Squawk on the Street
Apple and Amazon Earnings Reaction, Chevron CEO "First on CNBC," Jobs Report Surprise 11/01/24
Nov 1, 2024
Mike Wirth, the Chairman and CEO of Chevron, dives into the company's strong Q3 performance, driven by strategic cost reductions and increased production. He shares insights on significant growth in oil production specifically in the Permian Basin and Kazakhstan. The discussion also covers the broader implications of October's disappointing job creation numbers and market reactions to tech giants Apple and Amazon. Wirth explores the energy sector's future, particularly amid shifting economic trends and evolving strategies.
41:50
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Quick takeaways
- Apple's quarterly results reflect a shift towards software and services, emphasizing the need for analysts to reassess growth strategies in emerging markets like India.
- Chevron's strong Q3 performance highlights the ongoing demand for oil and gas amid a broader transition to renewables, balancing cost management with production targets.
Deep dives
Market Insights and Economic Indicators
Recent economic data reveals a mixed outlook for financial markets, with job growth unexpectedly flattening in October despite a stable unemployment rate of 4.1%. Big tech companies, particularly Apple and Amazon, are pivotal in shaping market sentiment. Apple's record revenue was offset by a forecast that fell short of analyst expectations, igniting discussions about its future focus on software over hardware. Meanwhile, Amazon's strong performance, driven by cloud demand and advertising revenue, showcases how investments in technology and artificial intelligence are vital for growth.
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