Chevron and Exxon Mobil will report earnings on Friday, Aug. 2
The presidential race is heating up, with Vice President Kamala Harris now the likely Democratic nominee against former President Donald Trump. Investors have been weighing the implications either leadership may have on the energy sector, especially as both Chevron Corp (NYSE:CVX) and Exxon Mobil Corp (NYSE:XOM) prepare to report second-quarter earnings before the open on Friday, Aug. 2.
Chevron stock was last seen down 1.7% to trade at $155.25. Shares ran into resistance at the $164 level earlier this month, while the 80-day moving average also emerged as a level of pressure in the subsequent pullback. CVX is today looking snap a three-day win streak, but still sports a slim year-to-date lead.
Exxon Mobil stock is struggling as well, down 1.1% to trade at $116.03 at last check. While the $120 level has capped rallies since April, the 40-day moving average helped shares bounce. XOM appears to be finding new resistance at $118, but is still up 15.9% this year.
CVX has a solid history of post-earnings reactions, but it could go either way for XOM. The former finished five of the last eight next-day sessions higher, while the latter was lower in the last four.
Regardless of direction, Chevron and Exxon Mobil shares averaged 3.3% and 2.2% moves in the past two years, respectively. This time, the options pits are pricing in a bigger-than-usual swings of 3.8% for CVX, and 3.5% for XOM.