Stocks are on track for a losing week as we enter Friday. The three major U.S. indices are all coming off a particularly rough day Thursday, as well, with both the Nasdaq and the S&P 500 shedding more than 1%, and the Dow falling 250 points. The market is chewing over key earnings from, while gearing up for another slew of quarterly results next week.
both reported quarterly earnings before the bell Friday. Each of the oil giants posted a sharp decline in profit from the year-ago quarter, even as oil prices were higher.its upstream business's earnings fell nearly 40% during the quarter. The results come soon after both companies announced blockbuster deals. Exxon has agreed to buy shale player Pioneer Natural Resources and pipeline operator Denbury. Chevron, meanwhile, recently agreed to buy Hess for $53 billion.
– CNBC's Lisa Kailai Han, Annie Palmer, Michael Wayland, John Rosevear, Katrina Bishop, Ruxandra Iordache and Reuters contributed to this report.
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