Oil Majors, a Flooded Uranium Mine, and a Booming Options Exchange: 10 Stocks to Watch on July 31

Friday closes out the busiest stretch of Q2 2026 earnings season, and Thursday’s session was a reminder of how fast sentiment can flip: the Dow fell 2.19% to 51,594.14, the Nasdaq dropped 1.74% to 24,442.94, and the S&P 500 slid 1.52% to 7,316.15 after three regional Fed presidents signaled support for a rate hike and President Trump warned of a forceful U.S. military response on Iran — a sharp reversal from earlier in the week’s de-escalation optimism. Against that backdrop, here are 10 stocks to watch tomorrow, July 31, 2026, mixing the oil majors with several smaller, more overlooked names carrying real catalysts of their own.

1. Cameco Corporation (CCJ) | Reports Before Market Open

A Uranium Miner Navigating a Flood-Disrupted Quarter

Full Data Snapshot:

The Setup:

In May, severe flooding in northern Saskatchewan caused a partial collapse of the Smoothstone River Bridge, forcing Cameco to suspend operations at McArthur River and Key Lake before quickly establishing an alternate logistics route. Full-year production guidance of 19.5-21.5 million pounds remains unchanged, and the company raised its Cigar Lake joint venture stake to 57.418% in July. Cameco’s 49% stake in Westinghouse is also drawing attention as a potential piece of a U.S.-Saudi nuclear deal, a wildcard catalyst that could move the stock independent of Friday’s actual numbers.

Bull Case: UBS upgraded the stock even after its recent 19% pullback, arguing the Westinghouse/Saudi nuclear angle and long-term uranium demand from the AI-driven power buildout justify holding through near-term earnings volatility — a break above $95.03 resistance would open a path back toward the $108-111 zone.

Bear Case: A forward P/E of 79.6x leaves almost no room for a miss, and Zacks’ model does not conclusively predict a beat this quarter — a disappointing print could send the stock testing the $77.68 50-day support and potentially the $67.87 floor.

Forecast: Expect elevated volatility around the open; a clean beat with reaffirmed guidance likely tests $95-100, while a miss combined with cautious flood-recovery commentary risks a retest of the high-$70s.

2. Cboe Global Markets (CBOE) | Reports Friday

An Options Exchange Riding a Blistering Rally Into Earnings

Full Data Snapshot:

The Setup:

Cboe is partnering with Charles Schwab on new prediction market contracts letting customers bet on S&P 500 performance — a direct push into the same prediction markets category Robinhood and Kalshi have been racing to capture in 2026. The stock has staged a dramatic recovery, rallying 33% in a single month after trading as low as the $240s-$260s range in early-to-mid July.

Bull Case: Deutsche Bank issued a short-term “Catalyst call: Buy” ahead of earnings, and 2025 revenue grew 15.13% with earnings up 43.86% — a fundamentally strong base underpinning the rally, with room to run toward the $336-371 zone if Friday’s numbers extend the beat streak.

Bear Case: GF Value’s model flags CBOE as roughly 50% overvalued at current levels, and the average price target of $305.50-$314.10 sits barely above today’s price — meaning the stock has already priced in a strong quarter, leaving little margin for disappointment before a pullback toward the $274-291 support zone.

Forecast: Given the magnitude of the recent rally, a “sell the news” reaction on an in-line quarter is a real risk; only a genuine beat-and-raise likely sustains momentum toward new highs.

3. T. Rowe Price Group (TROW) | Reports Friday

Asset Manager Targets Rise as Wall Street Reworks Its Models

Full Data Snapshot:

The Setup:

Barclays and Morgan Stanley both refreshed their full asset-manager sector models ahead of Q2 earnings, and even bearish-leaning Barclays raised its target meaningfully to $108 from $89 — a sign the whole sector’s flow assumptions have improved industry-wide, not just for TROW specifically.

Bull Case: With five separate firms all lifting targets simultaneously into the $107-$121 range, the consistency of the upward revisions suggests improving assets-under-management and net flow trends across the sector that Friday’s report could confirm.

Bear Case: Barclays’ continued Underweight rating despite the higher target signals real skepticism that current execution justifies a re-rating — asset managers remain structurally exposed to market drawdowns, and any renewed volatility (like Thursday’s selloff) could quickly reverse the improving flow narrative.

Forecast: Watch for commentary on net flows and AUM growth specifically; a beat that validates the recent wave of target increases could push shares toward the top of the $107-$121 analyst range, while a flow disappointment risks a reversion toward the low-$90s to $100 area implied by the prior, lower fair value estimate.

4. AutoNation Inc. (AN) | Reports Before Market Open

Auto Retailer Expanding Through M&A Ahead of Its Report

Full Data Snapshot:

The Setup:

AutoNation completed the acquisition of three premium luxury dealerships from Fletcher Jones Automotive Group on June 22, adding roughly $400 million in annual revenue and expanding its California footprint to 46 locations, on top of acquiring top-volume Toyota of Newnan in Georgia. The company also repurchased 8% of its shares outstanding for about $617 million between October 2025 and February 2026.

Bull Case: Aggressive buybacks combined with accretive M&A give AutoNation multiple levers for EPS growth independent of underlying new-vehicle sales trends, and resilient parts-and-service revenue provides a margin cushion — a beat here could push shares toward the $216-250 analyst target range.

Bear Case: The FTC publicly listed AutoNation among 97 car dealers warned over allegedly deceptive pricing practices in June, and declining new vehicle sales industry-wide remain a structural headwind that acquisitions can only partially offset.

Forecast: With the stock trading well below even the lowest analyst target of $183-208, a clean beat could trigger a rapid re-rating; watch specifically for same-store gross profit trends and integration commentary on the recent Fletcher Jones deal.

5. Chevron Corporation (CVX) | Reports Before Market Open

An Oil Major With a Direct AI Data Center Angle

Full Data Snapshot:

The Setup:

Chevron completed a 20-year deal to power a Microsoft data center in West Texas through “Project Kilby,” a roughly 2.7-gigawatt co-located natural gas power and data center development expected to generate mid-teens percentage returns with stable cash flow for 20-plus years. Crude oil prices plunged 10% on July 27 as U.S.-Iran fighting paused, then tensions resurfaced Thursday — a whipsaw backdrop for Friday’s report.

Bull Case: BofA’s newly raised $227 target implies fresh 52-week-high territory, and Project Kilby diversifies Chevron’s cash flow away from pure oil-price sensitivity directly into the AI infrastructure theme — a beat combined with constructive AI-power commentary could push shares decisively above the $196.77 resistance zone.

Bear Case: Oscillators including Stochastic RSI and CCI sit in overbought territory even after Thursday’s broader market selloff, and renewed Iran conflict escalation could just as easily spike oil prices higher (helping upstream revenue) while simultaneously spooking the broader market lower — a genuinely two-sided setup heading into the print.

Forecast: Given consensus EPS growth of +211.9% YoY already priced in, the report’s read-through on Project Kilby and broader capital allocation commentary may matter more to the stock’s direction than the historical comp itself.

6. Exxon Mobil Corporation (XOM) | Reports Before Market Open

The Sector Bellwether Riding a Sharp July Rally

Full Data Snapshot:

The Setup:

Exxon staged a sharp rally, climbing from $136.54 on June 26 to over $156.94 by July 24, fueled by escalating U.S.-Iran tensions disrupting Strait of Hormuz shipping and driving crude prices higher. The company’s early Q2 filing projected up to $7 billion in combined upstream and downstream gains versus Q1, reinforcing bullish sentiment ahead of Friday, while Exxon also continues its Texas redomiciliation, its first major corporate structure change in over 25 years.

Bull Case: A 43-year streak of consecutive annual dividend increases, a rock-bottom 0.13 debt-to-equity ratio, and rising institutional ownership all support the bull case that Exxon can convert elevated oil prices directly into shareholder returns — a beat could challenge the $176 all-time high.

Bear Case: The consensus $163 average price target sits below where the stock has already traded intraday this week, meaning some analysts see the rally as overextended relative to fundamentals — a disappointing print or reversal in oil prices (as happened briefly on the July 27 Iran pause) could send shares back toward the $144-150 support zone quickly.

Forecast: With Thursday’s renewed Iran tension already lifting energy stocks, expect Friday’s numbers to be read through the lens of geopolitical risk premium sustainability as much as the underlying operational results.

7. AbbVie Inc. (ABBV) | Reports Friday

Pharma Giant’s Post-Humira Growth Story Continues

Bull Case: Skyrizi and Rinvoq have consistently outpaced expectations as replacement growth engines for lost Humira revenue, and continued double-digit growth in both franchises would reinforce the market’s confidence that AbbVie has successfully navigated its biggest patent-cliff transition in company history.

Bear Case: Any deceleration in Skyrizi/Rinvoq growth — even a modest one — would raise fresh questions about the durability of AbbVie’s post-Humira pipeline, given how central these two drugs have become to the entire investment thesis.

Forecast: Immunology franchise growth rates remain the single most important number in Friday’s report; sustained 20%+ combined growth would be read as confirmation the transition is complete.

8. Moderna Inc. (MRNA) | Reports Friday

A Post-Pandemic Biotech Still Searching for Its Next Act

Bull Case: Any signs of accelerating non-COVID pipeline revenue — particularly from RSV or flu combination shot programs — would support the narrative that Moderna’s mRNA platform has genuine commercial applications beyond its pandemic-era peak.

Bear Case: Structurally lower COVID vaccine demand versus pandemic-era levels continues to pressure the top line, and persistent cash burn without a clear new blockbuster product remains the central bear thesis weighing on the stock.

Forecast: Watch cash runway commentary closely; the market will be more focused on burn rate and pipeline diversification progress than on the headline revenue comp.

9. Dominion Energy Inc. (D) | Reports Friday

A Utility Positioned at the Center of Data Center Power Demand

Bull Case: As one of the utilities most directly exposed to Northern Virginia’s “Data Center Alley,” continued strong interconnection request growth would reinforce Dominion’s status as a direct beneficiary of AI-driven electricity demand, supporting the regulated capex growth story.

Bear Case: Elevated capital expenditure needs to serve data center demand could pressure near-term free cash flow and credit metrics if regulatory rate recovery lags the pace of required infrastructure investment.

Forecast: New data center interconnection queue figures and updated long-term capex guidance will likely matter more to the stock than the quarter’s headline EPS number.

10. Fortis Inc. (FTS) | Reports Friday

A Steady Canadian Utility Compounder Rounds Out Friday’s Slate

Bull Case: With over five decades of consecutive dividend increases, Fortis offers one of the most defensively reliable dividend growth stories in the entire utility sector — a beat on rate base growth guidance would reinforce that streak’s sustainability.

Bear Case: As a slower-growth, regulated utility, Fortis offers limited upside surprise potential, and any guidance disappointment on capital spending plans could weigh on the stock given its already-modest growth expectations.

Forecast: Expect a muted market reaction regardless of outcome; Fortis’s report is a data point for utility sector health rather than a standalone catalyst.

Quick-Reference Table: 10 Stocks to Watch on July 31

Sector Sentiment Snapshot and Forecast

Friday’s slate carries genuine two-way risk after Thursday’s sharp reversal — three regional Fed presidents backing a rate hike and renewed Iran war rhetoric erased the week’s earlier de-escalation optimism in a single session. Energy names Chevron and Exxon enter their reports with overbought technical readings after strong July rallies, meaning even solid results could trigger “sell the news” reactions if oil prices stay volatile.

Cameco and Cboe both face similar setups — Cameco recovering from a 30-day, 19% pullback with a demanding 79.6x forward P/E, and Cboe up 33% in a month with a GF Value model flagging it as roughly 50% overvalued. AutoNation and T. Rowe Price offer the more asymmetric setups on this list, with average analyst targets sitting well above current trading levels in both cases. With the Fed’s hawkish tone resurfacing just as this earnings wave lands, expect Friday’s reactions to be shaped as much by macro positioning as by the individual numbers themselves.

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Disclaimer: This publication is entirely for informational and journalistic purposes and does not constitute formal financial, investment, or legal advice. All market investments carry inherent risks of capital loss. Prices, technical levels, and analyst targets cited reflect data available as of July 30, 2026 and are sourced from publicly available market data. Support and resistance levels are technical estimates derived from historical price action and are not guarantees of future performance. Analyst price targets are third-party estimates and do not guarantee actual results. Always complete independent due diligence prior to executing equity trades.

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Kasia Davis

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