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https://www.wsj.com/business/energy-oil/exxon-is-nearing-a-preliminary-deal-to-invest-in-venezuelas-oil-fields-8c02126b
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Shares of the United States Oil Fund are trading lower Wednesday afternoon, pulling back from recent 52-week highs as a confluence of diplomatic developments, logistical workarounds and domestic inventory builds cooled off supply disruption fears.
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Wall Street declined on Tuesday as rising Treasury yields and debt concerns weighed on investor sentiment, particularly affecting discretionary and utilities stocks. The Dow fell 0.6%, Nasdaq dropped 0.8%, and S&P 500 lost 0.5%. Energy stocks bucked the trend, gaining 2.3% as oil prices surged due to Saudi supply disruptions. Markets are pricing in a 94.5% likelihood of a Fed rate hike on Wednesday.
Exxon Mobil (XOM) rose 2.42% to $169.08, outperforming the S&P 500's 0.45% decline. The company is expected to report Q3 EPS of $3.78 (up 101% YoY) and revenue of $104.88 billion (up 23% YoY). With a Zacks Rank #3 (Hold) rating and a Forward P/E of 13.84 (above industry average of 8.9), the stock trades at a premium valuation despite strong earnings growth expectations.