Stock Market Update

Equity futures are slightly higher following a wave of earnings reports and a housing starts and building permits release that was better than expected, though month-over-month declines for single-unit starts and single-unit permits should temper the market's enthusiasm for the results. 

Chevron (CVX 156.69, +5.31, +3.51%) has completed its acquisition of Hess Corporation following the satisfaction of all necessary closing conditions, including a favorable arbitration outcome regarding Hess' offshore Guyana asset. The combined company has one of the most advantaged and differentiated portfolios in the industry, with leading positions in critical energy markets around the world and a high cash margin production profile. In addition, on July 17, 2025, the Federal Trade Commission (FTC) lifted its earlier restriction, clearing the way for John Hess to join Chevron's Board of Directors, subject to Board approval.

Shares are trading higher in the pre-market following the acquisition, as the company looks to gain ground after a sluggish week so far (-2.5%) that has been felt by the energy sector as a whole this week (-2.9%).