Tim Cook's last dance, oil majors earnings, IPO avoidance and more in Morning Squawk

The trading week concludes with a sharp divide in the technology sector. Amazon shares jumped more than 10 percent today following strong revenue figures and significant growth in cloud services. Meanwhile, Apple faces a 7 percent decline in premarket trading. The company issued cautious guidance for the upcoming quarter due to supply constraints, which weighed on investor sentiment despite strong iPhone demand. This report marks the final earnings call for Tim Cook as CEO, with John Ternus set to take the helm on September 1.

Energy markets are showing clear trends as well. ExxonMobil and Chevron reported substantial profit increases this morning. Profits for Chevron rose nearly 400 percent compared to the same period last year, while ExxonMobil saw its earnings nearly double. Higher crude prices, driven by supply disruptions from the war in Iran, provided the primary catalyst for these gains throughout the second quarter.

Elsewhere on Wall Street, the outlook for initial public offerings remains uneven. Recent market debuts for Reformation and Jersey Mike's performed poorly, with both stocks closing flat or down on their first day. Investors are observing a broader shift as more companies choose to remain private to avoid the reporting requirements of public exchanges. Secondary markets provide these firms with necessary capital and liquidity without the pressure of quarterly scrutiny.

Policy developments are also creating market noise. President Donald Trump proposed new tariffs on Iran, though experts note that direct trade between the two nations remains minimal. The move appears largely symbolic, yet it adds complexity to a bipartisan sanctions bill currently moving through the Senate. Market participants continue to monitor these geopolitical developments alongside fresh corporate data as the week comes to a close.