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.