Stock Market News: Chevron Gets a Bonus; Lowe's Cuts Jobs
Friday morning saw more selling pressure on Wall Street, as the monthly employment report from the Department of Labor didn't make it any clearer whether the Federal Reserve might cut interest rates again in the near future. Globally, investors kept responding negatively to President Trump's announcement of additional tariffs on China. As of 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 295 points to 26,288. The S&P 500 (SNPINDEX: ^GSPC) dropped 36 points to 2,917, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) fell 151 points to 7,960.
Earnings season continued, with energy titan Chevron (NYSE: CVX) stepping up to give its reading on the state of the oil and gas industry. Elsewhere, other companies took steps to try to respond to changing economic conditions, and Lowe's (NYSE: LOW) announced aggressive moves to try to cut its costs as it seeks to compete more effectively against its main rival.
Shares of Chevron were up 1% following the integrated oil giant's second-quarter financial report. The company reported a robust 26% rise in earnings compared to year-ago profits, and even though revenue fell 8%, strong production levels helped buoy the company's results.
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