Rich Duprey
4 min read
Quick Read
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Exxon Mobil (XOM) and Chevron (CVX) each rise ~1% premarket, both up ~45% this year as Brent crude tops $106 on Iran war disruptions.
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Energy Transfer (ET) bought Vaquero Midstream, expanding its natural gas pipeline network feeding AI data centers as demand surges.
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Four major banks report Tuesday as September added only 29,000 jobs, making loan loss reserves the number to watch.
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Just released. Our analysts combed the entire stock market and named the ten best stocks to buy right now, and NVIDIA didn’t make the cut. Enter your email to see the names that beat NVDA. The report is free. Enter your email and see if any of your stocks made the cut.
S&P 500 futures are basically flat before the open. The index’s futures sit near 7,817, up 0.1%, after a record-setting week. Oil is the main mover this morning. Brent crude is trading near $106 a barrel because the war with Iran is still disrupting global energy supplies, and that is raising oil stocks before the bell. Investors are holding the S&P 500 steady ahead of Tuesday, when bank earnings season begins.
Where the Indexes Stand Before the Open
Oil Keeps Energy Majors in the Lead
Brent settled Friday at $105, and it keeps rising. In May, the EIA expected Brent to average $89 in the fourth quarter. Prices are still well above that forecast, so producers are making more per barrel than planners expected.
Exxon Mobil (NYSE:XOM) is up 1.2% in premarket trading. Chevron (NYSE:CVX) is up about the same, and both stocks have gained close to 45% this year. In midstream, Energy Transfer (NYSE:ET) agreed last week to buy Vaquero Midstream. The deal adds to a pipeline network that already carries natural gas to power plants serving AI data centers.
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Yields Above 5% Keep a Lid on Tech
On Friday the 10-year Treasury yield rose to 5.2%. It recently reached its highest level since 2002. The Fed also raised its target rate in September, which sets the upper bound at 4%. Higher rates make future profits worth less today, and fast-growing tech stocks feel that the most.
