Exxon, Chevron Buck Wall Street Rout as AI Fears Hammer Tech Stocks

Published on November 1, 2026

Exxon Mobil and Chevron advanced after reporting stronger-than-expected summer profits, offering a rare bright spot as technology shares drove a sharp U.S. equity selloff. The Nasdaq Composite fell 2.86% Friday after Intel and Amazon results intensified concerns about AI spending and returns.

Energy earnings offer a rare counterpoint to Wall Street’s tech rout

U.S. stocks ended October sharply lower as disappointing results from Intel and Amazon intensified investor concerns about the scale of artificial-intelligence spending and the pace of returns. The Nasdaq Composite fell 2.86% on Friday, its steepest daily percentage decline since June 5, while the S&P 500 lost 1.82% and the Dow Jones Industrial Average dropped 1.09%.Nasdaq sinks nearly 3% as AI cash-burn fears spark tech selloff

Against that backdrop, energy stocks were among the market’s relative gainers after Exxon Mobil and Chevron reported stronger summer profits than analysts expected. Exxon Mobil rose 2.2%, while Chevron gained 2.8%, according to market coverage.Wall Street spooked as Nasdaq sinks nearly 3%

Exxon and Chevron buck the broader weakness

The gains came as the companies benefited from stronger refining margins amid disruptions to global energy supplies linked to conflicts in the Persian Gulf and Russia, Bloomberg reporting summarized by Swissinfo said. The report described refining results as reaching record highs.Tech rout deepens as earnings stoke AI reckoning

The energy performance stood out because the broader market’s losses were concentrated in technology and other risk-sensitive assets. The Nasdaq 100 fell 3.5% on Friday and briefly crossed the threshold for a technical correction, while the S&P 500 breached its 100-day moving average.Tech rout deepens as earnings stoke AI reckoning

The divergence did not erase the market’s wider earnings strength. Coverage citing LSEG data said 82% of 299 companies that had reported third-quarter results exceeded consensus estimates, with analysts expecting quarterly earnings growth of 31.6% year over year.Wall Street spooked as Nasdaq sinks nearly 3%

What to watch

Investors will assess whether energy’s relative resilience persists as the market weighs further earnings, the monthly jobs report and the U.S. midterm elections. Those events are set to test a market already unsettled by setbacks in the AI trade.Wall Street Week Ahead