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

The S&P 500 Index ($SPX) (SPY) today is up +0.02%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.07%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.08%. September E-mini S&P futures (ESU25) are down -0.08%, and September E-mini Nasdaq futures (NQU25) are down -0.07%.
Stock indexes today fell back from early gains and turned mixed after the preliminary revision to US payrolls in the year through March showed the number of jobs was fewer than previously stated. Stocks remain underpinned by the prospect of a more accommodative Federal Reserve, as the markets have fully priced in a 25 bp rate cut by the Fed at next week’s FOMC meeting and priced in a 10% chance for a 50 bp rate cut.
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M&A activity is also supporting stocks today after Anglo American agreed to acquire Teck Resources, creating a more than $50 billion company. Also, Novartis AG is buying Tourmaline Bio for about $1.4 billion.
The preliminary benchmark payroll revisions to US payrolls in the year through March 2025 showed -911,000 fewer jobs than previously stated, a wider loss than expectations of -700,000 and the largest markdown in job growth since at least 2000, a sign of a weaker US labor market.
Market focus this week will be on any trade or tariff news. On Wednesday, Aug PPI final demand is expected to climb +3.3% y/y, unchanged from July, and Aug PPI ex-food and energy is expected to ease to +3.5% y/y from +3.7% y/y in July. On Thursday, Aug CPI is expected to climb to +2.9% y/y from +2.7% y/y in July, and Aug CPI ex-food and energy is expected to increase +3.1% y/y, unchanged from July. Also, weekly initial unemployment claims are expected to fall by -3,000 to 234,000. On Friday, the University of Michigan Sep consumer sentiment index is expected to slip -0.2 to 58.0.
The markets are now pricing in a 10% chance of a 50 bp rate cut at the upcoming FOMC meeting on Sep 16-17, versus the previous expectations of a zero chance of that 50 bp rate cut. After the fully expected -25 bp rate cut at the Sep 16-17 meeting, the markets are now discounting a 79% chance of a second -25 bp rate cut at the Oct 28-29 meeting, up from a 54% chance as of late Thursday. The markets are now pricing in an overall -74 bp rate cut in the federal funds rate by year-end to 3.64% from the current 4.38% rate.
Regarding tariffs, a federal appeals court ruled late last month that President Trump exceeded his authority by imposing global tariffs without Congressional approval, but the court let the tariffs remain in place while appeals continue. The US Court of Appeals for the Federal Circuit Court said, “The statute bestows significant authority on the President to undertake a number of actions in response to a declared national emergency, but none of these actions explicitly include the power to impose tariffs, duties, or the like, or the power to tax.” The case now appears to be headed to the Supreme Court for a final decision. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Overseas stock markets today are lower. The Euro Stoxx 50 fell from a 1-week high and is down -0.02%. China’s Shanghai Composite closed down -0.51%. Japan’s Nikkei Stock 225 fell from a record high and closed down -0.42%.
Interest Rates
December 10-year T-notes (ZNZ5) are down by -7 ticks. The 10-year T-note yield is up by +3.4 bp to 4.074%. Supply pressures are weighing on T-notes as the Treasury will auction $119 billion of T-notes and T-bonds this week, beginning with today’s $58 billion auction of 3-year T-notes. Losses in T-notes are limited after today’s larger-than-expected downward revision to annual US payroll growth, and last Friday’s weak US unemployment report boosted the chances to 100% for a 25 bp Fed rate cut at next week’s FOMC meeting.
Concerns about Fed independence are negatively impacting T-note prices due to President Trump’s attempt to fire Fed Governor Cook and Stephen Miran’s intention to hold a Fed Governor position while remaining technically in his White House role on the Council of Economic Advisors.
European government bond yields today are moving higher. The 10-year German bund yield is up +2.2 bp to 2.664%. The 10-year UK gilt yield is up +1.9 bp to 4.625%.
French Jul manufacturing production fell -1.7% m/m, weaker than expectations of -1.2% m/m and the largest decline in 14 months.
Swaps are discounting no chance for a -25 bp rate cut by the ECB at Thursday’s policy meeting.
US Stock Movers
Albemarle (ALB) is down more than -10% to lead losers in the S&P 500 as lithium stocks retreat on a report from Chinese state media Securities Times that said CATL’s lithium mine, which had suspended production last month, will resume production soon.
SailPoint (SAIL) is down more than -8% after forecasting Q3 adjusted income from operations of $42.5 million-$43.5 million, weaker than the consensus of $50.4 million.
Fox Corp (FOXA) is down more than -5% after trusts established for three of Rupert Murdoch’s children are selling 16.9 million shares of Class B stock.
Home builders and home building suppliers are falling today on long liquidation and profit taking following the sharp rally in the stocks over the past three months. Builders FirstSource (BLDR) is down more than -4%. Also, PulteGroup (PHM), DR Horton (DHI), and Lennar (LEN) are down more than -3%, and Toll Brothers (TOL) is down more than -2%.
News Corp (NWS) is down more than -3% after announcing it will offer 14.1 million shares of Class B common stock.
Dell Technologies (DELL) is down more than -2% after announcing that CFO McGill is stepping down immediately.
Energy producers and energy service providers are climbing today, with WTI crude oil up more than +1%. Valero Energy (VLO) is up more than +3%. Also, Phillips 66 (PSX), Marathon Petroleum (MPC), ConocoPhillips (COP), and Exxon Mobil (XOM) are up more than +2%. In addition, Schlumberger (SLB), Chevron (CVX), Occidental Petroleum (OXY), Haliburton (HAL), Devon Energy (DVN), Diamondback Energy (FANG), and are up more than +1%.
Tourmaline Bio (TRML) is up more than +57% after Novartis AG agreed to buy the company for $1.4 billion or about $48 a share.
Nebius Group NV (NBIS) is up more than +41% after announcing it will provide Microsoft access to GPU infrastructure capacity at its new data center in Vineland, New Jersey, over the next five years.
Brighthouse Financial (BHF) is up more than +9% after the Financial Times reported that Aquarian Holdings is in late-stage talks with two Middle Eastern investors to finance a takeover of the company.
UnitedHealth Group (UNH) is up more than +4% to lead gainers in the S&P 500 and Dow Jones Industrials after saying it expects 78% of its Medicare Advantage members to be in highly rated 4-star or higher plans that earn bonus payments next year.
Atlassian Corp (TEAM) is up more than +4% to lead gainers in the Nasdaq 100 after announcing it is ending its data center product over the coming three years and will move customers to its cloud platform.
CoreWeave (CRWV) is up more than +4% after launching CoreWeave Ventures, a new initiative committed to backing founders and companies developing platforms and technologies shaping the AI ecosystem.
Earnings Reports(9/9/2025)
Core & Main Inc (CNM), GameStop Corp (GME), Oracle Corp (ORCL), Rubrik Inc (RBRK), SailPoint Inc (SAIL), Synopsys Inc (SNPS).
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Turn Mixed as US Job Growth Less Than Previously Stated

The S&P 500 Index ($SPX) (SPY) today is up +0.13%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.11%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.19%. September E-mini S&P futures (ESU25) are up +0.07%, and September E-mini Nasdaq futures (NQU25) are up +0.17%.
Stock indexes today are slightly higher, finding support from a rally in European stocks to a 1-week high. Stocks are also underpinned by the prospect of a more accommodative Federal Reserve, as the markets have fully priced in a 25 bp rate cut by the Fed at next week's FOMC meeting and priced in a 10% chance for a 50 bp rate cut.
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M&A activity is also supporting stocks today after Anglo American agreed to acquire Teck Resources, creating a more than $50 billion company. Also, Novartis AG is buying Tourmaline Bio for about $1.4 billion.
Market focus this week will be on any trade or tariff news. Later today, the BLS will release annual benchmark revisions to US payrolls in the year through March (expected -700,000). On Wednesday, Aug PPI final demand is expected to climb +3.3% y/y, unchanged from July, and Aug PPI ex-food and energy is expected to ease to +3.5% y/y from +3.7% y/y in July. On Thursday, Aug CPI is expected to climb to +2.9% y/y from +2.7% y/y in July, and Aug CPI ex-food and energy is expected to increase +3.1% y/y, unchanged from July. Also, weekly initial unemployment claims are expected to fall by -3,000 to 234,000. On Friday, the University of Michigan Sep consumer sentiment index is expected to slip -0.2 to 58.0.
The markets are now pricing in a 10% chance of a 50 bp rate cut at the upcoming FOMC meeting on Sep 16-17, versus the previous expectations of a zero chance of that 50 bp rate cut. After the fully expected -25 bp rate cut at the Sep 16-17 meeting, the markets are now discounting an 81% chance of a second -25 bp rate cut at the Oct 28-29 meeting, up from a 54% chance as of late Thursday. The markets are now pricing in an overall -75 bp rate cut in the federal funds rate by year-end to 3.63% from the current 4.38% rate.
Regarding tariffs, a federal appeals court ruled late last month that President Trump exceeded his authority by imposing global tariffs without Congressional approval, but the court let the tariffs remain in place while appeals continue. The US Court of Appeals for the Federal Circuit Court said, "The statute bestows significant authority on the President to undertake a number of actions in response to a declared national emergency, but none of these actions explicitly include the power to impose tariffs, duties, or the like, or the power to tax." The case now appears to be headed to the Supreme Court for a final decision. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Overseas stock markets today are mixed. The Euro Stoxx 50 rose to a 1-week high and is up +0.07%. China's Shanghai Composite closed down -0.51%. Japan's Nikkei Stock 225 fell from a record high and closed down -0.42%.
Interest Rates
December 10-year T-notes (ZNZ5) are down by -5 ticks. The 10-year T-note yield is up by +2.9 bp to 4.068%. Strength in stocks today is undercutting T-notes. Also, supply pressures are weighing on T-notes as the Treasury will auction $119 billion of T-notes and T-bonds this week, beginning with today's $58 billion auction of 3-year T-notes. Losses in T-notes are limited due to carryover support from last Friday's weak US unemployment report that boosted the chances to 100% for a 25 bp Fed rate cut at next week's FOMC meeting.
Concerns about Fed independence are negatively impacting T-note prices due to President Trump's attempt to fire Fed Governor Cook and Stephen Miran's intention to hold a Fed Governor position while remaining technically in his White House role on the Council of Economic Advisors.
European government bond yields today are moving higher. The 10-year German bund yield is up +2.9 bp to 2.671%. The 10-year UK gilt yield is up +0.8 bp to 4.613%.
French Jul manufacturing production fell -1.7% m/m, weaker than expectations of -1.2% m/m and the largest decline in 14 months.
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at Thursday's policy meeting.
US Stock Movers
Energy producers and energy service providers are climbing today, with WTI crude oil up more than +1%. Phillips 66 (PSX) and Valero Energy (VLO) are up more than +3%, and Marathon Petroleum (MPC) is up more than +2%. Also, Schlumberger (SLB), Haliburton (HAL), Devon Energy (DVN), Exxon Mobil (XOM), Diamondback Energy (FANG), and ConocoPhillips (COP) are up more than +1%.
Tourmaline Bio (TRML) is up more than +57% after Novartis AG agreed to buy the company for $1.4 billion or about $48 a share.
Nebius Group NV (NBIS) is up more than +41% after announcing it will provide Microsoft access to GPU infrastructure capacity at its new data center in Vineland, New Jersey, over the next five years.
Brighthouse Financial (BHF) is up more than +10% after the Financial Times reported that Aquarian Holdings is in late-stage talks with two Middle Eastern investors to finance a takeover of the company.
CoreWeave (CRWV) is up more than +8% after launching CoreWeave Ventures, a new initiative committed to backing founders and companies developing platforms and technologies shaping the AI ecosystem.
Atlassian Corp (TEAM) is up more than 4% to lead gainers in the Nasdaq 100 after announcing it is ending its data center product over the coming three years and will move customers to its cloud platform.
UnitedHealth Group (UNH) is up more than +2% to lead gainers in the Dow Jones Industrials after saying it expects 78% of its Medicare Advantage members to be in highly rated 4-star or higher plans that earn bonus payments next year.
EchoStar (SATS) is up more than +2% after the FDC said it was ending a probe examining whether the company had met milestones for building out its mobile network.
Albemarle (ALB) is down more than -10% to lead losers in the S&P 500 as lithium stocks retreat on a report from Chinese state media Securities Times that said CATL's lithium mine, which had suspended production last month, will resume production soon.
SailPoint (SAIL) is down more than -7% after forecasting Q3 adjusted income from operations of $42.5 million-$43.5 million, weaker than the consensus of $50.4 million.
Fox Corp (FOXA) is down more than -5% after trusts established for three of Rupert Murdoch's children are selling 16.9 million shares of Class B stock.
Dell Technologies (DELL) is down more than -3% after announcing that CFO McGill is stepping down immediately.
News Corp (NWS) is down more than -3% after announcing it will offer 14.1 million shares of Class B common stock.
Earnings Reports(9/9/2025)
Core & Main Inc (CNM), GameStop Corp (GME), Oracle Corp (ORCL), Rubrik Inc (RBRK), SailPoint Inc (SAIL), Synopsys Inc (SNPS).
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
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Edge Higher on Expectations for Fed Rate Cuts

(RTTNews) - Phillips 66 (PSX) Monday announced that it has agreed to acquire the remaining 50% ownership interest in WRB Refining LP from subsidiaries of Cenovus Energy Inc. for total cash consideration of $1.4 billion.
WRB Refining is a 50/50 joint venture between Phillips 66 and Cenovus Energy Inc. that owns the Wood River refinery in Roxana, Illinois, and the Borger refinery in Borger, Texas. Phillips 66 has operated both facilities since the inception of the joint venture in 2007.
"With full ownership of the Wood River and Borger refineries, we are strengthening our integrated business and expanding our position in a region where we lead the industry," said Mark Lashier, chairman and CEO of Phillips 66. "This acquisition is expected to deliver operational and commercial synergies of approximately $50 million per year by enabling full integration of these assets with the broader Phillips 66 value chain. We also expect this transaction to unlock opportunities for low-capital, high-return projects that provide incremental long-term shareholder value."
The Wood River and Borger refineries have crude throughput capacities of 345 MBD and 149 MBD, respectively, reflecting a combined increase of approximately 250 MBD to Phillips 66's refining capacity upon closing. The refineries can process heavy and medium sour crudes, as well as light sweet crudes. Both refineries also produce a high percentage of transportation fuels.
The transaction is expected to close during the fourth quarter of 2025.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Phillips 66 To Buy Remaining Stake In WRB Refining For $1.4 Bln

The S&P 500 Index ($SPX) (SPY) today is up by +0.56%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.19%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +1.02%. September E-mini S&P futures (ESU25) are up +0.56%, and September E-mini Nasdaq futures (NQU25) are up +1.00%.
Stock indexes are mostly higher today, driven by lower T-note yields and increased chances of a Fed rate cut later this month. T-note yields fell after the July JOLTS job openings fell more than expected to a 10-month low. The 10-year T-note yield is down -5 bp to 4.22%.
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Strength in megacap technology stocks is also supporting gains in the broader market. Alphabet is up more than +8% after a judge ruled in an antitrust case late Tuesday that the company won't be forced to sell its Chrome browser. Also, Apple is up more than +3% after a court ruling stopped short of barring the company's lucrative search arrangement with Google, a deal that has generated roughly $20 billion in revenue a year for Apple.
The weakness in energy producing stocks and energy service providers is a negative factor for the overall market today, with the price of WTI crude oil down more than -2%.
US Jul JOLTS job openings fell -176,000 to a 10-month low of 7.181 million, showing a weaker labor market than expectations of 7.380 million.
US Jul factory orders fell -1.3% m/m, right on expectations, and the second straight month orders have declined.
US MBA mortgage applications fell -1.2% in the week ended August 29, with the purchase mortgage sub-index down -3.1% and the refinancing mortgage sub-index up +0.9%. The average 30-year fixed rate mortgage fell -5 bp to 6.64% from 6.69% in the prior week.
Fed Governor Christopher Waller said the fed funds rate is currently above the neutral rate, meaning monetary policy is restricting the economy, and that inflation is likely to move "much closer" to the Fed's goal in six or seven months. He added that the Fed should aim to get ahead of a sharp slowdown in the job market and "we need to start cutting interest rates at the next meeting" and make multiple cuts in the coming months.
St. Louis Fed President Alberto Musalem said, "The current modestly restrictive setting of the policy rate is consistent with today's full employment labor market and core inflation nearly one percentage point above the Fed's 2% target," and it's important to take a "balanced approach" to policy right now and not weight too much to support the labor market or to fight inflation.
Atlanta Fed President Raphael Bostic reiterated that he sees one interest rate cut this year, as price stability remains his primary concern, and it's not unambiguously clear that the labor market is weakening materially.
This week's USeconomic calendaris busy. Later today, the Fed's Beige Book will be released. On Thursday, the Aug ADP employment change is expected to increase by +80,000. Also, weekly initial unemployment claims are expected to increase by +1,000 to 230,000, and Q2 nonfarm productivity is expected to be revised upward to 2.7% from the previously reported 2.4%, with Q2 unit labor costs expected to be revised downward to 1.4% from 1.6%. In addition, the Aug trade deficit is expected to widen to -$78.0 billion from -$60.2 billion in June. Finally, the Aug ISM services index is expected to climb by +0.8 to 50.9. On Friday, Aug nonfarm payrolls are expected to rise by +75,000, and the Aug unemployment rate is expected to rise by 0.1 to 4.3%. Aug average hourly earnings are expected to increase +0.3% m/m and +3.7% y/y.
Regarding tariffs, a federal appeals court ruled late last Friday that President Trump exceeded his authority by imposing global tariffs without Congressional approval, but the court let the tariffs remain in place while appeals continue. The US Court of Appeals for the Federal Circuit Court said, "The statute bestows significant authority on the President to undertake a number of actions in response to a declared national emergency, but none of these actions explicitly include the power to impose tariffs, duties, or the like, or the power to tax." The case now appears to be headed to the Supreme Court for a final decision. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Federal funds futures prices are discounting the chances of a -25 bp rate cut at 95% at the next FOMC meeting on September 16-17. The markets are discounting the chances at 53% for a second -25 bp rate cut at the following meeting on October 28-29.
Overseas stock markets today are mixed. The Euro Stoxx 50 is up +0.63%. China's Shanghai Composite closed down -1.16%. Japan's Nikkei Stock 225 closed down -0.88%.
Interest Rates
December 10-year T-notes (ZNZ5) today are up +12 ticks, and the 10-year T-note yield is down -4.5 bp to 4.217%.
Dec T-notes are moving higher today after the US Jul JOLTS job openings fell more than expected to a 10-month low, boosting the chances for a Fed interest rate cut at the September 16-17 FOMC meeting to 95%, according to the swaps market. Also, today's 2% fall in WTI crude prices has reduced inflation expectations as the 10-year breakeven inflation rate fell to a 1.5-week low of 2.406%, a bullish factor for T-notes.
However, T-notes remain under pressure from supply risks. About $55 billion of corporate debt securities are expected to be priced this week, which will prompt bond dealers to enter short positions on T-note futures as a hedge against the incoming supply. Also, investors are demanding higher yields for holding government debt in the face of spiraling budget deficits and sticky inflation. Finally, T-note yields are climbing on concerns over Fed independence, with President Trump trying to oust Fed Governor Cook. The worry is that Mr. Trump is trying to replace Cook and other Fed officials with policymakers more inclined to lower interest rates regardless of inflation risks.
European government bond yields today are moving lower. The 10-year German bund yield is down -3.9 bp to 2.747%. 10-year UK gilt yield fell from a 7.5-month high of 4.845% and is down -5.0 bp to 4.750%.
Eurozone July PPI eased +0.2% y/y from +0.6% y/y in June, slightly stronger than expectations of +0.1% y/y.
The Eurozone Aug S&P composite PMI was revised downward by -0.1 to 51.0 from the previously reported 51.1.
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Alphabet (GOOGL) is up more than +8% to lead gainers in the S&P 50 and Nasdaq 100 after a judge ruled in an antitrust case late Tuesday that the company won't be forced to sell its Chrome browser.
Apple (AAPL) is up more than +3% to lead gainers in the Dow Jones Industrials after a court ruling stopped short of barring the company's lucrative search arrangement with Google, a deal that has generated roughly $20 billion in revenue a year for Apple.
The Campbell's Company (CPB) is up more than +4% after reporting Q4 adjusted EPS of 62 cents, better than the consensus of 56 cents.
Western Digital (WDC) is up more than +3% after Morgan Stanley named the stock its "Top Pick" with an overweight rating and a price target of $99.
Macy's (M) is up more than +19% after reporting Q2 net sales of $4.81 billion, better than the consensus of $4.71 billion, and raising its full-year net sales estimate to $21.15 billion-$21.45 billion from a previous estimate of $21.00 billion-$21.40 billion.
HealthEquity (HQY) is up more than +5% after reporting Q2 adjusted EPS of $1.08, stronger than the consensus of 92 cents, and raising its 2026 adjusted EPS forecast to $3.74-$3.91 from a previous estimate of $3.61-$3.78, above the consensus of $3.73.
Gold mining stocks are moving higher today, with the price of COMEX gold posting an all-time high. As a result, Anglogold Ashanti Plc (AU) is up more than +3% and Gold Fields Ltd (GFI) is up more than +1%.
Kraft Heinz Co (KHC) is up more than +1% after Morgan Stanley upgraded the stock to equal weight from underweight, citing reasonable valuation.
Dollar Tree (DLTR) is down more than -7% to lead losers in the S&P 500 after forecasting 2026 adjusted EPS of $5.32-$5.72, the midpoint below the consensus of $5.53.
Energy stocks and energy service providers are under pressure today with the price of WTI crude oil down more than -2%. ConocoPhillips (COP), Halliburton (HAL), and APA Corp (APA) are down more than -4%. Also, Occidental Petroleum (OXY) and Devon Energy (DVN) are down more than -3%. In addition, Exxon Mobil (XOM), Phillips 66 (PSX), and Schlumberger NV (SLB) are down more than -2%. Finally, Diamondback Energy (FANG) is down more than -3% to lead losers in the Nasdaq 100, and Chevron (CVX) is down more than -2% to lead losers in the Dow Jones Industrials.
Bruker Corporation (BRKR) is down more than -10% after announcing a public offering of $600 million of Mandatory Convertible Preferred Stock.
Smithfield Foods (SFD) is down more than -4% after announcing the launch of a secondary public offering of 16 million shares of common stock.
Hamilton Lane Incorporated (HLNE) is down more than -3% after announcing it has commenced an underwritten public offering of 528,705 shares of Class A common stock.
Zscaler (ZS) is down more than -2% after forecasting 2026 adjusted EPS of $3.64-$3.68, weaker than the consensus of $3.68.
Marvell Technology (MRVL) is down more than -2% as analysts have lowered their price targets for the stock by an average of 8.6% since it reported earnings last Thursday.
Earnings Reports(9/3/2025)
Dollar Tree Inc (DLTR), Gitlab Inc (GTLB), Hewlett Packard Enterprise Co (HPE), Macy's Inc (M), Salesforce Inc (CRM), The Campbell's Company (CPB).
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks and Bonds Climb as Weak Jobs Bolster Fed Rate Cut Chances

Phillips 66 PSX will begin winding down operations at its Los Angeles-area refinery this week, with permanent closure expected in the fourth quarter of 2025, per a Reuters report. According to the report, most employees and contractors will be laid off in December, following the company’s announcement last year to cease operations at the 139,000-barrel-per-day facility.
More than half of the 600 employees are represented by the United Steelworkers Union. A small number of workers may be transferred to the Phillips 66 marine oil terminal in Los Angeles. The company said that its commitment to supporting employees and contractors through the transition remains unchanged, but it has declined to comment on post-closure employment plans.
This refinery, along with Valero Energy Corporation’s VLO 145,000-barrel-per-day Benicia facility, also set for shutdown, produces around 20% of California’s gasoline supply. The closures are expected to tighten fuel markets and may contribute to volatility in pump prices, as California relies more heavily on imports and alternative sources to meet demand.
The process of shutting down the refinery will be multi-phased and complex, involving environmental remediation and coordination with local agencies. Phillips 66 has stated that it will work with state officials to supply fuel and address the long-term fate of its strategically located properties near the Port of Los Angeles.
PSX’s Zacks Rank and Key Picks
PSX currently carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may look at a couple of better-ranked stocks like Precision Drilling Corporation PDS, Antero Midstream Corporation AM and Archrock, Inc. AROC. While Precision Drilling sports a Zacks Rank #1 (Strong Buy) at present, both Antero Midstream and Archrockcarry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Precision Drilling is an oilfield services company. It provides contract drilling, well servicing and strategic support services to the oil and gas industry in North America and internationally. It provides land drilling, directional drilling, turnkey drilling, camp and catering services, and procures and distributes oilfield supplies.
PDS’ earnings beat estimates in two of the trailing four quarters and missed in the other two, delivering an average surprise of 977.7%. The Zacks Consensus Estimate for 2025 earnings indicates a 14.2% year-over-year decline.
Antero Midstream generates stable cash flow by providing midstream services under long-term contracts with Antero Resources. The company prioritizes debt reduction by effectively utilizing free cash flow after dividends. Antero Midstream’s higher dividend yield compared to its sub-industry peers reflects its commitment to generating shareholder returns.
AM’s earnings beat estimates in two of the trailing four quarters, met once and missed in the other, delivering an average surprise of 1.13%.
Archrock benefits from nearly full fleet utilization at 96%, indicating strong demand for its natural gas compression services and effective use of its high-cost equipment. The company’s recent acquisition of NGCS has expanded its large-horsepower asset base and improved customer relationships, boosting both scale and earnings potential. However, risks remain.
AROC’s earnings beat estimates in three of the trailing four quarters and met in the remaining one, delivering an average surprise of 6.50%.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They include
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Phillips 66 Begins Phased Closure of LA Refinery in 2025

The Zacks Oil and Gas - Refining & Marketing industry is constantly shifting with global energy needs and policy pressures. Today, the sector is doing more than just supplying fuels; it is redefining its role in an evolving energy landscape. The focus is now on balancing reliable fossil fuel output with growing investments in cleaner, lower-carbon solutions. Refiners are pushing into renewable diesel and sustainable aviation fuel, using government incentives and rising corporate demand to create durable growth opportunities. At the same time, U.S. refiners are exporting more fuels to Latin America and Europe, capturing healthy margins while diversifying revenue streams. Volatility in crude prices and inflation-driven costs still threaten near-term earnings, but the sector’s adaptability remains evident. Against this backdrop, four names — Marathon Petroleum (MPC), Phillips 66 (PSX), Galp Energia (GLPEY) and Par Pacific Holdings (PARR) — stand out as uniquely positioned to balance profitability today with opportunity tomorrow.
Industry Overview
The Zacks Oil and Gas - Refining & Marketing industry consists of companies involved in selling refined petroleum products (including heating oil, gasoline, jet fuel, residual oil, etc.) and a plethora of non-energy materials (like asphalt, road salt, clay and gypsum). Some companies also operate refined product terminals, storage facilities and transportation services. The primary activity of these firms involves buying crude/other feedstocks and processing them into a wide variety of refined products. Refining margins are extremely volatile and generally reflect the state of petroleum product inventories, demand for refined products, imports, regional differences and capacity utilization in the industry. Other major determinants of refining profitability are the light/heavy and sweet/sour spreads. Refiners are also prone to unplanned outages.
3 Trends Defining the Oil and Gas - Refining & Marketing Industry's Future
Growing Role of Low-Carbon Solutions: While conventional fuels remain critical, refiners are expanding into renewable diesel, sustainable aviation fuel, and other low-carbon alternatives. Government incentives and rising corporate demand for cleaner fuels are accelerating these investments, positioning refiners for long-term relevance in a decarbonizing economy. Importantly, integrating renewable projects into existing infrastructure lowers costs and allows companies to balance near-term fossil fuel strength with long-term energy transition opportunities. This dual approach adds resilience to the industry’s future earnings profile.
Advantaged Export Opportunities: The refining industry is increasingly leveraging global arbitrage opportunities. Strong demand from international markets, particularly Latin America and Europe, has created an outlet for U.S. refined product exports, allowing refiners to capture higher margins abroad. Export access provides a natural hedge against domestic market softness while diversifying revenue streams. This global connectivity not only enhances profitability but also underscores the strategic importance of U.S. refining capacity in balancing global fuel supplies.
Margin Pressure from Volatile Crude and Product Prices: Despite recent strength, refining margins remain highly exposed to swings in crude oil prices and product spreads. A sudden easing of geopolitical tensions or an unexpected surge in global supply could compress crack spreads, squeezing profitability across the sector. Meanwhile, inflationary cost pressures—ranging from maintenance expenses to compliance with environmental regulations—further challenge earnings stability. Without consistent pricing tailwinds, refiners face the risk of earnings volatility and weaker shareholder returns.
Zacks Industry Rank Indicates Positive Outlook
The Zacks Oil and Gas - Refining & Marketing is a 15-stock group within the broader Zacks Oil - Energy sector. The industry currently carries a Zacks Industry Rank #56, which places it in the top 23% of 246 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates fairly strong near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.
Considering the encouraging dynamics of the industry, we will present a few stocks that you may want to consider for your portfolio. But it’s worth taking a look at the industry’s shareholder returns and current valuation first.
Industry Underperforms Sector & S&P 500
The Zacks Oil and Gas - Refining & Marketing industry has fared worse than the broader Zacks Oil - Energy Sector as well as the Zacks S&P 500 composite over the past year.
The industry has gone down 10.1% over this period compared with the broader sector’s decrease of 0.6%. Meanwhile, the S&P 500 has gained 15.9%.
Industry's Current Valuation
Since oil and gas companies are debt-laden, it makes sense to value them based on the EV/EBITDA (Enterprise Value/ Earnings before Interest Tax Depreciation and Amortization) ratio. This is because the valuation metric takes into account not just equity but also the level of debt. For capital-intensive companies, EV/EBITDA is a better valuation metric because it is not influenced by changing capital structures and ignores the effect of noncash expenses.
On the basis of the trailing 12-month enterprise value-to EBITDA (EV/EBITDA), the industry is currently trading at 4.24X, significantly lower than the S&P 500’s 17.60X. It is also below the sector’s trailing 12-month EV/EBITDA of 4.92X.
Over the past five years, the industry has traded as high as 6.95X and as low as 1.79X, with a median of 3.63X, as the chart below shows.
4 Stocks in Focus
Par Pacific Holdings: based in Houston, Par Pacific operates an integrated energy platform spanning refining, retail, and logistics. With 219,000 barrels per day of refining capacity, extensive storage and transportation assets, and over 100 fuel and convenience store locations, the Zacks Rank #1 (Strong Buy) company serves key western U.S. markets. Par Pacific balances conventional fuel supply with emerging decarbonization initiatives, while also holding a significant interest in natural gas production, positioning itself for both stability and future growth.
The Zacks Consensus Estimate for 2025 earnings of Par Pacific indicates 394.6% growth. It has a market capitalization of $1.5 billion. Over the past 60 days, the Zacks Consensus Estimate for the company’s 2025 earnings has surged more than 500%. Shares of PARR have gained 43% in a year.
Galp Energia: It is a Portuguese integrated energy company with operations across exploration, production, refining, marketing, renewables, and commercial businesses. It operates two refineries in Portugal while maintaining a strong presence in oil and biofuels supply and trading. Producing over 100,000 barrels of oil equivalent per day and employing nearly 7,000 people, Galp balances its traditional energy base with investments in low-carbon solutions, aiming to deliver safe, affordable energy while advancing its decarbonisation strategy.
GLPEY, based in Lisbon, has a four-quarter average earnings surprise of 47.2%. The firm has a market capitalization of $13.1 billion. Over the past 60 days, the Zacks Consensus Estimate for Galp Energia’s 2025 earnings has moved up 21.8%. This Zacks Rank #2 (Buy) company’s shares have decreased 10.9% in a year.
Marathon Petroleum: It is a leading independent refiner, transporter and marketer of petroleum products. Marathon Petroleum's access to lower-cost crude in the Permian, Bakken, and Canada helps it benefit from the differentials. The Zacks Rank #3 (Hold) company’s exceptional cash flow generation and aggressive shareholder returns are the key drivers for stock price appreciation.
Findlay, OH-based Marathon Petroleum has a market capitalization of $50 billion. MPC beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters. Over the past 60 days, the Zacks Consensus Estimate for Marathon Petroleum’s 2025 earnings has moved up 8.5%. Shares of MPC have lost 3.6% in a year.
Phillips 66: Headquartered in Houston, TX, Phillips 66 is one of the world’s largest independent refiners and a diversified energy company. Its portfolio spans refining, marketing, midstream and petrochemicals, with nearly 2 million barrels per day of refining capacity across U.S. and European sites. The company markets fuels through thousands of outlets worldwide and holds a 50% stake in Chevron Phillips Chemical. Formed in 2012 from a ConocoPhillips spin-off, Phillips 66 continues to blend scale with strategic growth.
Phillips 66’s expected EPS growth rate for three to five years is currently 15.5%, which compares favorably with the industry's growth rate of 9.8%. The company beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters and missed in the other, the average being 19.2%. Shares of this Zacks Rank #3 company have lost 7.7% in a year.
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Refining & Marketing Industry Outlook: 4 Stocks in Focus

Phillips 66 (Symbol: PSX) has been named a Top Socially Responsible Dividend Stock by Dividend Channel, signifying a stock with above-average ''DividendRank'' statistics including a strong 3.9% yield, as well as being recognized by prominent asset managers as being a socially responsible investment, through analysis of social and environmental criteria. Environmental criteria include considerations like the environmental impact of the company's products and services, as well as the company's efficiency in terms of its use of energy and resources. Social criteria include elements such as human rights, child labor, corporate diversity, and the company's impact on society — for instance, taken into consideration would be business activities tied to weapons, gambling, tobacco, and alcohol.
According to the ETF Finder at ETF Channel, Phillips 66 is a member of the iShares USA ESG Select ETF (SUSA), making up 0.17% of the underlying holdings of the fund, which owns $8,060,937 worth of PSX shares.
The annualized dividend paid by Phillips 66 is $4.8/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 08/19/2025. Below is a long-term dividend history chart for PSX, which the DividendRank report stressed as being of key importance. Indeed, studying a company's past dividend history can be of good help in judging whether the most recent dividend is likely to continue.
PSX operates in the Oil & Gas Refining & Marketing sector, among companies like Chevron Corporation (CVX), and Suncor Energy Inc (SU).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Phillips 66 a Top Socially Responsible Dividend Stock With 3.9% Yield (PSX)

Chevron Corporation CVX has dispatched Venezuela’s two oil shipments to the United States after Washington restored its license to operate in the sanctioned nation. The Mediterranean Voyager and Canopus Voyager left Venezuela’s waters carrying Hamaca and Boscan heavy crudes, bound for the U.S. West Coast and Port Arthur, TX.
Balancing Energy Needs and Sanctions
This move highlights how U.S. energy security concerns can temper hardline sanction policies. With Mexico cutting exports and Canadian flows constrained, Chevron’s return provides much-needed supply relief.
Although the new sanctions waiver was not officially released, U.S. officials and analysts indicated that Chevron will avoid making cash payments to the Venezuelan state. Instead, both Chevron and Petróleos de Venezuela, S.A. (PDVSA) are expected to independently export their respective portions of crude output. Venezuela’s authorities, however, rejected the idea that Chevron would operate in the country without payments, but offered no additional clarification.
Modest but Strategic Flows
Chevron, currently carrying a Zacks Rank #3 (Hold), emphasized that volumes remain small, signaling a cautious start rather than a full revival of trade. Still, even limited exports could shift dynamics in the Gulf Coast heavy crude market, where refiners have faced sourcing challenges. For Venezuela, Chevron’s return offers operational stability in an oil sector struggling with sanctions and underinvestment.
Heavy Venezuelan crude remains valuable for U.S. refiners like Valero Energy Corporation VLO, which rely on such grades to run specialized coking units. Valero, which accounted for nearly half of U.S. imports of Venezuelan crude in 2024, is reportedly negotiating with Chevron to restart a supply deal.
The return of heavy crude supplies is anticipated to boost profit margins for Texas and Louisiana refiners, with companies like PBF Energy Inc. PBF and Phillips 66 PSX showing interest in resuming Venezuelan oil purchases from Chevron.
Chevron’s Revoked License
In March this year, President Trump revoked Chevron’s license to operate in Venezuela, rolling back a concession previously granted by the Biden administration, even as U.S. sanctions on the country’s oil sector remained in place. Chevron was instructed to wind down operations by the end of May. Venezuela managed to withstand the renewed sanctions by building reserves and rerouting crude exports to China.
However, last month the U.S. reversed course, allowing Chevron to restart operations under strict conditions — specifically, that no proceeds from Venezuelan crude sales go to the Maduro government.
Geopolitical Reset in Motion
The reinstated flows illustrate how global energy realities can reshape U.S. foreign policy. While far from restoring Venezuela’s pre-crisis export strength, Chevron’s shipments represent both an economic lifeline for the country’s struggling industry and a strategic play for U.S. refiners seeking feedstock security.
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Chevron Resumes Venezuela Oil Exports Amid Shifting U.S. Sanctions

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Oracle Corp (Symbol: ORCL), where a total volume of 45,751 contracts has been traded thus far today, a contract volume which is representative of approximately 4.6 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 46.1% of ORCL's average daily trading volume over the past month, of 9.9 million shares. Especially high volume was seen for the $190 strike put option expiring September 19, 2025, with 4,685 contracts trading so far today, representing approximately 468,500 underlying shares of ORCL. Below is a chart showing ORCL's trailing twelve month trading history, with the $190 strike highlighted in orange:
Phillips 66 (Symbol: PSX) saw options trading volume of 10,941 contracts, representing approximately 1.1 million underlying shares or approximately 45.8% of PSX's average daily trading volume over the past month, of 2.4 million shares. Especially high volume was seen for the $100 strike call option expiring September 19, 2025, with 3,200 contracts trading so far today, representing approximately 320,000 underlying shares of PSX. Below is a chart showing PSX's trailing twelve month trading history, with the $100 strike highlighted in orange:
And JPMorgan Chase & Co (Symbol: JPM) options are showing a volume of 35,174 contracts thus far today. That number of contracts represents approximately 3.5 million underlying shares, working out to a sizeable 45.7% of JPM's average daily trading volume over the past month, of 7.7 million shares. Especially high volume was seen for the $200 strike put option expiring September 19, 2025, with 2,091 contracts trading so far today, representing approximately 209,100 underlying shares of JPM. Below is a chart showing JPM's trailing twelve month trading history, with the $200 strike highlighted in orange:
For the various different available expirations for ORCL options, PSX options, or JPM options, visit StockOptionsChannel.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Monday Option Activity: ORCL, PSX, JPM

Phillips 66 PSX, a leading U.S.-based refining company, has cut gasoline production from its Bayway refinery in Linden, NJ. A fire near the gasoline-producing unit of the refinery is anticipated to have affected production. The Bayway refinery has a production capacity of 258,000 barrels per day and is one of the largest fuel suppliers along the U.S. East Coast.
Per a Reuters report, a fire broke out in an ancillary equipment of the fluid catalytic cracking unit (FCCU) at the refinery. The FCCU is a crucial component in refinery operations, used for converting heavy crude oil into lighter products such as gasoline. The fire triggered a production outage at the refinery. The exact cause of the fire, however, remains unknown. The refinery intends to fix the issue in the upcoming days and restore full production.
The Bayway refinery in New Jersey faced production disruptions last month due to a power outage at the plant. The power outage was caused by heavy rainstorms in the region. This led to a temporary increase in the prices for refined products at the New York Harbor. Given that Bayway is one of the largest refineries on the U.S. East Coast, the outage may cause a similar temporary spike in prices due to reduced supplies. However, the extent of the impact will depend on how long the outage lasts.
PSX’s Zacks Rank & Key Picks
Currently, PSX carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Enbridge Inc. ENB, Antero Midstream Corporation AM and Galp Energia SGPS SA GLPEY. While Enbridge currently sports a Zacks Rank #1 (Strong Buy), Antero Midstream and Galp Energia each carry a Zacks Rank #2(Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
Enbridge is a leading midstream energy firm that operates an extensive crude oil and liquids transportation network spanning 18,085 miles, along with a gas transportation network covering 71,308 miles. The company has a stable business model supported by take-or-pay contracts, protecting it against commodity price volatility.
Antero Midstream generates stable cash flow by providing midstream services under long-term contracts with Antero Resources. The company’s higher dividend yield, compared to its sub-industry peers, makes it an attractive choice for investors who seek consistent returns.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly the Mopane discovery in the Orange Basin, offshore Namibia. After the initial exploration phase, Galp estimated that the Mopane prospect could hold nearly 10 billion barrels of oil. This discovery allows Galp to diversify its global presence, with the potential to become a significant oil producer in the region.
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Indicator	TTM Median
P/E	20.98 11.54
Price/Sales	0.31 1.21
P/B	1.50 1.32
P/FCF	18.94 7.93

Indicator	TTM Median
ROE	7.08 15.76
ROA	2.82 7.16
ROI	4.43 9.51
Net Worth	44.17 1.55
Quick Ratio	0.92 1.04
Current Ratio	1.19 1.25

Indicator	TTM Median
Net Profit Margin	1.48 14.48
Operating Margin	1.27 22.72
Gross Margin	9.21 50.09
Return on tangible equity	7.76 18.05

Indicator	TTM Median
EPS	0.90 0.39
EPS Forecast	0.77 0.35
Revenue	33.69B 204.00M
Gross Profit	2.93B —
EBITDA	826.00M —

Phillips 66

TTM metrics for the latest quarter under IFRS and their historical dynamics

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