Chevron, Apple stocks’ 57-point contribution to the Dow is offset by P&G, Intel drags


Shares of Chevron Corp. CVX, +0.76% rallied 3.0% to pace the Dow Jones Industrial Average’s DJIA, +1.03% premarket gainers after blow-out second-quarter earnings, while Apple Inc.’s stock AAPL, +0.36% was second with a 2.7% jump, also after better-than-expected earnings. The implied price gains would had a combined 57 points to the Dow’s price, while Dow futures YM00, +0.03% inched down 2 points. The reason the Dow isn’t higher is because of its other two earnings reporters. Intel Corp.’s stock INTC, -1.17% tumbled 11.3% to lead the Dow’s losers ahead of the open, after a big earnings miss and disappointing outlook, while Procter & Gamble Co. shares PG, +1.66% were second-worst with a 3.5% decline after a profit miss. Those stocks’ combined implied price decline would cut about 64 points off the Dow’s price.

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