Key Highlights

● Exxon and Chevron briefly touched all-time highs on Friday, October 30, 2026.

● Exxon's adjusted EPS was $4.23, ahead of estimates.

● Chevron's adjusted EPS was $5.28.

● Oil was above $100 a barrel.

On Friday, October 30, 2026, while the Nasdaq Composite suffered its worst day since June 5, Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) moved the other way. Both stocks rose and briefly touched all-time highs after reporting third-quarter results, making energy the best-performing sector of the day.

The broader market was deep in the red. The S&P 500 fell 140.32 points to 7,580.07, the Dow dropped 572.25 points to 51,770.31, and the Nasdaq lost 747.73 points to 25,437.00. Intel (NASDAQ:INTC)'s cash-burn warning and Amazon (NASDAQ:AMZN)'s results set off a selloff in chip and AI stocks, and money rotated into energy, consumer staples, utilities and health care.

Strong quarters at Exxon and Chevron

Exxon Mobil reported adjusted Earnings of $4.23 a share, ahead of estimates in the $4.08 to $4.13 range. GAAP earnings reached $15.4 billion and free Cash Flow came to $19.1 billion. The company posted record refining results.

Chief Executive Darren Woods highlighted the scale. "Our stronger earnings power was reflected in $15.4 billion of GAAP earnings," he said. Exxon raised its Dividend to $1.07, its 44th straight annual increase, and plans $20 billion of Buybacks in 2027. Asked by an analyst on the call about the payout, Woods said: "We're not going to ever cut our dividends."

Chevron reported adjusted earnings of $5.28 a share, well above estimates of $4.87 to $4.93. Revenue reached $67.8 billion against the $62.0 billion analysts expected. U.S. output topped 2 million barrels of oil equivalent a day during the quarter, with Brent at $97. The company also has a $7 billion Venezuela Investment plan.

Oil's tailwind

The results arrived as crude prices climbed. December West Texas Intermediate rose $2.12 to $104.12 a barrel on Friday, and January Brent settled at $113.43. Brent hit a four-year high of $116.72 on October 23. WTI rose steeply in October.

The main driver was the Iran war. Reports said the United States could resume strikes on Iran, tanker incidents continued in the Strait of Hormuz, and a Ukrainian strike hit a refinery in Samara, Russia. President Trump said the Iran war is "going to end soon," according to market data.

Other energy names joined the rally. ConocoPhillips (NYSE:COP) and EOG Resources (NYSE:EOG) hit 52-week highs as oil rose. EOG reports on Thursday, November 5. Energy was also one of the best sectors for October as a whole, a month in which nine of 11 sectors gained even as the Nasdaq posted its worst month since March 2025.

A rotation story

The energy gains reflected the week's broader shift. Investors moved money away from artificial intelligence, semiconductors and megacap technology, where cash burn has become the dominant concern, and toward companies generating cash today. Exxon's $19.1 billion of free cash flow stood in contrast to Amazon's trailing 12-month figure of negative $42.4 billion.

An investment strategist noted the breadth beneath the index losses: "The market is much more broad than people generally want to give it Credit for."

What to watch

Oil remains tied to developments in the Iran war and the Strait of Hormuz. Vice President JD Vance sent a letter to Tehran about reviving talks, while Iran said it won't soften its position.

Investors will also watch whether refining margins stay strong into the fourth quarter. EOG's report on November 5, the midterm elections on Tuesday and the October jobs report on Friday, November 6, are next on the calendar.