Trending Market News Friday: Apple, Exxon, Consumer Spending

Apple jumped following its earnings beat Thursday, giving a market cap higher than Saudi Aramco Friday.
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The Dow and S&P faced sharp declines in trading Friday as earnings season rolls on with oil concerns reporting their struggles during the quarter. However, the Nasdaq was a bright spot in trading, rising 0.3% during the last trading session of the week.

Here are some Wall Street stories you may have missed Friday. 

Apple Tops Saudi Aramco as World's Most Valuable Company

Apple's  (AAPL) - Get Report strong second-quarter results helped the tech company overtake oil driller Saudi Aramco as the world's most valuable publicly listed company Friday. 

Apple's market cap hit a high of $412.22 per share, giving it a market capitalization of $1.762 billion. Saudi Aramco had a market cap of about $1.760 trillion as of its last close. 

Apple shares were up nearly 7% Friday after reporting earnings per share of $2.58 (up 18% year over year) and total revenue of $59.7 billion (up 11%) and topping consensus estimates of $2.04 and $52.24 billion, respectively. 

Exxon Prepares for Spending Cuts, Dividend Safe - Report

Falling oil prices and lower demand are forcing Exxon Mobile  (XOM) - Get Report to prepare deep spending and job cuts, sources told Business World, as the company looks to keep its 8% shareholder dividend payout intact. 

In April, Exxon slashed its budget for the year by 30%, but the company still reported a loss of $1.1 billion in the second quarter. 

Exxon has paid a dividend for 37 years with the dividend payout costing the company about $15 billion annually. 

Consumer Spending Rises for Second Straight Month

Record job losses and an unprecedented contraction of the U.S. economy hasn't stopped consumers from increasing their spending for a second consecutive month in June, the Commerce Department reported on Friday. 

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 5.6% in June after jumping a record 8.5% in May as businesses continued to reopen following the coronavirus pandemic lockdown.