Valero Energy Corporation manufactures, markets, and sells petroleum-based and low-carbon liquid transportation fuels and petrochemical products in the United States, Canada, the United Kingdom, Ireland, Latin America, Mexico, Peru, and internationally. It operates through three segments: Refining, Renewable Diesel, and Ethanol. The company produces California Reformulated Gasoline Blendstock for Oxygenate Blending and Conventional Blendstock for Oxygenate Blending gasolines, CARB diesel, diesel, jet fuel, heating oil, and asphalt; feedstocks; aromatics; sulfur and residual fuel oil; intermediate oils; and sulfur, sweet, and sour crude oils. It sells its refined products through wholesale rack and bulk markets; and through outlets under the Valero, Beacon, Diamond Shamrock, Shamrock, Ultramar, and Texaco brands. The company owns and operates renewable diesel and ethanol plants, as well as produces renewable diesel and naphtha under the Diamond Green Diesel brand name. In addition, it offers ethanol and various co-products, including dry distiller grains, syrup, and inedible distillers corn oil to animal feed customers. The company was formerly known as Valero Refining and Marketing Company and changed its name to Valero Energy Corporation in August 1997. Valero Energy Corporation was founded in 1980 and is headquartered in San Antonio, Texas.

Valero Energy appears to be a financially resilient company, but the market is already pricing in significantly improved profitability. Its strong point is low leverage: a debt/equity ratio of 0.36 is below the industry median, while a current ratio of 1.58 and a quick ratio of 1.09 indicate comfortable liquidity. At the same time, cash generation and return on capital look better than those of most companies in the sector: ROA of 14.25 and ROI of 22.84 are well above the median, and EBITDA, net income, and operating profit remain at high levels. However, margins are still weaker than the industry’s: gross margin of 5.59, operating margin of 4.66, and net profit margin of 3.36 are noticeably below median values, which limits earnings quality. Valuation based on earnings and cash flow looks demanding: P/E of 26.79, P/B of 2.33, and especially P/FCF of 20.07 are above industry benchmarks, meaning the stock does not look cheap relative to current results. The only clear valuation advantage is the low P/S of 0.64, but for a capital-intensive and cyclical business this is not enough to fully offset the richness of the earnings and FCF multiples. Overall, the trend in the metrics has improved compared with earlier quarters: revenue, gross profit, EBITDA, and earnings have increased, while the balance sheet remains stable. However, the dividend yield is currently zero, whereas it was positive before, removing part of the stock’s defensive appeal for investors. Equity and assets look stable, and debt is not increasing, which reduces financial risk. Nevertheless, the combination of elevated valuation multiples and still-weak margins limits the potential for further re-rating. For investors, this is more of a quality business that is no longer cheap, where fundamentals support the price but do not justify aggressive upside. Therefore, the target forecast should be slightly reduced, while maintaining a moderately positive view of the company’s resilience, but taking into account the limited valuation cushion.

Valero Energy Corporation

Сильный индекс, значительно упал. Оптимистичный взгляд на свои позиции резко сменился на неуверенность.

Strong index, significantly down. An optimistic view of his position suddenly changed to uncertainty.

Слабый индекс, значительно вырос. Рынок не поддерживает быков.

Weak index, significantly up. The market does not support the bulls.

Слабый индекс, незначительно вырос. Приток средств в лонги остается на невысоком уровне.

Weak index, slightly up. The inflow of funds into longs remains at a low level.

VLO has a strong balance sheet and high return on assets, but its earnings and FCF multiples are already elevated, while margins remain below the industry.

Antero Resources Corporation AR reported second-quarter 2026 adjusted earnings of 76 cents per share, beating the Zacks Consensus Estimate of 75 cents. Revenues of $1.6 billion beat the consensus estimate of $1.5 billion by 6.7% and increased from $1.3 billion in the year-ago quarter.
The strong quarterly performance was supported by record production, lower cash costs and benefits from the HG Energy acquisition. Net production averaged 4.1 Bcfe/d, up 21% year over year, while adjusted EBITDAX rose 57% to $595 million.
Antero Resources Corporation Price, Consensus and EPS Surprise
AR Production Growth Supports Results
Antero Resources delivered record production in the second quarter, with average net output reaching 4.1 Bcfe/d, including 216 MBbl/d of liquids. The figure is in line with our estimate of 4.1 Bcfe/d.
Natural gas production averaged 2,847 MMcf/d, while C3+ NGL production averaged 121,132 Bbl/d and C2 NGL production averaged 86,769 Bbl/d.
The company placed 26 Marcellus wells to sales during the quarter with an average lateral length of 13,323 feet. The 21 wells that had been online for about 60 days averaged 25 MMcfe/d per well, including 975 Bbl/d of liquids per well assuming 25% ethane recovery.
Antero Resources Benefits From HG Energy
AR saw year-over-year revenue growth from stronger production volumes and contributions from the HG Energy assets. Total revenues increased to $1.6 billion from $1.3 billion in the prior-year quarter, helped by higher natural gas liquids sales, oil sales, and commodity derivative gains.
The company’s revenues included $688.5 million from natural gas sales, $587.7 million from natural gas liquids sales and $59.6 million from oil sales. The figures are slightly below our estimates of $705.6 million from natural gas sales, $653.4 million from natural gas liquids sales and $63.1 million, respectively. Commodity derivative fair value gains increased to $160.6 million from $53.4 million a year ago.
AR Improves Cost Structure & Margins
Antero Resources reported total cash operating costs of $2.38 per Mcfe in the quarter, down $0.29 per Mcfe, or 11%, from the prior-year period. Cash production expenses were $2.22 per Mcfe compared with $2.48 per Mcfe in the second quarter of 2025. The figure is marginally above our estimate of 2.21 per Mcfe.
Operating expenses rose to $1.18 billion from $1.09 billion a year ago, reflecting higher gathering, compression, processing and transportation costs, as well as increased depletion, depreciation and amortization. The figure is also above our estimate of $1.14 billion.
Operating income, however, improved to $375.5 million from $204.9 million. The metric also beat our estimate of $323.3 million.
Antero Resources Expands Development Position
AR completed strategic acquisitions in July for approximately $315 million within its West Virginia development footprint. The properties add about 125 MMcfe/d of net production, 3,500 net undeveloped acres and 15 net undeveloped locations.
The company also continued investing in its resource base during the quarter. Drilling and completion capital expenditure totaled $297 million, while land investment reached $29 million, adding approximately 5,000 net acres and 20 incremental net drilling locations.
AR Updates 2026 Outlook & Cash Flow
Antero Resources raised its 2026 production guidance to 4.15-4.2 Bcfe/d, citing strong year-to-date performance and the July acquisitions. Third-quarter production is expected to average 4.25-4.3 Bcfe/d, with fourth-quarter production forecast at 4.4-4.5 Bcfe/d.
The company lowered cash production expense guidance to $2.20-$2.30 per Mcfe and adjusted its expected natural gas realized price premium to NYMEX Henry Hub to 5-15 cents per Mcf. C2 NGL realized price premium guidance was increased to $2.50-$3 per barrel.
Antero Resources Strengthens Financial Flexibility
AR generated $438.8 million in net cash from operating activities during the second quarter. The adjusted free cash flow before changes in working capital was $219.8 million compared with $156.3 million in the year-ago period.
The company also continued its capital return program, repurchasing 1.1 million shares for approximately $38 million during the quarter at an average weighted price of $34.25 per share. As of the earnings release, Antero Resources had approximately $880 million of remaining capacity under its share repurchase program.
Antero Resources’ balance sheet reflected total debt of $2.6 billion as of June 30, 2026, including $1.1 billion outstanding under its term loan and $600 million of senior notes due 2030.
Zacks Rank & Stocks to Consider
Antero Resources currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the energy sector are Par Pacific Holdings PARR, Valero Energy VLO and Kinder Morgan Inc. KMI, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Par Pacific operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products.
Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. Valero’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.
Kinder Morgan operates one of North America's largest natural gas infrastructure networks, consisting of approximately 58,600 miles of transmission pipelines, 6,800 miles of gathering systems and 1,300 miles of natural gas liquids pipelines. KMI transports nearly 40% of U.S. natural gas production and controls more than 700 billion cubic feet of storage capacity, representing roughly 15% of the nation's total storage capacity.
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AR Q2 Earnings Beat Estimates on Record Production Gains

(RTTNews) - Valero Energy Corp. (VLO) will host a conference call at 10:00 AM ET on July 30, 2026, to discuss Q2 26 earnings results.
To access the live webcast, log on to https://investorvalero.com/events-and-presentations/default.aspx#events
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Valero Energy Q2 26 Earnings Conference Call At 10:00 AM ET

Phillips 66 PSX is set to report second-quarter 2026 results on Aug. 5, before the opening bell.
The Zacks Consensus Estimate for second-quarter earnings is pegged at $7.68 per share, implying an improvement of 222.7% from the year-ago reported number. It has witnessed no estimate revisions in the past seven days. The Zacks Consensus Estimate for second-quarter revenues is currently pegged at $36.2 billion, suggesting an improvement of 7.9% from the year-ago actuals.
PSX beat the consensus estimate for earnings in each of the trailing four quarters, with the average surprise being 67.8%. This is depicted in the graph below:
Image Source: Zacks Investment Research
Q2 Earnings Whispers for PSX
Our proven model doesn’t predict an earnings beat for PSX this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That isn’t the case here.
The leading refining player has an Earnings ESP of 0.00%. PSX currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
PSX’s Factors to Note
To have an idea of how oil prices behaved in the June quarter, let's analyze the commodity prices from the data provided by the U.S. Energy Information Administration (“EIA”). The average Cushing, OK, WTI spot prices for April, May and June of this year were $100.32 per barrel, $102.13 per barrel and $84.81 per barrel, respectively, per EIA data. Commodity prices were $63.54 per barrel, $62.17 per barrel and $68.17 per barrel, respectively, in April, May and June of 2025, according to the EIA.
A constructive oil-price backdrop, driven by the Iran war, is likely to have hurt the refining business of Phillips 66 in the second quarter, since the input costs to produce final products like gasoline, diesel fuel and others were higher. A similar dynamic is likely to have affected Par Pacific Holdings, Inc. PARR and Valero Energy Corporation VLO, belonging to the same space.
However, the high utilization of refineries in the United States to meet resilient demand is likely to have largely offset the negative impacts of high input costs.
PSX’s Price Performance & Valuation
PSX's stock has surged 67.3% over the past year, outperforming the industry’s 60.5% growth. PARR has jumped 164.7% over the same time frame, while VLO has gained 119.4%.
One-Year Price Chart
With PSX’s stock price outperforming the industry, the company appears relatively overvalued. The company's current trailing 12-month enterprise value/earnings before interest, tax, depreciation and amortization (EV/EBITDA) is 14.30x, reflecting that it is trading at a premium compared with the industry average of 6.20x. Both VLO and PARR are valued lower at 9.24x and 6.20x, respectively.
Investment Thesis of PSX
West Texas Intermediate (“WTI”) oil is currently trading at more than $80 per barrel, according to data from Oilprice.com, although high, but still significantly down from the mark of more than $100 per barrel reached in May this year. Phillips 66, like Valero Energy and Par, is likely to gain from the current relatively softer crude pricing environment. This is because PSX, a leading refining company, is now able to purchase oil at a lower cost, enabling the production of end products. Thus, Phillips 66, which generates significant margin from its refining activities, is likely to benefit.
PSX, unlike most of its refining peers, has diversified its business across midstream and chemicals. Along with investing in refining operations, Phillips 66 is allocating significant capital for midstream.
The midstream business, by its very definition, is stable since the company generates stable cash flows as the assets are being utilized for the long term and is less vulnerable to commodity price volatility. Hence, having a diversified business model, PSX is insulated from commodity price volatility to a great extent.
Last Word
Given its relatively stable business model, it might be the ideal time for investors to bet on the stock. In fact, investors are willing to pay a premium for this stock as reflected in the valuation picture.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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Phillips 66's Q2 Earnings on Deck: Should You Bet on the Stock?

(RTTNews) - Valero Energy Corp. (VLO) announced a profit for its second quarter that Increases, from the same period last year
The company's earnings totaled $3.720 billion, or $12.62 per share. This compares with $714 million, or $2.28 per share, last year.
Excluding items, Valero Energy Corp. reported adjusted earnings of $3.697 billion or $12.54 per share for the period.
The company's revenue for the period rose 48.8% to $44.476 billion from $29.889 billion last year.
Valero Energy Corp. earnings at a glance (GAAP) :
-Earnings: $3.720 Bln. vs. $714 Mln. last year. -EPS: $12.62 vs. $2.28 last year. -Revenue: $44.476 Bln vs. $29.889 Bln last year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Valero Energy Corp. Bottom Line Climbs In Q2

For Immediate Release
Chicago, IL – July 30, 2026 – Today, Zacks Equity Research discusses Delek US Holdings DK, PBF Energy PBF and Valero Energy VLO.
Industry: Oil Refining & Marketing
Link: https://www.zacks.com/commentary/2962978/3-top-refining-marketing-stocks-riding-industry-strength
The Zacks Oil and Gas - Refining & Marketing industry is benefiting from tight fuel supplies, steady transportation demand and improving earnings expectations. Refiners with flexible operations, diverse crude access and strong logistics networks are well positioned to capture favorable margins as global trade flows shift. Investments in renewable diesel, sustainable aviation fuel and efficiency projects also provide additional growth avenues.
Regulatory costs, maintenance spending and commodity-price volatility remain risks, but the overall outlook is encouraging. The industry ranks in the top 8% of Zacks industries and trades at an attractive valuation. Against this favorable backdrop, Delek US Holdings, PBF Energy and Valero Energy appear well positioned to capitalize on the industry's supportive trends.
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 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 and marketing profitability are the light/heavy and sweet/sour spreads. Oil and gas refiners are also prone to unplanned outages.
3 Trends Defining the Oil and Gas - Refining & Marketing Industry's Future
Tight Fuel Supply: Global refining capacity has remained tight, while fuel inventories in several markets are below normal levels. At the same time, demand for transportation fuels has stayed resilient despite market volatility. When supply struggles to keep pace with consumption, refiners often benefit from stronger margins on gasoline, diesel and jet fuel. Export demand can also rise as regions with limited refining capacity depend on imported products. If these conditions continue, refining and marketing companies should enjoy a supportive pricing environment and improved cash generation.
Flexible Refineries: Oil markets are becoming more unpredictable due to geopolitical events and changing trade flows. This increases the value of refineries that can process different grades of crude oil and quickly adjust their product mix based on market demand. Facilities with strong logistics networks and access to multiple crude sources are generally better equipped to manage supply disruptions and capture higher-value opportunities. As global energy markets remain dynamic, operational flexibility is becoming a more important competitive advantage for the refining and marketing industry.
Cleaner Fuels Create New Growth Opportunities: The refining industry is evolving beyond traditional fuels. Demand for renewable diesel, sustainable aviation fuel and other lower-carbon products is encouraging refiners to upgrade existing facilities instead of building entirely new ones. Many companies are also investing in projects that improve efficiency, reduce emissions and expand access to emerging fuel markets. This gradual shift allows refiners to serve both conventional and cleaner energy demand, creating additional revenue opportunities while helping the industry stay relevant as environmental regulations become stricter.
Rising Costs and Policy Risks: The refining business remains highly exposed to factors outside its control. Higher compliance costs, stricter environmental rules, inflation, expensive maintenance work and sudden regulatory changes can all squeeze margins. In addition, unexpected refinery outages or sharp swings in crude oil and fuel prices may disrupt operations and reduce profitability. If these challenges occur alongside weaker fuel demand or slower economic growth, refining and marketing companies could face pressure on earnings despite maintaining stable production levels.
Zacks Industry Rank Indicates Positive Outlook
The Zacks Oil and Gas - Refining & Marketing is a 16-stock group within the broader Zacks Oil - Energy sector. The industry currently carries a Zacks Industry Rank #19, which places it in the top 8% of 247 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.
The industry’s position in the top 50% of the Zacks-ranked industries is a result of improving earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are becoming optimistic about this group’s earnings growth potential. As a matter of fact, the industry’s earnings estimates for 2026 have gone up 102.8% in the past year.
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 Outperforms Sector & S&P 500
The Zacks Oil and Gas - Refining & Marketing industry has fared better than the broader Zacks Oil - Energy Sector as well as the Zacks S&P 500 composite over the past year.
The industry has gone up 60.9% over this period compared with the broader sector’s increase of 26.9%. Meanwhile, the S&P 500 has gained 18.7%.
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 6.25X, significantly lower than the S&P 500’s 18.24X. It is also below the sector’s trailing 12-month EV/EBITDA of 6.74X.
Over the past five years, the industry has traded as high as 6.42X and as low as 1.77X, with a median of 3.63X.
3 Stocks to Buy
Delek US Holdings: Delek US Holdings is a diversified downstream energy company with refining, logistics and marketing operations across the United States. Through its refining assets and Delek Logistics partnership, the Zacks Rank #1 (Strong Buy) company serves fuel markets while expanding third-party midstream services. Its strategy combines operational improvements, disciplined capital allocation and logistics integration to strengthen cash generation.
You can see the complete list of today’s Zacks #1 Rank stocks here.
The company continues advancing its Enterprise Optimization Plan to improve margins, reduce costs and enhance free cash flow. It is also increasing the contribution from its midstream business while investing in refinery reliability, crude flexibility and higher-value product yields. Management remains focused on balanced capital allocation, operational execution and creating sustainable long-term shareholder value.
The Zacks Consensus Estimate for 2026 earnings of DK indicates 25.9% growth. It beat the Zacks Consensus Estimate for earnings in each of the last four quarters, with the average being 215.8%. The company’s shares have increased 174.3% in a year.
PBF Energy: PBF Energy is an independent petroleum refiner with operations spanning the East Coast, Mid-Continent, Gulf Coast and West Coast. Its refining network supplies transportation fuels to major regional markets, while investments in logistics and renewable fuels broaden its operating platform. The company also focuses on maintaining safe, reliable operations and improving the efficiency of its refining assets.
PBF continues to strengthen its portfolio through disciplined capital spending, refinery upgrades and operational improvement programs. Management remains focused on restoring full refining capabilities, enhancing asset reliability and maintaining a resilient balance sheet. The Zacks #1 Ranked company also expects renewable fuels, refining optimization and prudent capital allocation to support long-term value creation across different commodity price environments.
PBF Energy’s expected EPS growth rate for three to five years is currently 56%, which compares favorably with the industry's growth rate of 30.7%. The company beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters and missed in the other, the average being 113.3%. Shares of the company have gained 147.6% in a year.
Valero Energy: Valero Energy is one of the world's largest independent refiners, producing transportation fuels while also expanding its renewable diesel and ethanol businesses. Its integrated refining, wholesale and logistics network gives the company flexibility to optimize feedstocks, serve export markets and adapt to changing fuel demand. The Zacks Rank #2 (Buy) company also continues to invest in projects that improve efficiency, expand margins and lower carbon intensity.
Valero operates a high-complexity refining system supported by disciplined capital allocation and a strong balance sheet. Its focus remains on operational excellence, system-wide optimization and shareholder returns. Alongside traditional refining, Valero is growing its low-carbon fuels platform through renewable diesel, sustainable aviation fuel and ethanol projects, helping diversify earnings while strengthening its long-term competitive position.
Valero Energy has a market capitalization of more than $90 billion. VLO beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 28%. The Zacks Consensus Estimate for Valero’s 2026 earnings per share indicates 243.6% year-over-year growth. Shares of VLO have gained 114.4% in a year.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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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.

Zacks Industry Outlook Highlights Delek US, PBF Energy and Valero Energy

The following companies are expected to report earnings prior to market open on 07/30/2026. Visit our Earnings Calendar for a full list of expected earnings releases.
Mastercard Incorporated (MA)is reporting for the quarter ending June 30, 2026. The financial transactions company's consensus earnings per share forecast from the 12 analysts that follow the stock is $4.77. This value represents a 14.94% increase compared to the same quarter last year. In the past year MA has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 4.55%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for MA is 28.70 vs. an industry ratio of 25.30, implying that they will have a higher earnings growth than their competitors in the same industry.
Bristol-Myers Squibb Company (BMY)is reporting for the quarter ending June 30, 2026. The biomedical (gene) company's consensus earnings per share forecast from the 8 analysts that follow the stock is $1.59. This value represents a 8.90% increase compared to the same quarter last year. In the past year BMY has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 9.72%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BMY is 10.03 vs. an industry ratio of -10.80, implying that they will have a higher earnings growth than their competitors in the same industry.
Altria Group (MO)is reporting for the quarter ending June 30, 2026. The tobacco company's consensus earnings per share forecast from the 4 analysts that follow the stock is $1.50. This value represents a 4.17% increase compared to the same quarter last year. MO missed the consensus earnings per share in the 4th calendar quarter of 2025 by -0.76%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for MO is 13.13 vs. an industry ratio of 17.90.
Sanofi (SNY)is reporting for the quarter ending June 30, 2026. The large cap pharmaceutical company's consensus earnings per share forecast from the 4 analysts that follow the stock is $1.10. This value represents a 22.22% increase compared to the same quarter last year. SNY missed the consensus earnings per share in the 2nd calendar quarter of 2025 by -6.25%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for SNY is 9.18 vs. an industry ratio of 19.50.
Southern Company (SO)is reporting for the quarter ending June 30, 2026. The electric power utilities company's consensus earnings per share forecast from the 6 analysts that follow the stock is $1.00. This value represents a 9.89% increase compared to the same quarter last year. SO missed the consensus earnings per share in the 4th calendar quarter of 2025 by -1.79%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for SO is 21.13 vs. an industry ratio of 19.00, implying that they will have a higher earnings growth than their competitors in the same industry.
Trane Technologies plc (TT)is reporting for the quarter ending June 30, 2026. The technology services company's consensus earnings per share forecast from the 4 analysts that follow the stock is $4.27. This value represents a 10.05% increase compared to the same quarter last year. In the past year TT has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 3.95%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for TT is 31.57 vs. an industry ratio of 10.20, implying that they will have a higher earnings growth than their competitors in the same industry.
KKR & Co. Inc. (KKR)is reporting for the quarter ending June 30, 2026. The finance/investment management company's consensus earnings per share forecast from the 6 analysts that follow the stock is $1.27. This value represents a 27.00% increase compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for KKR is 18.53 vs. an industry ratio of 14.70, implying that they will have a higher earnings growth than their competitors in the same industry.
Valero Energy Corporation (VLO)is reporting for the quarter ending June 30, 2026. The oil refining company's consensus earnings per share forecast from the 5 analysts that follow the stock is $9.87. This value represents a 332.89% increase compared to the same quarter last year. In the past year VLO has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 37.46%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for VLO is 8.16 vs. an industry ratio of 1.60, implying that they will have a higher earnings growth than their competitors in the same industry.
Quanta Services, Inc. (PWR)is reporting for the quarter ending June 30, 2026. The engineering company's consensus earnings per share forecast from the 7 analysts that follow the stock is $3.03. This value represents a 34.67% increase compared to the same quarter last year. In the past year PWR has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 34.66%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for PWR is 45.97 vs. an industry ratio of 9.80, implying that they will have a higher earnings growth than their competitors in the same industry.
Intercontinental Exchange Inc. (ICE)is reporting for the quarter ending June 30, 2026. The securities exchange company's consensus earnings per share forecast from the 7 analysts that follow the stock is $1.84. This value represents a 1.66% increase compared to the same quarter last year. In the past year ICE has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 3.52%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for ICE is 19.07 vs. an industry ratio of 22.80.
Enterprise Products Partners L.P. (EPD)is reporting for the quarter ending June 30, 2026. The oil/gas company's consensus earnings per share forecast from the 5 analysts that follow the stock is $0.74. This value represents a 12.12% increase compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for EPD is 13.18 vs. an industry ratio of 5.40, implying that they will have a higher earnings growth than their competitors in the same industry.
The Cigna Group (CI)is reporting for the quarter ending June 30, 2026. The hmo company's consensus earnings per share forecast from the 6 analysts that follow the stock is $7.58. This value represents a 5.28% increase compared to the same quarter last year. In the past year CI has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 2.23%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for CI is 9.91 vs. an industry ratio of 20.10.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Earnings Report for July 30, 2026 : MA, BMY, MO, SNY, SO, TT, KKR, VLO, PWR, ICE, EPD, CI

The S&P 500 Index ($SPX) (SPY) today is down -0.71%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.53%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.98%. September E-mini S&P futures (ESU26) are down -0.75%, and September E-mini Nasdaq futures (NQU26) are down -1.03%.
Stock indexes are falling today, with the S&P 500 sliding to a 1-month low and the Nasdaq 100 sinking to a 3-month low. Chipmakers and AI infrastructure stocks are selling off today, leading the overall market lower. Also, heightened geopolitical risks are weighing on stocks as crude prices surged, and bond yields jumped when President Trump said the US will “hit Iran hard” after a recent attack from Iran that targeted a US base in Jordan.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
The markets were little changed following the results of the 2-day FOMC meeting early this afternoon, with policymakers keeping interest rates unchanged in a 9-3 decision. Also, earnings results from Microsoft and Meta Platforms after today’s close will be looked at to see whether the vast spending behind the buildout of artificial intelligence can deliver adequate returns. The 10-year T-note yield is up +4 bp to 4.64%.
Sep WTI crude oil prices (CLU26) jumped by more than +7% today as the recent lull in hostilities came to an abrupt end after the Islamic Revolutionary Guard Corps (IRGC) said it targeted a US airbase and command center in Jordan with ballistic missiles. The IRGC also claimed to have hit and halted three tankers attempting to transit through the Strait of Hormuz. Meanwhile, the US and Saudi Arabia launched a joint attack on "Iran-aligned terrorists" in Iraq after the IRGC directed them to target US forces and Saudi energy infrastructure.
Tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. Also, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse. Iranian Deputy Foreign Minister Gharibabadi said Oman's proposal for a route through the Strait of Hormuz, with 50% under Iran's control and 50% under Oman's, would not address Iran's concerns and that the inbound passage and part of the outbound channel must be entirely under Iran's control.
US MBA mortgage applications fell -6.4% in the week ended July 24, with the purchase mortgage sub-index down -3.6% and the refinancing mortgage sub-index down -9.9%. The average 30-year fixed rate mortgage rose +7 bp to an 11.5-month high of 6.76% from 6.69% the prior week.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms today, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 87% of the 216 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 34% chance of a +25 bp rate hike at the conclusion of today’s FOMC meeting.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.73%. China's Shanghai Composite rebounded from a 1-week low and closed up +0.40%. Japan's Nikkei-225 Stock Average fell to a 2.25-month low and closed down -1.49%.
Interest Rates
September 10-year T-notes (ZNU6) today are down -9 ticks. The 10-year T-note yield is up +3.0 bp to 4.637%. T-notes are under pressure today from a +7% surge in crude oil prices, which raises inflation expectations and is hawkish for Fed policy. Also, long liquidation and position evening are weighing on T-notes ahead of the FOMC’s interest rate decision later today.
European government bond yields are moving higher today. The 10-year German bund yield is up +5.0 bp to 3.154%. The 10-year UK gilt yield is up +7.7 bp to 5.021%.
The German Jun import price index eased to 6.1% y/y from 6.8% y/y in May.
The markets are discounting an 88% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are sharply lower today, weighing on the broader market. The Philadelphia Stock Exchange Semiconductor Index ($SOX) dropped to a 2.5-month low and is down more than -3%. Nebius Group NV (NBIS) is down more than -9% to lead losers in the Nasdaq 100, and KLA Corp (KLAC) and Sandisk (SNDK) are down more than -7%. Also, Applied Materials (AMAT), NXP Semiconductors NV (NXPI), and ARM Holdings (ARM) are down by more than -5%, and Advanced Micro Devices (AMD) is down more than -4%. In addition, Marvell Technology (MRVL), Lam Research (LRCX), and Microchip Technology (MCHP) are down more than -3%, and Nvidia (NVDA), Intel (INTC), and Texas Instruments (TXN) are down more than -2%.
Trucking and freight companies are under pressure today from soaring crude oil prices. ArcBest (ARCB) is down more than -7%, and Saia Inc (SAIA), FedEx Freight Holding (FDXF), JB Hunt Transport Services (JBHT), and CH Robinson Worldwide (CHRW) are down more than -2%. Also, Old Dominion Freight Line (ODFL), Marten Transport Ltd (MRTN), Knight-Swift Transportation Holdings (KNX), and XPO Inc (XPO) are down more than -1%.
Airline stocks are sliding today with the surge in crude oil prices. Alaska Air Group (ALK) is down more than -3%, and Delta Air Lines (DAL) and Southwest Airlines (LUV) are down more than -2%. Also, American Airlines Group (AAL) and United Airlines Holdings (UAL) are down more than -1%.
Energy producers and service providers are climbing today, with crude oil prices up by more than +7%. Diamondback Energy (FANG) is up more than +4%, and ConocoPhillips (COP), APA Corp (APA), Devon Energy (DVN), ExxonMobil Holdings (XOM), and Occidental Petroleum (OXY) are up more than +3%. Also, Baker Hughes (BKR) and Chevron (CVX) are up more than +2%, and Phillips 66 (PSX) and Valero Energy (VLO) are up more than +1%.
Lennox International (LII) is down more than -19% to lead losers in the S&P 500 after reporting Q2 net sales of $1.55 billion, weaker than the consensus of $1.56 billion.
Vertiv Holdings (VRT) is down more than -13% after reporting Q2 net sales of $3.27 billion, below the consensus of $3.39 billion.
Avis Budget Group (CAR) is down more than -11% after reporting Q2 EPS of 98 cents, well below the consensus of $1.91.
Masco Corp (MAS) is down more than -10% after reporting Q2 net sales of $1.99 billion, weaker than the consensus of $2.08 billion.
Caterpillar (CAT) is down more than -6% to lead losers in the Dow Jones industrials after Baird downgraded the stock to neutral from outperform, citing a growing trend of state and local government actions targeting data centers, a key growth driver for the company.
Humana (HUM) is down more than -6% after it maintained its full-year profit outlook despite posting better-than-expected Q2 profit.
Garmin Ltd (GRMN) is up more than +17% to lead gainers in the S&P 500 after reporting Q2 revenue of $2.02 billion, above the consensus of $1.92 billion, and raising its full-year revenue estimate to $8.05 billion from a previous estimate of $7.90 billion, stronger than the consensus of $7.99 billion.
GE Healthcare (GEHC) is up more than +11% to lead gainers in the Nasdaq 100 after reporting Q2 adjusted EPS of $1.13, better than the consensus of $1.04.
Amphenol (APH) is up more than +6% after reporting Q2 net sales of $8.76 billion, better than the consensus of $8.31 billion.
Teradyne (TER) is up more than +5% after reporting Q2 net revenue of $1.33 billion, stronger than the consensus of $1.22 billion.
Ford Motor (F) is up more than +5% after raising its full-year adjusted EBIT to $10 billion to $11 billion from a previous forecast of $8.5 billion to $10.5 billion.
Earnings Reports (7/29/2026)
Align Technology Inc (ALGN), American Water Works Co Inc (AWK), Amphenol Corp (APH), Aon PLC (AON), Automatic Data Processing Inc (ADP), Biogen Inc (BIIB), Boston Scientific Corp (BSX), Bunge Global SA (BG), Carvana Co (CVNA), CBRE Group Inc (CBRE), CH Robinson Worldwide Inc (CHRW), Chipotle Mexican Grill Inc (CMG), Cognizant Technology Solutions (CTSH), Electronic Arts Inc (EA), Entergy Corp (ETR), Equinix Inc (EQIX), Essex Property Trust Inc (ESS), Everest Group Ltd (EG), Fair Isaac Corp (FICO), Flex Ltd (FLEX), Fortinet Inc (FTNT), Fortive Corp (FTV), Garmin Ltd (GRMN), GE HealthCare Technologies Inc (GEHC), Generac Holdings Inc (GNRC), General Dynamics Corp (GD), Humana Inc (HUM), IDEX Corp (IEX), Invitation Homes Inc (INVH), Johnson Controls International (JCI), L3Harris Technologies Inc (LHX), Lam Research Corp (LRCX), Lennox International Inc (LII), Masco Corp (MAS), Meta Platforms Inc (META), MGM Resorts International (MGM), Microsoft Corp (MSFT), Mid-America Apartment Communities (MAA), Old Dominion Freight Line Inc (ODFL), O'Reilly Automotive Inc (ORLY), Procter & Gamble Co/The (PG), PTC Inc (PTC), Public Storage (PSA), QUALCOMM Inc (QCOM), Regency Centers Corp (REG), Robinhood Markets Inc (HOOD), Smurfit Westrock PLC (SW), Stanley Black & Decker Inc (SWK), Starbucks Corp (SBUX), Tyler Technologies Inc (TYL), Ventas Inc (VTR), Verisk Analytics Inc (VRSK), Vertiv Holdings Co (VRT), VICI Properties Inc (VICI), Vulcan Materials Co (VMC), Waste Management Inc (WM), WEC Energy Group Inc (WEC).
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.
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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.

Stocks Tumble as Chipmakers Plunge, Oil Spikes

The S&P 500 Index ($SPX) (SPY) today is down -0.71%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.53%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.98%. September E-mini S&P futures (ESU26) are down -0.75%, and September E-mini Nasdaq futures (NQU26) are down -1.03%.
Stock indexes are falling today, with the S&P 500 sliding to a 1-month low and the Nasdaq 100 sinking to a 3-month low. Chipmakers and AI infrastructure stocks are selling off today, leading the overall market lower. Also, heightened geopolitical risks are weighing on stocks as crude prices surged, and bond yields jumped when President Trump said the US will “hit Iran hard” after a recent attack from Iran that targeted a US base in Jordan.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
The markets are awaiting the results of the 2-day FOMC meeting that ends early this afternoon, with policymakers expected to keep interest rates unchanged. Also, earnings results from Microsoft and Meta Platforms after today’s close will be looked at to see whether the vast spending behind the buildout of artificial intelligence can deliver adequate returns. The 10-year T-note yield is up +4 bp to 4.64%.
Sep WTI crude oil prices (CLU26) jumped by more than +7% today as the recent lull in hostilities came to an abrupt end after the Islamic Revolutionary Guard Corps (IRGC) said it targeted a US airbase and command center in Jordan with ballistic missiles. The IRGC also claimed to have hit and halted three tankers attempting to transit through the Strait of Hormuz. Meanwhile, the US and Saudi Arabia launched a joint attack on "Iran-aligned terrorists" in Iraq after the IRGC directed them to target US forces and Saudi energy infrastructure.
Tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. Also, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse. Iranian Deputy Foreign Minister Gharibabadi said Oman's proposal for a route through the Strait of Hormuz, with 50% under Iran's control and 50% under Oman's, would not address Iran's concerns and that the inbound passage and part of the outbound channel must be entirely under Iran's control.
US MBA mortgage applications fell -6.4% in the week ended July 24, with the purchase mortgage sub-index down -3.6% and the refinancing mortgage sub-index down -9.9%. The average 30-year fixed rate mortgage rose +7 bp to an 11.5-month high of 6.76% from 6.69% the prior week.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms today, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 87% of the 216 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 34% chance of a +25 bp rate hike at the conclusion of today’s FOMC meeting.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.73%. China's Shanghai Composite rebounded from a 1-week low and closed up +0.40%. Japan's Nikkei-225 Stock Average fell to a 2.25-month low and closed down -1.49%.
Interest Rates
September 10-year T-notes (ZNU6) today are down -9 ticks. The 10-year T-note yield is up +3.0 bp to 4.637%. T-notes are under pressure today from a +7% surge in crude oil prices, which raises inflation expectations and is hawkish for Fed policy. Also, long liquidation and position evening are weighing on T-notes ahead of the FOMC’s interest rate decision later today.
European government bond yields are moving higher today. The 10-year German bund yield is up +5.0 bp to 3.154%. The 10-year UK gilt yield is up +7.7 bp to 5.021%.
The German Jun import price index eased to 6.1% y/y from 6.8% y/y in May.
The markets are discounting an 88% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are sharply lower today, weighing on the broader market. The Philadelphia Stock Exchange Semiconductor Index ($SOX) dropped to a 2.5-month low and is down more than -3%. Nebius Group NV (NBIS) is down more than -9% to lead losers in the Nasdaq 100, and KLA Corp (KLAC) and Sandisk (SNDK) are down more than -7%. Also, Applied Materials (AMAT), NXP Semiconductors NV (NXPI), and ARM Holdings (ARM) are down by more than -5%, and Advanced Micro Devices (AMD) is down more than -4%. In addition, Marvell Technology (MRVL), Lam Research (LRCX), and Microchip Technology (MCHP) are down more than -3%, and Nvidia (NVDA), Intel (INTC), and Texas Instruments (TXN) are down more than -2%.
Trucking and freight companies are under pressure today from soaring crude oil prices. ArcBest (ARCB) is down more than -7%, and Saia Inc (SAIA), FedEx Freight Holding (FDXF), JB Hunt Transport Services (JBHT), and CH Robinson Worldwide (CHRW) are down more than -2%. Also, Old Dominion Freight Line (ODFL), Marten Transport Ltd (MRTN), Knight-Swift Transportation Holdings (KNX), and XPO Inc (XPO) are down more than -1%.
Airline stocks are sliding today with the surge in crude oil prices. Alaska Air Group (ALK) is down more than -3%, and Delta Air Lines (DAL) and Southwest Airlines (LUV) are down more than -2%. Also, American Airlines Group (AAL) and United Airlines Holdings (UAL) are down more than -1%.
Energy producers and service providers are climbing today, with crude oil prices up by more than +7%. Diamondback Energy (FANG) is up more than +4%, and ConocoPhillips (COP), APA Corp (APA), Devon Energy (DVN), ExxonMobil Holdings (XOM), and Occidental Petroleum (OXY) are up more than +3%. Also, Baker Hughes (BKR) and Chevron (CVX) are up more than +2%, and Phillips 66 (PSX) and Valero Energy (VLO) are up more than +1%.
Lennox International (LII) is down more than -19% to lead losers in the S&P 500 after reporting Q2 net sales of $1.55 billion, weaker than the consensus of $1.56 billion.
Vertiv Holdings (VRT) is down more than -13% after reporting Q2 net sales of $3.27 billion, below the consensus of $3.39 billion.
Avis Budget Group (CAR) is down more than -11% after reporting Q2 EPS of 98 cents, well below the consensus of $1.91.
Masco Corp (MAS) is down more than -10% after reporting Q2 net sales of $1.99 billion, weaker than the consensus of $2.08 billion.
Caterpillar (CAT) is down more than -6% to lead losers in the Dow Jones industrials after Baird downgraded the stock to neutral from outperform, citing a growing trend of state and local government actions targeting data centers, a key growth driver for the company.
Humana (HUM) is down more than -6% after it maintained its full-year profit outlook despite posting better-than-expected Q2 profit.
Garmin Ltd (GRMN) is up more than +17% to lead gainers in the S&P 500 after reporting Q2 revenue of $2.02 billion, above the consensus of $1.92 billion, and raising its full-year revenue estimate to $8.05 billion from a previous estimate of $7.90 billion, stronger than the consensus of $7.99 billion.
GE Healthcare (GEHC) is up more than +11% to lead gainers in the Nasdaq 100 after reporting Q2 adjusted EPS of $1.13, better than the consensus of $1.04.
Amphenol (APH) is up more than +6% after reporting Q2 net sales of $8.76 billion, better than the consensus of $8.31 billion.
Teradyne (TER) is up more than +5% after reporting Q2 net revenue of $1.33 billion, stronger than the consensus of $1.22 billion.
Ford Motor (F) is up more than +5% after raising its full-year adjusted EBIT to $10 billion to $11 billion from a previous forecast of $8.5 billion to $10.5 billion.
Earnings Reports (7/29/2026)
Align Technology Inc (ALGN), American Water Works Co Inc (AWK), Amphenol Corp (APH), Aon PLC (AON), Automatic Data Processing Inc (ADP), Biogen Inc (BIIB), Boston Scientific Corp (BSX), Bunge Global SA (BG), Carvana Co (CVNA), CBRE Group Inc (CBRE), CH Robinson Worldwide Inc (CHRW), Chipotle Mexican Grill Inc (CMG), Cognizant Technology Solutions (CTSH), Electronic Arts Inc (EA), Entergy Corp (ETR), Equinix Inc (EQIX), Essex Property Trust Inc (ESS), Everest Group Ltd (EG), Fair Isaac Corp (FICO), Flex Ltd (FLEX), Fortinet Inc (FTNT), Fortive Corp (FTV), Garmin Ltd (GRMN), GE HealthCare Technologies Inc (GEHC), Generac Holdings Inc (GNRC), General Dynamics Corp (GD), Humana Inc (HUM), IDEX Corp (IEX), Invitation Homes Inc (INVH), Johnson Controls International (JCI), L3Harris Technologies Inc (LHX), Lam Research Corp (LRCX), Lennox International Inc (LII), Masco Corp (MAS), Meta Platforms Inc (META), MGM Resorts International (MGM), Microsoft Corp (MSFT), Mid-America Apartment Communities (MAA), Old Dominion Freight Line Inc (ODFL), O'Reilly Automotive Inc (ORLY), Procter & Gamble Co/The (PG), PTC Inc (PTC), Public Storage (PSA), QUALCOMM Inc (QCOM), Regency Centers Corp (REG), Robinhood Markets Inc (HOOD), Smurfit Westrock PLC (SW), Stanley Black & Decker Inc (SWK), Starbucks Corp (SBUX), Tyler Technologies Inc (TYL), Ventas Inc (VTR), Verisk Analytics Inc (VRSK), Vertiv Holdings Co (VRT), VICI Properties Inc (VICI), Vulcan Materials Co (VMC), Waste Management Inc (WM), WEC Energy Group Inc (WEC).
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 Tumble Ahead of FOMC as Chipmakers Plunge

The S&P 500 Index ($SPX) (SPY) today is down -0.18%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.85%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.23%. September E-mini S&P futures (ESU26) are down -0.25%, and September E-mini Nasdaq futures (NQU26) are down -0.30%.
Stock indexes turned lower today as crude prices surged, and bond yields jumped after President Trump said the US will “hit Iran hard” after a recent attack from Iran that targeted a US base in Jordan. The markets are awaiting the results of the 2-day FOMC meeting that ends early this afternoon, with policymakers expected to keep interest rates unchanged. Also, earnings results from Microsoft and Meta Platforms after today’s close will be looked at to see whether the vast spending behind the buildout of artificial intelligence can deliver adequate returns. The 10-year T-note yield is up +3 bp to 4.63%.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Sep WTI crude oil prices (CLU26) jumped by more than +6% today as the recent lull in hostilities came to an abrupt end after the Islamic Revolutionary Guard Corps (IRGC) said it targeted a US airbase and command center in Jordan with ballistic missiles. The IRGC also claimed to have hit and halted three tankers attempting to transit through the Strait of Hormuz. Meanwhile, the US and Saudi Arabia launched a joint attack on "Iran-aligned terrorists" in Iraq after the IRGC directed them to target US forces and Saudi energy infrastructure.
Tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. Also, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse. Iranian Deputy Foreign Minister Gharibabadi said Oman's proposal for a route through the Strait of Hormuz, with 50% under Iran's control and 50% under Oman's, would not address Iran's concerns and that the inbound passage and part of the outbound channel must be entirely under Iran's control.
US MBA mortgage applications fell -6.4% in the week ended July 24, with the purchase mortgage sub-index down -3.6% and the refinancing mortgage sub-index down -9.9%. The average 30-year fixed rate mortgage rose +7 bp to an 11.5-month high of 6.76% from 6.69% the prior week.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms today, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 170 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 36% chance of a +25 bp rate hike at the conclusion of today’s FOMC meeting.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.48%. China's Shanghai Composite rebounded from a 1-week low and closed up +0.40%. Japan's Nikkei-225 Stock Average fell to a 2.25-month low and closed down -1.49%.
Interest Rates
September 10-year T-notes (ZNU6) today are down -8 ticks. The 10-year T-note yield is up +2.6 bp to 4.633%. T-notes are under pressure today from a +6% surge in crude oil prices, which raises inflation expectations and is hawkish for Fed policy. Also, long liquidation and position evening are weighing on T-notes ahead of the FOMC’s interest rate decision later today.
European government bond yields are moving higher today. The 10-year German bund yield is up +3.2 bp to 3.136%. The 10-year UK gilt yield is up +5.3 bp to 4.997%.
The German Jun import price index eased to 6.1% y/y from 6.8% y/y in May.
The markets are discounting an 88% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are moving lower today, weighing on the broader market. Nebius Group NV (NBIS) is down more than -8% to lead losers in the Nasdaq 100, and Sandisk (SNDK) is down more than -6%. Also, Applied Materials (AMAT) and KLA Corp (KLAC) are down by more than -4%, and NXP Semiconductors NV (NXPI) and ARM Holdings (ARM) are down by more than -3%. In addition, Advanced Micro Devices (AMD), ASML Holding NV (ASML), Micron Technology (MU), Lam Research (LRCX), and Microchip Technology (MCHP) are down more than -2%.
Trucking and freight companies are under pressure today from soaring crude oil prices. ArcBest (ARCB) is down more than -4%, and Old Dominion Freight Line (ODFL) and Saia Inc (SAIA) are down more than -2%. Also, FedEx Freight Holding (FDXF), Knight-Swift Transportation Holdings (KNX), JB Hunt Transport Services (JBHT), Marten Transport Ltd (MRTN), CH Robinson Worldwide (CHRW), and XPO Inc (XPO) are down more than -1%.
Airline stocks are sliding today with the surge in crude oil prices. Alaska Air Group (ALK) and Southwest Airlines (LUV) are down more than -2%, and American Airlines Group (AAL), United Airlines Holdings (UAL), and Delta Air Lines (DAL) are down more than -1%.
Energy producers and service providers are climbing today, with crude oil prices up by more than +6%. ConocoPhillips (COP), Diamondback Energy (FANG), and Valero Energy (VLO) are up more than +3%, and APA Corp (APA), Chevron (CVX), Devon Energy (DVN), ExxonMobil Holdings (XOM), Marathon Petroleum (MPC), Occidental Petroleum (OXY), and Phillips 66 (PSX) are up more than +2%. Also, SLB Ltd (SLB), Baker Hughes (BKR), and Haliburton (HAL) are up more than +1%.
Lennox International (LII) is down more than -13% to lead losers in the S&P 500 after reporting Q2 net sales of $1.55 billion, weaker than the consensus of $1.56 billion.
Vertiv Holdings (VRT) is down more than -8% after reporting Q2 net sales of $3.27 billion, below the consensus of $3.39 billion.
CoStar Group (CSGP) is down more than -8% after reporting Q2 revenue of $925 million, weaker than the consensus of $929.4 million.
Skyworks Solutions (SWKS) is down more than -7% after forecasting Q4 adjusted EPS of $1.27, below the consensus of $1.29.
Avis Budget Group (CAR) is down more than -6% after reporting Q2 EPS of 98 cents, well below the consensus of $1.91.
Caterpillar (CAT) is down more than -2% after Baird downgraded the stock to neutral from outperform, citing a growing trend of state and local government actions targeting data centers, a key growth driver for the company.
Teradyne (TER) is up more than +13% to lead gainers in the S&P 500 and Nasdaq 100 after reporting Q2 net revenue of $1.33 billion, stronger than the consensus of $1.22 billion.
GE Healthcare (GEHC) is up more than +10% after reporting Q2 adjusted EPS of $1.13, better than the consensus of $1.04.
Garmin Ltd (GRMN) is up more than +7% after reporting Q2 revenue of $2.02 billion, above the consensus of $1.92 billion, and raising its full-year revenue estimate to $8.05 billion from a previous estimate of $7.90 billion, stronger than the consensus of $7.99 billion.
Bloom Energy (BE) is up more than +7% after reporting Q2 revenue of $1.07 billion, stronger than the consensus of $838.7 million, and raising its full-year revenue forecast to $3.9 billion to $4.2 billion from a previous forecast of $3.4 billion to $3.8 billion, above the consensus of $3.74 billion.
Generac Holdings (GNRC) is up more than +5% after raising its full-year adjusted Ebitda margin to 20% to 21% from a previous estimate of 18.5% to 19.5%, better than the consensus of 19.2%.
Ford Motor (F) is up more than +4% after raising its full-year adjusted EBIT to $10 billion to $11 billion from a previous forecast of $8.5 billion to $10.5 billion.
Earnings Reports (7/29/2026)
Align Technology Inc (ALGN), American Water Works Co Inc (AWK), Amphenol Corp (APH), Aon PLC (AON), Automatic Data Processing Inc (ADP), Biogen Inc (BIIB), Boston Scientific Corp (BSX), Bunge Global SA (BG), Carvana Co (CVNA), CBRE Group Inc (CBRE), CH Robinson Worldwide Inc (CHRW), Chipotle Mexican Grill Inc (CMG), Cognizant Technology Solutions (CTSH), Electronic Arts Inc (EA), Entergy Corp (ETR), Equinix Inc (EQIX), Essex Property Trust Inc (ESS), Everest Group Ltd (EG), Fair Isaac Corp (FICO), Flex Ltd (FLEX), Fortinet Inc (FTNT), Fortive Corp (FTV), Garmin Ltd (GRMN), GE HealthCare Technologies Inc (GEHC), Generac Holdings Inc (GNRC), General Dynamics Corp (GD), Humana Inc (HUM), IDEX Corp (IEX), Invitation Homes Inc (INVH), Johnson Controls International (JCI), L3Harris Technologies Inc (LHX), Lam Research Corp (LRCX), Lennox International Inc (LII), Masco Corp (MAS), Meta Platforms Inc (META), MGM Resorts International (MGM), Microsoft Corp (MSFT), Mid-America Apartment Communities (MAA), Old Dominion Freight Line Inc (ODFL), O'Reilly Automotive Inc (ORLY), Procter & Gamble Co/The (PG), PTC Inc (PTC), Public Storage (PSA), QUALCOMM Inc (QCOM), Regency Centers Corp (REG), Robinhood Markets Inc (HOOD), Smurfit Westrock PLC (SW), Stanley Black & Decker Inc (SWK), Starbucks Corp (SBUX), Tyler Technologies Inc (TYL), Ventas Inc (VTR), Verisk Analytics Inc (VRSK), Vertiv Holdings Co (VRT), VICI Properties Inc (VICI), Vulcan Materials Co (VMC), Waste Management Inc (WM), WEC Energy Group Inc (WEC).
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 Pressured by Renewed US-Iran Hostilities

The Zacks Oil and Gas - Refining & Marketing industryis benefiting from tight fuel supplies, steady transportation demand and improving earnings expectations. Refiners with flexible operations, diverse crude access and strong logistics networks are well positioned to capture favorable margins as global trade flows shift. Investments in renewable diesel, sustainable aviation fuel and efficiency projects also provide additional growth avenues. Regulatory costs, maintenance spending and commodity-price volatility remain risks, but the overall outlook is encouraging. The industry ranks in the top 8% of Zacks industries and trades at an attractive valuation. Against this favorable backdrop, Delek US Holdings DK, PBF Energy PBF and Valero Energy VLO appear well positioned to capitalize on the industry's supportive trends.
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 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 and marketing profitability are the light/heavy and sweet/sour spreads. Oil and gas refiners are also prone to unplanned outages.
3 Trends Defining the Oil and Gas - Refining & Marketing Industry's Future
Tight Fuel Supply: Global refining capacity has remained tight, while fuel inventories in several markets are below normal levels. At the same time, demand for transportation fuels has stayed resilient despite market volatility. When supply struggles to keep pace with consumption, refiners often benefit from stronger margins on gasoline, diesel and jet fuel. Export demand can also rise as regions with limited refining capacity depend on imported products. If these conditions continue, refining and marketing companies should enjoy a supportive pricing environment and improved cash generation.
Flexible Refineries: Oil markets are becoming more unpredictable due to geopolitical events and changing trade flows. This increases the value of refineries that can process different grades of crude oil and quickly adjust their product mix based on market demand. Facilities with strong logistics networks and access to multiple crude sources are generally better equipped to manage supply disruptions and capture higher-value opportunities. As global energy markets remain dynamic, operational flexibility is becoming a more important competitive advantage for the refining and marketing industry.
Cleaner Fuels Create New Growth Opportunities: The refining industry is evolving beyond traditional fuels. Demand for renewable diesel, sustainable aviation fuel and other lower-carbon products is encouraging refiners to upgrade existing facilities instead of building entirely new ones. Many companies are also investing in projects that improve efficiency, reduce emissions and expand access to emerging fuel markets. This gradual shift allows refiners to serve both conventional and cleaner energy demand, creating additional revenue opportunities while helping the industry stay relevant as environmental regulations become stricter.
Rising Costs and Policy Risks: The refining business remains highly exposed to factors outside its control. Higher compliance costs, stricter environmental rules, inflation, expensive maintenance work and sudden regulatory changes can all squeeze margins. In addition, unexpected refinery outages or sharp swings in crude oil and fuel prices may disrupt operations and reduce profitability. If these challenges occur alongside weaker fuel demand or slower economic growth, refining and marketing companies could face pressure on earnings despite maintaining stable production levels.
Zacks Industry Rank Indicates Positive Outlook
The Zacks Oil and Gas - Refining & Marketing is a 16-stock group within the broader Zacks Oil - Energy sector. The industry currently carries a Zacks Industry Rank #19, which places it in the top 8% of 247 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.
The industry’s position in the top 50% of the Zacks-ranked industries is a result of improving earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are becoming optimistic about this group’s earnings growth potential. As a matter of fact, the industry’s earnings estimates for 2026 have gone up 102.8% in the past year.
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 Outperforms Sector & S&P 500
The Zacks Oil and Gas - Refining & Marketing industry has fared better than the broader Zacks Oil - Energy Sector as well as the Zacks S&P 500 composite over the past year.
The industry has gone up 60.9% over this period compared with the broader sector’s increase of 26.9%. Meanwhile, the S&P 500 has gained 18.7%.
One-Year Price Performance
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 6.25X, significantly lower than the S&P 500’s 18.24X. It is also below the sector’s trailing 12-month EV/EBITDA of 6.74X.
Over the past five years, the industry has traded as high as 6.42X and as low as 1.77X, with a median of 3.63X, as the chart below shows.
Trailing 12-Month Enterprise Value-to-EBITDA (EV/EBITDA) Ratio (Past Five Years)
3 Stocks to Buy
Delek US Holdings: Delek US Holdings is a diversified downstream energy company with refining, logistics and marketing operations across the United States. Through its refining assets and Delek Logistics partnership, the Zacks Rank #1 (Strong Buy) company serves fuel markets while expanding third-party midstream services. Its strategy combines operational improvements, disciplined capital allocation and logistics integration to strengthen cash generation.
You can see the complete list of today’s Zacks #1 Rank stocks here.
The company continues advancing its Enterprise Optimization Plan to improve margins, reduce costs and enhance free cash flow. It is also increasing the contribution from its midstream business while investing in refinery reliability, crude flexibility and higher-value product yields. Management remains focused on balanced capital allocation, operational execution and creating sustainable long-term shareholder value.
The Zacks Consensus Estimate for 2026 earnings of DK indicates 25.9% growth. It beat the Zacks Consensus Estimate for earnings in each of the last four quarters, with the average being 215.8%. The company’s shares have increased 174.3% in a year.
Price and Consensus: DK
PBF Energy: PBF Energy is an independent petroleum refiner with operations spanning the East Coast, Mid-Continent, Gulf Coast and West Coast. Its refining network supplies transportation fuels to major regional markets, while investments in logistics and renewable fuels broaden its operating platform. The company also focuses on maintaining safe, reliable operations and improving the efficiency of its refining assets.
PBF continues to strengthen its portfolio through disciplined capital spending, refinery upgrades and operational improvement programs. Management remains focused on restoring full refining capabilities, enhancing asset reliability and maintaining a resilient balance sheet. The Zacks #1 Ranked company also expects renewable fuels, refining optimization and prudent capital allocation to support long-term value creation across different commodity price environments.
PBF Energy’s expected EPS growth rate for three to five years is currently 56%, which compares favorably with the industry's growth rate of 30.7%. The company beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters and missed in the other, the average being 113.3%. Shares of the company have gained 147.6% in a year.
Price and Consensus: PBF
Valero Energy: Valero Energy is one of the world's largest independent refiners, producing transportation fuels while also expanding its renewable diesel and ethanol businesses. Its integrated refining, wholesale and logistics network gives the company flexibility to optimize feedstocks, serve export markets and adapt to changing fuel demand. The Zacks Rank #2 (Buy) company also continues to invest in projects that improve efficiency, expand margins and lower carbon intensity.
Valero operates a high-complexity refining system supported by disciplined capital allocation and a strong balance sheet. Its focus remains on operational excellence, system-wide optimization and shareholder returns. Alongside traditional refining, Valero is growing its low-carbon fuels platform through renewable diesel, sustainable aviation fuel and ethanol projects, helping diversify earnings while strengthening its long-term competitive position.
Valero Energy has a market capitalization of more than $90 billion. VLO beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 28%. The Zacks Consensus Estimate for Valero’s 2026 earnings per share indicates 243.6% year-over-year growth. Shares of VLO have gained 114.4% in a year.
Price and Consensus: VLO
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners Up
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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.