Bloomberg Stock Movers
2026-07-31 · Hosted by — · Bloomberg / iHeartMedia
Executive Summary
A mixed pre-market session saw big oil and big tech splitting into clear winners and losers. Chevron rose nearly 2% after running U.S. refineries at above 97% utilization, offsetting a 10% decline in international refining tied to Iran War-related disruption, while Exxon fell 2% despite posting its largest profit since Russia's 2022 invasion, missing estimates by two cents on weaker refining profits from scheduled maintenance.
Key Stories & Changes
1. Oil Majors Diverge on Refining Performance
CVX: Chevron — +2% (pre-market) — Refineries ran above 97% utilization, driving record U.S. production and offsetting a 10% drop in international refining
XOM: Exxon Mobil — -2% (pre-market) — Profit of $14.7 billion was largest since 2022, but adjusted EPS of $3.52 missed by two cents on weaker refining
Chevron used windfall profits to reduce debt by $8.4 billion
Chevron is part of a consortium exploring a new pipeline to the Mediterranean as an alternative to shipping through the Persian Gulf
Exxon's refining profit of $4.1 billion came in more than a billion dollars below Wall Street's expectation, despite record diesel production, due to scheduled maintenance
2. Amazon Jumps on AWS Growth, Raised CapEx Shrugged Off
AWS revenue rose 37% to $42 billion, the fastest growth since 2021 and the fifth straight quarter of accelerating growth
AI and chip businesses both topped $25 billion in annual run rate
Shares up 12% in pre-market trading
2026 capital expenditure guidance raised to $220 billion from $200 billion, with investors focused on revenue growth outpacing the higher spend
3. Apple Falls on Supply Constraints and Weak China Sales
Shares down 7.5% in pre-market trading
Component shortages tied to competition with Amazon and other companies for AI-related hardware are weighing on Apple's sales forecast
Supply crunch has led to longer computer wait times; Tim Cook said it would also affect iPhones and iPads this quarter
iPhone revenue rose 22%, topping estimates and a bright spot in the quarter
China sales came in below estimates
This is Tim Cook's last quarter as CEO before handing the role to John Ternus in a month
Trends Identified
1. Component Competition Between Tech Giants Intensifying
Apple and Amazon are now directly competing for the same AI-related hardware components, illustrating how the AI buildout is creating supply-side friction even for companies not traditionally viewed as AI infrastructure players.
2. Refining Margins Diverging on Operational Execution
Chevron and Exxon's diverging results show that even amid a favorable pricing backdrop for refiners, scheduled maintenance and utilization rates are becoming key differentiators in reported profitability. ---
Sentiment Analysis
Overall Market Sentiment: Mixed
Pre-market trading reflected a split between AI-infrastructure winners like Amazon and companies facing supply-side cost pressure like Apple.
Risk Factors Highlighted
AI-driven component shortages: Competition between Apple and Amazon for hardware components is squeezing supply for both.
Rising commodity costs: Cited as a direct driver of Apple's weaker sales forecast.
China demand softness: Apple's China sales came in below estimates.
Refining margin volatility: Exxon's scheduled maintenance ate into profits despite favorable industry pricing.
Elevated AI capital expenditure: Amazon's raised $220 billion CapEx guidance raises questions about spending discipline even as growth accelerates.
This episode was covered in today's [The Market Signal — 2026-07-31](https://marketsignal.beehiiv.com/p/the-market-signal-2026-07-31), a cross-source synthesis of multiple podcast reports.