (COP), Diamondback Energy (FANG), and Occidental Petroleum (OXY) are down more than -1%.
Atlas Energy Solutions (AESI) is up more than +19% after announcing a purchase agreement with Wyoming Machinery Company for $340.5 million of Balance of Plant equipment for a power generation project.
People Inc. (PPLI) is up more than +9% after the Wall Street Journal reported that MGM Resorts International is discussing making a bid for the company.
Humana (HUM) is up more than +8% to lead gainers in the S&P 500 after Barclays upgraded the stock to overweight from equal weight with a price target of $515.
Akamai Technologies (AKAM) is up more than +7% after agreeing to a seven-year $11.6 billion deal to provide computing power to Anthropic.
Twilio (TWLO) is down more than -6% after HSBC downgraded the stock to reduce from hold with a price target of $211.
Lionsgate Studios (LION) is down more than -4% after JPMorgan Chase initiated coverage on the stock with a recommendation of underweight and a price target of $9.
Comcast Corp (CMCSA) is down more than -2% after KeyBanc Capital Markets downgraded the stock to underweight from sector weight with a price target of $18.
Earnings Reports (9/25/2026)
None.
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Supported by Lower Crude Prices and Strength in Chipmakers

The S&P 500 Index ($SPX) (SPY) is up by +0.26% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.45%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.34%. December E-mini S&P futures (ESZ26) are up +0.24%, and December E-mini Nasdaq futures (NQZ26) are up +0.35%.
Stock indexes are moving higher today amid weakness in crude oil prices and stable bond yields. WTI crude oil is down more than -1% on a report that US and Iranian negotiators are exploring a phased deal to reopen the Strait of Hormuz. The lower crude prices are easing inflation risks and stabilizing bond yields, after the 10-year T-note soared to a 19-year high of 5.22% on Thursday. The 10-year T-note yield is little changed at 5.18% today.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Strength in chipmakers and AI stocks today is also a supportive factor for stocks amid optimism over AI and demand for AI infrastructure. Also, today’s US economic news was better than expected after Aug nondefense ex-aircraft capital goods new orders, a proxy for capital spending, rose +1.6% m/m, stronger than expectations of +0.6% m/m. July was also revised upward to +0.6% m/m from the previously reported unchanged m/m.
New York Fed President John Williams said the Fed can't ignore supply shocks if they have a persistent effect on prices and it needs to return inflation to target.
Nov WTI crude oil prices (CLX26) are down more than -1% today as US and Iranian negotiators explored a phased deal that would see Iran reopen the Strait of Hormuz. The Financial Times reported that Iranian Foreign Minister Abbas Araghchi had submitted a new seven-day proposal to the US to reopen Hormuz if certain conditions were met.
Markets are discounting a 64% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are higher today. The Euro Stoxx 50 is up +0.71%. China's Shanghai Composite did not trade today, with markets in China closed for the Mid-Autumn Festival holiday. Japan's Nikkei-225 Stock Average rose to a 2.5-week high and closed up +1.30%.
Interest Rates
December 10-year T-notes (ZNZ6) are down by -2 ticks today. The 10-year T-note yield is up +0.4 bp to 5.181%. Dec T-notes gave up an overnight advance and turned slightly lower on hawkish comments from New York Fed President John Williams, who stressed that the Fed needs to return inflation to target. T-notes also fell on signs of strength in the US economy after Aug nondefense ex-aircraft capital goods new orders rose more than expected, a hawkish factor for Fed policy. T-notes initially moved higher today as WTI crude oil prices fell more than -1%, easing inflation expectations and sparking some mid short covering.
European government bond yields are mixed today. The 10-year German bund yield is up +0.7 bp to 3.606%. The 10-year UK gilt yield is down -1.8 bp to 5.363%.
The German Oct GfK consumer confidence index fell -3.8 to a 5-month low of -30.6, weaker than expectations of -27.2.
Markets are discounting a 47% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are moving higher today, supporting the overall market. The iShares Semiconductor ETF (SOXX) is up more than +1%. ARM Holdings Plc (ARM) is up more than +4%, and SanDisk (SNDK) is up more than +3%. Also, Micron Technology (MU) and Analog Devices (ADI) are up more than +2%. In addition, Marvell Technology (MRVL), ASML Holding NV (ASML), Applied Materials (AMAT), Western Digital (WDC), Broadcom (AVGO), Qualcomm (QCOM), Microchip Technology (MCHP), Seagate Technology Holdings Plc (STX) and Texas Instruments (TXN) are up more than +1%.
Cybersecurity stocks are under pressure today, led by a -4% decline in Zscaler (ZS) after announcing Ross Tackett as the new chief revenue officer, effective October 1. Also, Palo Alto Networks (PANW) is down more than -3% to lead losers in the S&P 500 and Nasdaq 100, and Okta (OKTA), and SentinelOne (S) are down more than -2%. In addition, Fortinet (FTNT) and Gen Digital (GEN) are down more than -1%.
Energy stocks and service providers are weaker today, with WTI crude oil down more than -1%. Valero Energy (VLO) is down more than -3%, and Devon Energy (DVN), Phillips 66 (PSX), and Marathon Petroleum (MPC) are down more than -2%. Also, APA Corp (APA), ConocoPhillips (COP), Diamondback Energy (FANG), and Occidental Petroleum (OXY) are down more than -1%,
Atlas Energy Solutions (AESI) is up more than +15% after announcing a purchase agreement with Wyoming Machinery Company for $340.5 million of Balance of Plant equipment for a power generation project.
People Inc. (PPLI) is up more than +9% after the Wall Street Journal reported that MGM Resorts International is discussing making a bid for the company.
Akamai Technologies (AKAM) is up more than +8% to lead gainers in the S&P 500 after agreeing to a seven-year $11.6 billion deal to provide computing power to Anthropic.
Synopsys (SNPS) is up more than +3% after HSBC upgraded the stock to buy from hold with a price target of $700.
Twilio (TWLO) is down more than -3% after HSBC downgraded the stock to reduce from hold with a price target of $211.
Lionsgate Studios (LION) is down more than -2% after JPMorgan Chase initiated coverage on the stock with a recommendation of underweight and a price target of $9.
Comcast Corp (CMCSA) is down more than -2% after KeyBanc Capital Markets downgraded the stock to underweight from sector weight with a price target of $18.
Nike (NKE) is down more than -1% to lead losers in the Dow Jones Industrials after Bank of America Global Research downgraded the stock to underperform from neutral with a price target of $30.
Earnings Reports (9/25/2026)
None.
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Rise as Crude Prices Fall and Bond Yields Stabilize

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the State Street Energy Select Sector SPDR ETF (Symbol: XLE) where we have detected an approximate $638.5 million dollar outflow -- that's a 1.6% decrease week over week (from 654,848,400 to 644,648,400). Among the largest underlying components of XLE, in trading today Marathon Petroleum Corp. (Symbol: MPC) is down about 1.3%, Phillips 66 (Symbol: PSX) is off about 1.1%, and Valero Energy Corp (Symbol: VLO) is lower by about 2.1%. For a complete list of holdings, visit the XLE Holdings page » The chart below shows the one year price performance of XLE, versus its 200 day moving average:
Looking at the chart above, XLE's low point in its 52 week range is $42.35 per share, with $66.17 as the 52 week high point — that compares with a last trade of $62.07. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further XLE Research:

Noteworthy ETF Outflows: XLE, MPC, PSX, VLO

The S&P 500 Index ($SPX) (SPY) is down by -0.41% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.58%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.68%. December E-mini S&P futures (ESZ26) are down -0.48%, and December E-mini Nasdaq futures (NQZ26) are down -0.70%.
Stock indexes are under pressure today, with the Dow Jones Industrials falling to a 1-week low as higher crude oil prices fuel inflation concerns and push up bond yields worldwide. WTI crude is up more than +2% today after an Iranian official warned Iran may expand the war to the Indian Ocean if the US or Israel attacks again.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
The jump in crude oil prices has sparked a sell-off in global bond markets, with the 10-year T-note yield climbing to a 19-year high of 5.15%, the German 10-year Bund yield rising to a 17-year high of 3.59%, and Japan’s 10-year JGB bond yield soaring to a 30-year high of 3.09%. The surge in bond yields is weighing on interest rate-sensitive technology stocks today, with chipmakers and AI-infrastructure stocks retreating.
However, stocks recovered from their worst levels on signs of strength in the US economy after weekly jobless claims unexpectedly fell to a 2-month low and Aug new home sales rose to an 8-month high. Also, T-note yields fell from their early highs and stabilized.
Also on the positive side for stocks, Treasury Secretary Bessent said late Wednesday that the US and China agreed to extend their trade truce an additional two months until January 10.
US weekly initial unemployment claims unexpectedly fell -1,000 to a 2-month low of 197,000, showing a stronger labor market than expectations of an increase to 200,000.
US Aug new home sales rose +6.4% m/m to an 8-month high of 684,000, stronger than expectations of 616,000.
Hawkish Fed comments today signal support for additional rate hikes and are negative for stocks and bonds. New York Fed President John Williams said the Fed still has a lot of work to do given high energy prices and demand driven by investment in artificial intelligence. Also, Philadelphia Fed President Anna Paulson said underlying measures of inflation remain "stubbornly elevated" and have shown little to no progress. "Looking ahead, if conditions evolve as I expect, some modest further tightening of monetary policy may be warranted" to ensure inflation returns to the Fed's 2% goal.
Nov WTI crude oil prices (CLX26) are up more than +2% after Iran threatened to expand the war in the Middle East after a senior member of Iran's Revolutionary Guard Corps warned that Iran may expand the war to the Indian Ocean if the US or Israel attacks again. Optimism that the US and Iran could reach a settlement that would help normalize energy flows through the Strait of Hormuz has receded over the past two days amid aggressive rhetoric from President Trump and defiance from Iran.
Markets are discounting a 65% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.03%. China's Shanghai Composite closed down -1.22%. Japan's Nikkei-225 Stock Average rallied to a 2-week high and closed up +0.76%.
Interest Rates
December 10-year T-notes (ZNZ6) are down by +3 ticks today. The 10-year T-note yield is up +1.3 bp to 5.127%. Dec T-notes matched Wednesday’s 19-year nearest-futures low today, and the 10-year T-note yield climbed to a 19-year high of 5.148%. Today’s +2% increase in WTI crude oil prices has boosted inflation expectations and is weighing on T-notes. Also, today’s better-than-expected US economic news on weekly jobless claims and Aug new home sales show economic strength and are hawkish for Fed policy. In addition, hawkish Fed comments today are weighing on T-notes prices after New York Fed President John Williams and Philadelphia Fed President Anna Paulson signaled their support for tighter Fed policy. Finally, supply pressures are bearish for T-notes as the Treasury will auction $44 billion of 7-year T-notes later today.
European government bond yields are moving higher today. The 10-year German bund yield rose to a 17-year high of 3.594% and is up +3.4 bp to 3.589%. The 10-year UK gilt yield rose to a 1-week high of 5.388% and is up +0.5 bp to 5.352%.
Eurozone Aug new car registrations rose +4.5% y/y to 708,000 units.
The German Sep IFO business climate survey rose +1.1 to a 3.25-year high of 89.9, stronger than expectations of 89.0.
ECB Executive Board member Isabel Schnabel said the energy shock caused by the Iran war is proving to be longer-lasting than initially thought and is spreading beyond just oil.
ECB Governing Council member Dimitar Radev said policymakers must give recent interest rate hikes time to work before assessing whether additional hikes are needed.
Markets are discounting a 55% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are under pressure today, weighing on the overall market. The iShares Semiconductor ETF (SOXX) is down more than -1%. Western Digital is down more than -3% to lead losers in the Nasdaq 100 and ARM Holdings Plc (ARM) is down more than -3%. Also, SanDisk (SNDK), Microchip Technology (MCHP), Applied Materials (AMAT), Marvell Technology (MRVL), KLA Corp (KLAC),Broadcom (AVGO), Qualcomm (QCOM), NXP Semiconductors NV (NXPI), and Lam Research (LRCX) are down more than -2%. In addition, Micron Technology (MU), ASML Holding NV (ASML), Nvidia (NVDA), Analog Devices (ADI), and Texas Instruments (TXN) are down more than -1%.
Software stocks are under pressure today, led by a -5% fall in Oracle (ORCL) after it sent a notice citing force majeure to the project’s developer of a data center, a unit of Blue Owl Capital, in New Mexico in an attempt to put off payments should the data center dubbed Project Jupiter get derailed and fail to come online in 2028 as planned. Also, IBM (IBM) is down more than -2% to lead losers in the Dow Jones Industrials. In addition, ServiceNow (NOW), Microsoft (MSFT), and Autodesk (ADSK) are down more than -1%.
Energy stocks and service providers are climbing today, with WTI crude oil up more than +2%. Valero Energy (VLO) is up more than +3%, and Devon Energy (DVN), Diamondback Energy (FANG), Marathon Petroleum (MPC), and Phillips 66 (PSX) are up more than +2%. APA Corp (APA), Chevron (CVX), ConocoPhillips (COP), Occidental Petroleum (OXY), ExxonMobil Holdings (XOM), and Halliburton (HAL) are up more than +1%.
MGM Resorts International (MGM) is down more than -9% to lead losers in the S&P 500 after People Inc. dropped its plans to acquire the remaining shares of the company.
Gen Digital (GEN) is down more than -6% after the Financial Times reported the company has made an offer to acquire GoDaddy.
Rollins (ROL) is down more than -6% after Piper Sandler downgraded the stock to neutral from overweight.
Dropbox (DBX) is down more than -3% after Citigroup downgraded the stock to sell from neutral with a price target of $29.
Alkami Technology (ALKT) is down more than -3% after JPMorgan Chase double-downgraded the stock to underweight from overweight with a price target of $14.
Everpure (P) is up more than +17% to lead gainers in the S&P 500 after forecasting 2028 revenue of $7.0 billion to $7.3 billion, well above the consensus of $6.19 billion.
GoDaddy (GDDY) is up more than +7% after the Financial Times reported that Gen Digital has made an offer to acquire the company.
Charles River Laboratories (CRL) is up more than +5% after reaffirming its 2026 financial guidance.
Dollar General (DG) is up more than +2% after HSBC upgraded the stock to buy from hold with a price target of $160.
Earnings Reports (9/24/2026)
Costco Wholesale Corp (COST), Darden Restaurants Inc (DRI), NexPoint Diversified Real Estate Trust (NXDT), Scholastic Corp (SCHL), TD SYNNEX Corp (SNX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Retreat as Bond Yields Climb on Inflation Risks

The S&P 500 Index ($SPX) (SPY) is down by -0.36% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.44%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.55%. December E-mini S&P futures (ESZ26) are down -0.36%, and December E-mini Nasdaq futures (NQZ26) are down -0.60%.
Stock indexes are under pressure today, with the Dow Jones Industrials falling to a 1-week low as higher crude oil prices fuel inflation concerns and push up bond yields worldwide. WTI crude is up more than +2% today after an Iranian official warned Iran may expand the war to the Indian Ocean if the US or Israel attacks again.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
The jump in crude oil prices has sparked a sell-off in global bond markets, with the 10-year T-note yield climbing to a 19-year high of 5.15%, the German 10-year Bund yield rising to a 17-year high of 3.59%, and Japan’s 10-year JGB bond yield soaring to a 30-year high of 3.09%. The surge in bond yields is weighing on interest rate-sensitive technology stocks today, with chipmakers and AI-infrastructure stocks retreating.
Today’s US economic news showed weekly initial unemployment claims unexpectedly fell -1,000 to a 2-month low of 197,000, showing a stronger labor market than expectations of an increase to 200,000.
Hawkish comments today from New York Fed President John Williams signal he favors additional Fed rate hikes and are bearish for stocks and bonds. He said the Fed still has a lot of work to do given high energy prices and demand driven by investment in artificial intelligence.
On the positive side for stocks, Treasury Secretary Bessent said late Wednesday that the US and China agreed to extend their trade truce an additional two months until January 10.
Nov WTI crude oil prices (CLX26) are up more than +2% after Iran threatened to expand the war in the Middle East after a senior member of Iran's Revolutionary Guard Corps warned that Iran may expand the war to the Indian Ocean if the US or Israel attacks again. Optimism that the US and Iran could reach a settlement that would help normalize energy flows through the Strait of Hormuz has receded over the past two days amid aggressive rhetoric from President Trump and defiance from Iran.
Markets are discounting a 64% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.21%. China's Shanghai Composite closed down -1.22%. Japan's Nikkei-225 Stock Average rallied to a 2-week high and closed up +0.76%.
Interest Rates
December 10-year T-notes (ZNZ6) are up by +4 ticks today. The 10-year T-note yield is down -1.7 bp to 5.098%. Dec T-notes erased early losses today and moved higher, and the 10-year T-note yield fell from a 19-year high of 5.148% and turned lower. Comments from Richmond Fed President Barkin sparked short covering in T-notes today, when he said new job growth in the US labor market remains slow.
T-notes initially fell today on the +2% increase in WTI crude oil prices, which boosts inflation expectations. Also, today’s unexpected decline in weekly jobless claims to a 2-month low signals labor market strength that is hawkish for Fed policy. In addition, hawkish comments from New York Fed President John Williams weighed on T-notes today when he signaled he favors additional Fed rate hikes, saying the Fed still has a lot of work to do to contain inflation. Finally, supply pressures are bearish for T-notes as the Treasury will auction $44 billion of 7-year T-notes later today.
European government bond yields are mixed today. The 10-year German bund yield rose to a 17-year high of 3.589% and is up +1.2 bp to 3.567%. The 10-year UK gilt yield fell from a 1-week high of 5.388% and is down -1.7 bp to 5.330%.
Eurozone Aug new car registrations rose +4.5% y/y to 708,000 units.
The German Sep IFO business climate survey rose +1.1 to a 3.25-year high of 89.9, stronger than expectations of 89.0.
ECB Executive Board member Isabel Schnabel said the energy shock caused by the Iran war is proving to be longer-lasting than initially thought and is spreading beyond just oil.
ECB Governing Council member Dimitar Radev said policymakers must give recent interest rate hikes time to work before assessing whether additional hikes are needed.
Markets are discounting a 52% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are under pressure today, weighing on the overall market. The iShares Semiconductor ETF (SOXX) is down more than -1%. Western Digital is down more than -3% to lead losers in the Nasdaq 100 and SanDisk (SNDK) is down more than -3%. Also, ARM Holdings Plc (ARM), Microchip Technology (MCHP), KLA Corp (KLAC), NXP Semiconductors NV (NXPI), Micron Technology (MU), and Lam Research (LRCX) are down more than -2%. In addition, Applied Materials (AMAT), ASML Holding NV (ASML), Nvidia (NVDA), Broadcom (AVGO), Analog Devices (ADI), and Texas Instruments (TXN) are down more than -1%.
Software stocks are under pressure today, led by a -7% fall in Oracle (ORCL) after it sent a notice citing force majeure to the project’s developer of a data center, a unit of Blue Owl Capital, in New Mexico in an attempt to put off payments should the data center dubbed Project Jupiter get derailed and fail to come online in 2028 as planned. Also, IBM (IBM) is down more than -2% to lead losers in the Dow Jones Industrials, and ServiceNow (NOW) are down more than -2%. In addition, Microsoft (MSFT), Palantir Technologies (PLTR), Atlassian Corp (TEAM), and Datadog (DDOG) are down more than -1%.
Energy stocks and service providers are climbing today, with WTI crude oil up more than +2%. Marathon Petroleum (MPC), Phillips 66 (PSX), and Valero Energy (VLO) are up more than +2%. Also, APA Corp (APA), ConocoPhillips (COP), Devon Energy (DVN), Occidental Petroleum (OXY), and ExxonMobil Holdings (XOM) are up more than +1%.
MGM Resorts International (MGM) is down more than -10% to lead losers in te S&P 500 after People Inc. dropped its plans to acquire the remaining shares of the company.
Dropbox (DBX) is down more than -3% after Citigroup downgraded the stock to sell from neutral with a price target of $29.
Alkami Technology (ALKT) is down more than -3% after JPMorgan Chase double-downgraded the stock to underweight from overweight with a price target of $14.
Darden Restaurants (DRI) is down more than -2% after reporting Q1 sales of $3.20 billion, below the consensus of $3.21 billion.
Everpure (P) is up more than +10% to lead gainers in the S&P 500 after forecasting 2028 revenue of $7.0 billion to $7.3 billion, well above the consensus of $6.19 billion.
Dollar General (DG) is up more than +2% after HSBC upgraded the stock to buy from hold with a price target of $160.
Earnings Reports (9/24/2026)
Costco Wholesale Corp (COST), Darden Restaurants Inc (DRI), NexPoint Diversified Real Estate Trust (NXDT), Scholastic Corp (SCHL), TD SYNNEX Corp (SNX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart

Stocks Pressured by Rising Crude Prices

Par Pacific Holdings Inc. PARR continued to benefit from a strong refining market at the start of the third quarter. Its refining index, which is a rough measure of how profitable it is to turn crude oil into products like gasoline and diesel, was still very high in July at $31.34 per barrel, slightly below the second-quarter average of about $33.
Demand for fuels remained solid, especially on the mainland, while global fuel inventories stayed relatively tight. In simple terms, there was still healthy demand for refined products and limited excess supply, which helped Par Pacific continue earning attractive margins from its refineries.
PARR appears well-positioned to benefit from still-strong refining margins, firm fuel demand and tight global product inventories. Although the Hawaii turnaround could weigh on third-quarter throughput and margin capture in the near term, the broader refining backdrop remains supportive of continued strong earnings.
Will PSX and VLO Also Gain?
The favorable business environment is also likely to benefit refiners such as Phillips 66 PSX and Valero Energy VLO.
On its second-quarter 2026earnings call PSX noted that there aren’t enough refineries or products globally right now because much refining capacity is offline and fuel inventories are low. China is also exporting less fuel than usual. This shortage helps keep refining margins, also called crack spreads, high. PSX believes these shortages may take longer to resolve than in 2022, which could keep the energy major’s refining profits strong into the September quarter and potentially 2027.
Valero Energy is unlikely to be an exception. The overall favorable refining business backdrop is also likely to be aiding VLO’s bottom line.
PARR’s Price Performance, Valuation & Estimates
Shares of PARR have gained 103.4% over the past year compared with the industry’s growth of 97.9%.
From a valuation standpoint, PARR trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 3.26X. This is below the broader industry average of 5.65X.
The Zacks Consensus Estimate for PARR’s 2026 earnings hasn’t seen any revisions over the past seven days.
Par Pacific currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention.
See them now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
This article originally published on Zacks Investment Research (zacks.com).

Indicator	Mar 26	Apr 26	Jun 26	Aug 26	Sep 26	TTM	Median
P/E	17.78	17.70	9.60	14.07	14.57	14.57	13.92
Price/Sales	0.54	0.55	0.45	0.66	0.68	0.68	1.48
P/B	2.43	—	2.05	3.01	3.12	3.12	1.56
P/FCF	875.48	55.35	10.65	15.61	16.17	16.17	9.81

Phillips 66

Recent quarterly and TTM performance

Valuation

Debts

Efficiency

Other ratios

Revenue

Indicator	Mar 26	Apr 26	Jun 26	Aug 26	Sep 26	TTM	Median
ROE	14.14	—	23.51	—	—	23.51	15.37
ROA	5.32	—	—	—	—	5.32	6.88
ROI	8.66	—	—	—	—	8.66	8.54
Net Worth	72.55	72.25	67.70	—	—	67.70	1.70
Quick Ratio	0.86	—	1.00	—	—	1.00	1.09
Current Ratio	1.13	—	1.32	—	—	1.32	1.26

Indicator	Mar 26	Apr 26	Jun 26	Aug 26	Sep 26	TTM	Median
Net Profit Margin	3.07	—	4.66	—	—	4.66	14.03
Operating Margin	3.93	—	5.74	—	—	5.74	19.06
Gross Margin	12.52	—	13.10	—	—	13.10	49.51
Return on tangible equity	15.43	—	25.55	—	—	25.55	17.57

Indicator	Mar 26	Apr 26	Jun 26	Aug 26	Sep 26	TTM	Median
EPS	0.49	0.49	—	9.41	—	9.41	0.58
EPS Forecast	-0.55	-0.55	—	7.68	—	7.68	0.43
Revenue	32.54B	—	51.00B	—	—	51.00B	223.00M
Gross Profit	3.32B	—	—	—	—	3.32B	—
EBITDA	874.00M	—	—	—	—	874.00M	—