XLP over past 60 days: cumulative return -7.0%, annualized vol 11.2%. Market regime: sideways.

Question:
Asset: XLP
Historical prices (past 60 trading days): start=80.20, end=74.58, cumulative_return=-7.0%, annualized_volatility=11.2%
Macro context: {'fed_funds_rate': 3.87, 'cpi_yoy': 325.063, 'unemployment': 4.5, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.54, 't10y3m_spread': 0.18, 'breakeven_10y': 2.28, 'hy_oas': 3.13, 'ig_oas': 0.82, 'ted_spread': 0.09, 'mortgage_30y': 6.22, 'vix': 19.5}
Market regime: sideways
Recent filing/news:
[SEC 10-Q CVX 2025-11-06] cvx-20250930 0000093410 12/31 2025 Q3 false xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure cvx:segment cvx:lawsuit cvx:state cvx:tribe cvx:parish 0000093410 2025-01-01 2025-09-30 0000093410 2025-09-30 0000093410 2025-07-01 2025-09-30 0000093410 2024-07-01 2024-09-30 0000093410 2024-01-01 2024-09-30 0000093410 2024-12-31 0000093410 2023-12-31 0000093410 2024-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-06-30 0000093410 us-gaap:RetainedEarningsMember 2024-06-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-06-30 0000093410 us-gaap:ParentMember 2024-06-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-06-30 0000093410 2024-06-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0000093410 us-gaap:ParentMember 2024-07-01 2024-09-30 0000093410 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 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us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-07-01 2025-09-30 0000093410 us-gaap:ParentMember 2025-07-01 2025-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2025-07-01 2025-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2025-07-01 2025-09-30 0000093410 us-gaap:RetainedEarningsMember 2025-07-01 2025-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-01 2025-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-09-30 0000093410 us-gaap:RetainedEarningsMember 2025-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2025-09-30 0000093410 us-gaap:ParentMember 2025-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2025-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-12-31 0000093410 us-gaap:RetainedEarningsMember 2023-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2023-12-31 0000093410 us-gaap:ParentMember 2023-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2023-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-01-01 2024-09-30 0000093410 us-gaap:ParentMember 2024-01-01 2024-09-30 0000093410 us-gaap:RetainedEarningsMember 2024-01-01 2024-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-12-31 0000093410 us-gaap:RetainedEarningsMember 2024-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2024-12-31 0000093410 us-gaap:ParentMember 2024-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2024-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-01-01 2025-09-30 0000093410 us-gaap:ParentMember 2025-01-01 2025-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-09-30 0000093410 us-gaap:RetainedEarningsMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2023-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-09-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-09-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-09-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2025-09-30 0000093410 [...TRUNCATED...] 160; $154.38 16,620,000   (1) Includes common shares repurchased from participants in the company’s executive compensation plans for personal income tax withholdings. (2) Refer to “Liquidity and Capital Resources” for additional information regarding the company’s authorized stock repurchase program. Item 5. Other Information Rule 10b5-1 Plan Elections During the three months ended September 30, 2025, none of our directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408 of Regulation S-K. 47 Table of Contents Item 6. Exhibits Exhibit Index Exhibit Number Description 4.1 Fourth Supplemental Indenture, dated as of August 13, 2025, among Chevron U.S.A. Inc., Chevron Corporation, as guarantor, and Deutsche Bank Trust Company Americas, as trustee, filed as Exhibit 4. 2 to Chevron Corporation’s Current Report on Form 8-K filed August 13, 2025, and incorporated herein by reference . 4.2 Forms of 3.950% Notes Due 2027, 4.050% Notes Due 2028, Floating Rate Notes Due 2028-B, 4.300% Notes Due 2030, Floating Rate Notes due 2030, 4.500% Notes Due 2032 and 4.850% Notes Due 2035, contained in Exhibit 4.2 to Chevron Corporation’s Current Report on Form 8-K filed August 13, 2025, and incorporated herein by reference . 10.1+* Aircraft Time-Sharing Agreement, dated as of February 24, 2015, between Hess Corporation and John B. Hess. 10.2* Transition Services Agreement, dated as of July 14, 2025, between Chevron U.S.A. Inc. and HFO Holdings LLC . 10.3* Amendment One to Transition Services Agreement, dated as of August 27, 2025, between Chevron U.S.A. Inc. and HFO Holdings LLC . 10.4* Membership Interest Purchase Agreement, dated as of September 10, 2025, between Hess Corporation and JBH Ventures, LLC . 31.1* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Executive Officer 31.2* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Financial Officer 32.1** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Executive Officer 32.2** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Financial Officer 101* Interactive data files (formatted as Inline XBRL) 104* Cover Page Interactive Data File (contained in Exhibit 101) ____________________________________________ + Indicates a management contract or compensatory plan or arrangement. *    Filed herewith. **     Furnished herewith. 48 Table of Contents SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   C HEVRON C ORPORATION (R EGISTRANT ) / S /   A LANA K. K NOWLES Alana K. Knowles, Vice President and Controller (Principal Accounting Officer and Duly Authorized Officer) Date: November 6, 2025 49

Predict whether the return of XLP over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for XLP starting 2025-11-07 was +1.43%, which classifies as 'positive'.


EFA over past 60 days: cumulative return -1.2%, annualized vol 12.6%. Market regime: sideways.

Question:
Asset: EFA
Historical prices (past 60 trading days): start=76.34, end=75.45, cumulative_return=-1.2%, annualized_volatility=12.6%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 318.961, 'unemployment': 4.0, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.31, 't10y3m_spread': 0.24, 'breakeven_10y': 2.4, 'hy_oas': 2.66, 'ig_oas': 0.81, 'ted_spread': 0.09, 'mortgage_30y': 7.04, 'vix': 15.100000381469728}
Market regime: sideways
Recent filing/news:
[SEC 10-Q PG 2025-01-22] pg-20241231 0000080424 6/30 2025 Q2 false http://fasb.org/us-gaap/2024#OtherAssetsNoncurrent http://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssetsCurrent http://fasb.org/us-gaap/2024#OtherAssetsNoncurrent http://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssetsCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#AccountsPayableCurrent http://fasb.org/us-gaap/2024#AccountsPayableCurrent xbrli:shares iso4217:USD iso4217:USD xbrli:shares pg:segment xbrli:pure pg:country pg:taxable_jurisdiction pg:audit 0000080424 2024-07-01 2024-12-31 0000080424 us-gaap:CommonStockMember 2024-07-01 2024-12-31 0000080424 pg:A1.375NotesDue2025Member 2024-07-01 2024-12-31 0000080424 pg:A0.110NotesDue2026Member 2024-07-01 2024-12-31 0000080424 pg:A3.250EURNotesDue2026Member 2024-07-01 2024-12-31 0000080424 pg:A4.875EURNotesDueMay2027Member 2024-07-01 2024-12-31 0000080424 pg:A1.200NotesDue2028Member 2024-07-01 2024-12-31 0000080424 pg:A3.150EURONotesDue2028Member 2024-07-01 2024-12-31 0000080424 pg:A1.250NotesDue2029Member 2024-07-01 2024-12-31 0000080424 pg:A1.800NotesDue2029Member 2024-07-01 2024-12-31 0000080424 pg:A6.250GBPNotesDueJanuary2030Member 2024-07-01 2024-12-31 0000080424 pg:A0.350NotesDue2030Member 2024-07-01 2024-12-31 0000080424 pg:A0.230NotesDue2031Member 2024-07-01 2024-12-31 0000080424 pg:A3.250EURNotesDue2031Member 2024-07-01 2024-12-31 0000080424 pg:A5.250GBPNotesDueJanuary2033Member 2024-07-01 2024-12-31 0000080424 pg:A3.200EURNotesDue2034Member 2024-07-01 2024-12-31 0000080424 pg:A1.875NotesDue2038Member 2024-07-01 2024-12-31 0000080424 pg:A0.900NotesDue2041Member 2024-07-01 2024-12-31 0000080424 2024-12-31 0000080424 2024-10-01 2024-12-31 0000080424 2023-10-01 2023-12-31 0000080424 2023-07-01 2023-12-31 0000080424 2024-06-30 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2024-12-31 0000080424 us-gaap:PreferredStockMember 2024-12-31 0000080424 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000080424 pg:ReserveforESOPDebtRetirementMember 2024-12-31 0000080424 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000080424 us-gaap:TreasuryStockCommonMember 2024-12-31 0000080424 us-gaap:RetainedEarningsMember 2024-12-31 0000080424 us-gaap:NoncontrollingInterestMember 2024-12-31 0000080424 us-gaap:CommonStockMember 2024-06-30 0000080424 us-gaap:PreferredStockMember 2024-06-30 0000080424 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0000080424 pg:ReserveforESOPDebtRetirementMember 2024-06-30 0000080424 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000080424 us-gaap:TreasuryStockCommonMember 2024-06-30 0000080424 us-gaap:RetainedEarningsMember 2024-06-30 0000080424 us-gaap:NoncontrollingInterestMember 2024-06-30 0000080424 us-gaap:RetainedEarningsMember 2024-07-01 2024-12-31 0000080424 us-gaap:NoncontrollingInterestMember 2024-07-01 2024-12-31 0000080424 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-01 2024-12-31 0000080424 us-gaap:CommonStockMember 2024-07-01 2024-12-31 0000080424 us-gaap:TreasuryStockCommonMember 2024-07-01 2024-12-31 0000080424 us-gaap:AdditionalPaidInCapitalMember 2024-07-01 2024-12-31 0000080424 us-gaap:PreferredStockMember 2024-07-01 2024-12-31 0000080424 pg:ReserveforESOPDebtRetirementMember 2024-07-01 2024-12-31 0000080424 us-gaap:CommonStockMember 2023-09-30 0000080424 us-gaap:PreferredStockMember 2023-09-30 0000080424 us-gaap:AdditionalPaidInCapitalMember 2023-09-30 0000080424 pg:ReserveforESOPDebtRetirementMember 2023-09-30 0000080424 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-09-30 0000080424 us-gaap:TreasuryStockCommonMember 2023-09-30 0000080424 us-gaap:RetainedEarningsMember 2023-09-30 0000080424 us-gaap:NoncontrollingInterestMember 2023-09-30 0000080424 2023-09-30 0000080424 us-gaap:RetainedEarningsMember 2023-10-01 2023-12-31 0000080424 us-gaap:NoncontrollingInterestMember 2023-10-01 2023-12-31 0000080424 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-10-01 2023-12-31 0000080424 us-gaap:CommonStockMember 2023-10-01 2023-12-31 0000080424 us-gaap:TreasuryStockCommonMember 2023-10-01 2023-12-31 0000080424 us-gaap:AdditionalPaidInCapitalMember 2023-10-01 2023-12-31 0000080424 us-gaap:PreferredStockMember 2023-10-01 2023-12-31 0000080424 us-gaap:CommonStockMember 2023-12-31 0000080424 us-gaap:PreferredStockMember 2023-12-31 0000080424 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0000080424 pg:ReserveforESOPDebtRetirementMember 2023-12-31 0000080424 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000080424 us-gaap:TreasuryStockCommonMember 2023-12-31 0000080424 us-gaap:RetainedEarningsMember 2023-12-31 0000080424 us-gaap:NoncontrollingInterestMember 2023-12-31 0000080424 2023-12-31 0000080424 us-gaap:CommonStockMember 2023-06-30 0000080424 us-gaap:PreferredStockMember 2023-06-30 0000080424 us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0000080424 pg:R [...TRUNCATED...] 7 billion in fiscal year 2025, notwithstanding any purchases under the Company's compensation and benefit plans. Purchases may be made in the open market and/or private transactions and purchases may be increased, decreased or discontinued at any time without prior notice. The share repurchases are authorized pursuant to a resolution issued by the Company's Board of Directors and are expected to be financed by a combination of operating cash flows and issuance of debt.      Item 5. Other Information During the three months ended December 31, 2024, none of our directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" as defined in Item 408 of Regulation S-K. 30 The Procter & Gamble Company Item 6. Exhibits 3.1 Amended Articles of Incorporation (as amended by shareholders at the annual meeting on October 11, 2011 and consolidated by the Board of Directors on April 8, 2016) (Incorporated by reference to Exhibit (3-1) of the Company's Form 10-K for the year ended June 30, 2016) 3.2 Regulations (as approved by the Board of Directors on December 13, 2022, pursuant to authority granted by shareholders at the annual meeting on October 13, 2009) (Incorporated by reference to Exhibit (3-2) of the Company’s Current Report on Form 8-K filed December 13, 2022) 4.1 Indenture, dated as of September 3, 2009, between the Company and Deutsche Bank Trust Company Americas, as Trustee (Incorporated by reference to Exhibit (4-1) of the Company's Annual Report on Form 10-K for the year ended June 30, 2015) 31.1 Rule 13a-14(a)/15d-14(a) Certification – Chief Executive Officer + 31.2 Rule 13a-14(a)/15d-14(a) Certification – Chief Financial Officer + 32.1 Section 1350 Certifications – Chief Executive Officer + 32.2 Section 1350 Certifications – Chief Financial Officer + 101.SCH (1) Inline XBRL Taxonomy Extension Schema Document 101.CAL (1) Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF (1) Inline XBRL Taxonomy Definition Linkbase Document 101.LAB (1) Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE (1) Inline XBRL Taxonomy Extension Presentation Linkbase Document 104  Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) + Filed herewith (1) Pursuant to Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 or 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections. Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. THE PROCTER & GAMBLE COMPANY January 22, 2025 /s/ MATTHEW W. JANZARUK Date (Matthew W. Janzaruk) Senior Vice President - Chief Accounting Officer (Principal Accounting Officer)

Predict whether the return of EFA over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for EFA starting 2025-01-23 was +3.49%, which classifies as 'positive'.


DOT-USD over past 60 days: cumulative return -29.5%, annualized vol 68.3%. Market regime: bear.

Question:
Asset: DOT-USD
Historical prices (past 60 trading days): start=5.02, end=3.54, cumulative_return=-29.5%, annualized_volatility=68.3%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 320.302, 'unemployment': 4.2, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.51, 't10y3m_spread': 0.02, 'breakeven_10y': 2.19, 'hy_oas': 4.09, 'ig_oas': 1.14, 'ted_spread': 0.09, 'mortgage_30y': 6.62, 'vix': 30.1200008392334}
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of DOT-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for DOT-USD starting 2025-04-16 was +11.52%, which classifies as 'positive'.


QQQ over past 60 days: cumulative return +6.2%, annualized vol 17.5%. Market regime: sideways.

Question:
Asset: QQQ
Historical prices (past 60 trading days): start=478.29, end=508.01, cumulative_return=+6.2%, annualized_volatility=17.5%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 318.961, 'unemployment': 4.0, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.33, 't10y3m_spread': 0.21, 'breakeven_10y': 2.34, 'hy_oas': 2.92, 'ig_oas': 0.82, 'ted_spread': 0.09, 'mortgage_30y': 6.85, 'vix': 17.350000381469727}
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2024-12-06] wmt-20241031 0000104169 1/31 2025 Q3 false 451 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure iso4217:JPY wmt:state wmt:county wmt:defendant wmt:case wmt:classAction wmt:securitiesClassAction wmt:shareholder wmt:derivativeAction wmt:pharmacist wmt:segment 0000104169 2024-02-01 2024-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2024-02-01 2024-10-31 0000104169 wmt:A2.550NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1050NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1500NotesDue2028Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2029Member 2024-02-01 2024-10-31 0000104169 wmt:A5750NotesDue2030Member 2024-02-01 2024-10-31 0000104169 wmt:A1800NotesDue2031Member 2024-02-01 2024-10-31 0000104169 wmt:A5625NotesDue2034Member 2024-02-01 2024-10-31 0000104169 wmt:A5250NotesDue2035Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2039Member 2024-02-01 2024-10-31 0000104169 2024-12-04 0000104169 2024-08-01 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us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-08-01 2023-10-31 0000104169 us-gaap:Com [...TRUNCATED...] assumptions not being realized or other factors, the actual results relating to the subject matter of any forward-looking statement in this Quarterly Report on Form 10-Q may differ materially from the anticipated results expressed or implied in that forward-looking statement. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this report, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Opioids-Related Litigation Case Citations and Currently Scheduled Trial Dates Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2024, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 6, 2024 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 6, 2024 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 6, 2024 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Predict whether the return of QQQ over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for QQQ starting 2025-01-02 was +2.36%, which classifies as 'positive'.


VCIT over past 60 days: cumulative return +0.8%, annualized vol 5.1%. Market regime: sideways.

Question:
Asset: VCIT
Historical prices (past 60 trading days): start=77.14, end=77.75, cumulative_return=+0.8%, annualized_volatility=5.1%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 319.785, 'unemployment': 4.2, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.26, 't10y3m_spread': -0.12, 'breakeven_10y': 2.35, 'hy_oas': 2.99, 'ig_oas': 0.89, 'ted_spread': 0.09, 'mortgage_30y': 6.76, 'vix': 23.51000022888184}
Market regime: sideways

Predict whether the return of VCIT over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for VCIT starting 2025-03-05 was +0.96%, which classifies as 'flat'.


BNDX over past 60 days: cumulative return -0.2%, annualized vol 3.8%. Market regime: sideways.

Question:
Asset: BNDX
Historical prices (past 60 trading days): start=46.79, end=46.70, cumulative_return=-0.2%, annualized_volatility=3.8%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 319.679, 'unemployment': 4.2, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.25, 't10y3m_spread': 0.19, 'breakeven_10y': 2.45, 'hy_oas': 2.68, 'ig_oas': 0.79, 'ted_spread': 0.09, 'mortgage_30y': 6.87, 'vix': 15.270000457763672}
Market regime: sideways

Predict whether the return of BNDX over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for BNDX starting 2025-02-20 was -0.44%, which classifies as 'flat'.


XLRE over past 60 days: cumulative return -1.3%, annualized vol 17.2%. Market regime: sideways.

Question:
Asset: XLRE
Historical prices (past 60 trading days): start=40.79, end=40.23, cumulative_return=-1.3%, annualized_volatility=17.2%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 319.679, 'unemployment': 4.2, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.26, 't10y3m_spread': 0.27, 'breakeven_10y': 2.46, 'hy_oas': 2.66, 'ig_oas': 0.81, 'ted_spread': 0.09, 'mortgage_30y': 6.89, 'vix': 15.890000343322754}
Market regime: sideways
Recent filing/news:
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us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember 2024-12-31 0001018724 us-gaap:EquityMethodInvestmentNonconsoli [...TRUNCATED...]  Amazon.com, Inc., pursuant to 18 U.S.C. Section 1350. 97.1 Amazon.com, Inc. Clawback Policy (incorporated by reference to the Company's Annual Report on Form 10-K for the Year ended December 31, 2023). 101 The following financial statements from the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL: (i) Consolidated Statements of Cash Flows, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Balance Sheets, (v) Consolidated Statements of Stockholders’ Equity, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. As permitted by Item 601(b)(4)(iii)(A) of Regulation S-K, the Company has not filed with this Annual Report on Form 10-K certain instruments defining the rights of holders of long-term debt of the Company and its subsidiaries because the total amount of securities authorized thereunder does not exceed 10 percent of the total assets of the Company and its subsidiaries on a consolidated basis. The Company agrees to furnish a copy of such agreements to the Commission upon request. 104 The cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL (included as Exhibit 101). __________________ †    Executive Compensation Plan or Agreement. Item 16. Form 10-K Summary None. 76 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized, as of February 6, 2025.   AMAZON.COM, INC. By: /s/ Andrew R. Jassy Andrew R. Jassy President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the registrant and in the capacities indicated as of February 6, 2025.   Signature Title /s/ Andrew R. Jassy Andrew R. Jassy President and Chief Executive Officer (Principal Executive Officer) and Director /s/ Brian T. Olsavsky Brian T. Olsavsky Senior Vice President and Chief Financial Officer (Principal Financial Officer) /s/ Shelley L. Reynolds Shelley L. Reynolds Vice President, Worldwide Controller (Principal Accounting Officer) /s/ Jeffrey P. Bezos Jeffrey P. Bezos Executive Chair /s/ Keith B. Alexander Keith B. Alexander Director /s/ Edith W. Cooper Edith W. Cooper Director /s/ Jamie S. Gorelick Jamie S. Gorelick Director /s/ Daniel P. Huttenlocher Daniel P. Huttenlocher Director /s/ Andrew Y. Ng Andrew Y. Ng Director /s/ Indra K. Nooyi Indra K. Nooyi Director /s/ Jonathan J. Rubinstein Jonathan J. Rubinstein Director /s/ Brad D. Smith Brad D. Smith Director /s/ Patricia Q. Stonesifer Patricia Q. Stonesifer Director /s/ Wendell P. Weeks Wendell P. Weeks Director 77

Predict whether the return of XLRE over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for XLRE starting 2025-02-13 was -1.85%, which classifies as 'negative'.


XLV over past 60 days: cumulative return +9.3%, annualized vol 15.0%. Market regime: bull.

Question:
Asset: XLV
Historical prices (past 60 trading days): start=132.47, end=144.75, cumulative_return=+9.3%, annualized_volatility=15.0%
Macro context: {'fed_funds_rate': 4.11, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.52, 't10y3m_spread': 0.01, 'breakeven_10y': 2.29, 'hy_oas': 3.01, 'ig_oas': 0.8, 'ted_spread': 0.09, 'mortgage_30y': 6.27, 'vix': 18.600000381469727}
Market regime: bull
Recent filing/news:
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2025-06-30 2025-09-28 0000200406 us-gaap:NetInve [...TRUNCATED...]  2025 through July 27, 2025 868,779 167.40 — — July 28, 2025 through August 24, 2025 4,103,196 175.64 — — August 25, 2025 through September 28, 2025 5,828,766 177.70 — — Total 10,800,741 176.09 — — (1) During the fiscal third quarter of 2025, the Company repurchased an aggregate of 10,800,741 shares of Johnson & Johnson Common Stock in open-market transactions, all of which were purchased as part of a systematic plan to meet the needs of the Company’s compensation programs. 58   Table of Contents Item 5 — Other information Securities trading plans of Directors and Executive Officers . During the fiscal third quarter of 2025, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408 of Regulation S-K. Item 6 — Exhibits Exhibit 31.1 Certification of Chief Executive Officer under Rule 13a-14(a) of the Securities Exchange Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 — Filed with this document. Exhibit 31.2 Certification of Chief Financial Officer under Rule 13a-14(a) of the Securities Exchange Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 — Filed with this document. Exhibit 32.1 Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 — Furnished with this document. Exhibit 32.2 Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 — Furnished with this document. Exhibit 101: EX-101.INS Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document EX-101.SCH Inline XBRL Taxonomy Extension Schema EX-101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase EX-101.LAB Inline XBRL Taxonomy Extension Label Linkbase EX-101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase EX-101.DEF Inline XBRL Taxonomy Extension Definition Document Exhibit 104: Cover Page Interactive Data File––the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. Form 10-Q 59 Table of Contents Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: October 22, 2025 Date: October 22, 2025 JOHNSON & JOHNSON (Registrant) By  /s/ J. J. Wolk J. J. Wolk , Executive Vice President, Chief Financial Officer (Principal Financial Officer)  By  /s/  R. J. Decker Jr. R. J. Decker Jr. , Controller (Principal Accounting Officer) 60

Predict whether the return of XLV over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for XLV starting 2025-10-23 was +5.16%, which classifies as 'positive'.


XLY over past 60 days: cumulative return +3.1%, annualized vol 16.6%. Market regime: sideways.

Question:
Asset: XLY
Historical prices (past 60 trading days): start=110.45, end=113.92, cumulative_return=+3.1%, annualized_volatility=16.6%
Macro context: {'fed_funds_rate': 4.1, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.53, 't10y3m_spread': 0.03, 'breakeven_10y': 2.3, 'hy_oas': 3.18, 'ig_oas': 0.81, 'ted_spread': 0.09, 'mortgage_30y': 6.3, 'vix': 21.65999984741211}
Market regime: sideways
Recent filing/news:
[Kaggle 2025-09-05] ["Trump Warns of \u2018Fairly Substantial\u2019 Tariff on Semiconductors. What It Means for Chip Stocks. President Donald Trump said a tariff on imports of chips is coming \u201cvery shortly\u201d for companies that aren\u2019t shifting production to the U.S.", "Inside eBay\u2019s Quest to Become an AI Leader How the 30-year-old e-commerce giant is going all-in on artificial intelligence, hoping the technology can help it update its image and beat mounting competition.", "Trump Basks in Tech Leaders\u2019 Spending Vows at White House Dinner (Bloomberg) \u2014 Meta Platforms Inc.\u2019s (META) Mark Zuckerberg and Apple Inc.\u2019s (AAPL) Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley. Most Read from Bloomberg One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Chicago\u2019s Citadel Center for Sale 3 Years After Miami Move Philadelphia Transit Cuts Portend \u2018Mayhem\u2019 for Commutes and Regional Economy One-Way Streets Are the Wrong Way to Tame Downtown Traffic Self-Driving Cars Take a Turn Toward the Villainous, in Movies and Real Life In his opening remarks, Trump addressed a key concern of tech companies: ensuring there\u2019s enough energy to meet surging power demands from the data centers behind the AI boom. \u201cWe\u2019re making it very easy for you in terms of electric capacity and getting it for you, getting your permits,\u201d Trump said in the White House State Dining Room. \u201cWe\u2019re leading China by a lot, by a really, by a great amount.\u201d Thursday\u2019s dinner marked a rare gathering in Washington of top executives and founders from some of the world\u2019s most valuable tech companies \u2014 all vying for an edge in the emerging field of AI. Attendees also included OpenAI Inc.\u2019s (OPAI.PVT) Sam Altman, Alphabet Inc.\u2019s (GOOG, GOOGL) Sundar Pichai and co-founder Sergey Brin, and Microsoft Corp.\u2019s (MSFT) Satya Nadella and Bill Gates. The president went around the table asking executives to talk about their plans. Corporate leaders took turns highlighting their efforts to expand in the US, with each expressing gratitude for administration policies they see as bolstering efforts to advance AI. Trump asked Zuckerberg to speak first. \u201cAll of the companies here are building, just making huge investments in the country in order to build out data centers and infrastructure to power the next wave of innovation,\u201d the Meta CEO told Trump. Pressed by the president on how much his company was investing, Zuckerberg said \u201cat least $600 billion\u201d through 2028. \u201cThat\u2019s a lot,\u201d Trump said. In recent days, the president has touted a massive data center Meta is building in Louisiana that will cost $50 billion. Trump has drawn tech executives into his orbit with an agenda aimed at lowering tax

Predict whether the return of XLY over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for XLY starting 2025-10-13 was +2.43%, which classifies as 'positive'.


SGOV over past 60 days: cumulative return +0.7%, annualized vol 0.2%. Market regime: sideways.

Question:
Asset: SGOV
Historical prices (past 60 trading days): start=96.52, end=97.17, cumulative_return=+0.7%, annualized_volatility=0.2%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 321.435, 'unemployment': 4.1, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.5, 't10y3m_spread': 0.03, 'breakeven_10y': 2.32, 'hy_oas': 3.19, 'ig_oas': 0.89, 'ted_spread': 0.09, 'mortgage_30y': 6.89, 'vix': 17.690000534057617}
Market regime: sideways

Predict whether the return of SGOV over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for SGOV starting 2025-06-04 was +0.24%, which classifies as 'flat'.


XLK over past 60 days: cumulative return +3.5%, annualized vol 20.0%. Market regime: sideways.

Question:
Asset: XLK
Historical prices (past 60 trading days): start=113.18, end=117.15, cumulative_return=+3.5%, annualized_volatility=20.0%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 318.961, 'unemployment': 4.0, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.28, 't10y3m_spread': 0.21, 'breakeven_10y': 2.38, 'hy_oas': 2.66, 'ig_oas': 0.82, 'ted_spread': 0.09, 'mortgage_30y': 7.04, 'vix': 15.0600004196167}
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2024-12-06] wmt-20241031 0000104169 1/31 2025 Q3 false 451 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure iso4217:JPY wmt:state wmt:county wmt:defendant wmt:case wmt:classAction wmt:securitiesClassAction wmt:shareholder wmt:derivativeAction wmt:pharmacist wmt:segment 0000104169 2024-02-01 2024-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2024-02-01 2024-10-31 0000104169 wmt:A2.550NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1050NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1500NotesDue2028Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2029Member 2024-02-01 2024-10-31 0000104169 wmt:A5750NotesDue2030Member 2024-02-01 2024-10-31 0000104169 wmt:A1800NotesDue2031Member 2024-02-01 2024-10-31 0000104169 wmt:A5625NotesDue2034Member 2024-02-01 2024-10-31 0000104169 wmt:A5250NotesDue2035Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2039Member 2024-02-01 2024-10-31 0000104169 2024-12-04 0000104169 2024-08-01 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us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-08-01 2023-10-31 0000104169 us-gaap:Com [...TRUNCATED...] assumptions not being realized or other factors, the actual results relating to the subject matter of any forward-looking statement in this Quarterly Report on Form 10-Q may differ materially from the anticipated results expressed or implied in that forward-looking statement. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this report, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Opioids-Related Litigation Case Citations and Currently Scheduled Trial Dates Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2024, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 6, 2024 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 6, 2024 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 6, 2024 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Predict whether the return of XLK over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for XLK starting 2025-01-22 was -2.70%, which classifies as 'negative'.


AVAX-USD over past 60 days: cumulative return +5.9%, annualized vol 61.5%. Market regime: bull.

Question:
Asset: AVAX-USD
Historical prices (past 60 trading days): start=20.68, end=21.90, cumulative_return=+5.9%, annualized_volatility=61.5%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 323.291, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.5, 't10y3m_spread': -0.12, 'breakeven_10y': 2.36, 'hy_oas': 2.98, 'ig_oas': 0.82, 'ted_spread': 0.09, 'mortgage_30y': 6.72, 'vix': 17.850000381469727}
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of AVAX-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for AVAX-USD starting 2025-08-06 was +9.86%, which classifies as 'positive'.


CSHI over past 60 days: cumulative return +0.8%, annualized vol 0.9%. Market regime: bull.

Question:
Asset: CSHI
Historical prices (past 60 trading days): start=47.76, end=48.13, cumulative_return=+0.8%, annualized_volatility=0.9%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 323.291, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.64, 't10y3m_spread': 0.0, 'breakeven_10y': 2.41, 'hy_oas': 2.84, 'ig_oas': 0.81, 'ted_spread': 0.09, 'mortgage_30y': 6.56, 'vix': 15.359999656677246}
Market regime: bull

Predict whether the return of CSHI over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for CSHI starting 2025-09-01 was +0.30%, which classifies as 'flat'.


XLV over past 60 days: cumulative return +0.5%, annualized vol 15.3%. Market regime: bull.

Question:
Asset: XLV
Historical prices (past 60 trading days): start=133.76, end=134.37, cumulative_return=+0.5%, annualized_volatility=15.3%
Macro context: {'fed_funds_rate': 4.09, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.57, 't10y3m_spread': 0.18, 'breakeven_10y': 2.38, 'hy_oas': 2.75, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.3, 'vix': 15.289999961853027}
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-05] ["Trump Warns of \u2018Fairly Substantial\u2019 Tariff on Semiconductors. What It Means for Chip Stocks. President Donald Trump said a tariff on imports of chips is coming \u201cvery shortly\u201d for companies that aren\u2019t shifting production to the U.S.", "Inside eBay\u2019s Quest to Become an AI Leader How the 30-year-old e-commerce giant is going all-in on artificial intelligence, hoping the technology can help it update its image and beat mounting competition.", "Trump Basks in Tech Leaders\u2019 Spending Vows at White House Dinner (Bloomberg) \u2014 Meta Platforms Inc.\u2019s (META) Mark Zuckerberg and Apple Inc.\u2019s (AAPL) Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley. Most Read from Bloomberg One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Chicago\u2019s Citadel Center for Sale 3 Years After Miami Move Philadelphia Transit Cuts Portend \u2018Mayhem\u2019 for Commutes and Regional Economy One-Way Streets Are the Wrong Way to Tame Downtown Traffic Self-Driving Cars Take a Turn Toward the Villainous, in Movies and Real Life In his opening remarks, Trump addressed a key concern of tech companies: ensuring there\u2019s enough energy to meet surging power demands from the data centers behind the AI boom. \u201cWe\u2019re making it very easy for you in terms of electric capacity and getting it for you, getting your permits,\u201d Trump said in the White House State Dining Room. \u201cWe\u2019re leading China by a lot, by a really, by a great amount.\u201d Thursday\u2019s dinner marked a rare gathering in Washington of top executives and founders from some of the world\u2019s most valuable tech companies \u2014 all vying for an edge in the emerging field of AI. Attendees also included OpenAI Inc.\u2019s (OPAI.PVT) Sam Altman, Alphabet Inc.\u2019s (GOOG, GOOGL) Sundar Pichai and co-founder Sergey Brin, and Microsoft Corp.\u2019s (MSFT) Satya Nadella and Bill Gates. The president went around the table asking executives to talk about their plans. Corporate leaders took turns highlighting their efforts to expand in the US, with each expressing gratitude for administration policies they see as bolstering efforts to advance AI. Trump asked Zuckerberg to speak first. \u201cAll of the companies here are building, just making huge investments in the country in order to build out data centers and infrastructure to power the next wave of innovation,\u201d the Meta CEO told Trump. Pressed by the president on how much his company was investing, Zuckerberg said \u201cat least $600 billion\u201d through 2028. \u201cThat\u2019s a lot,\u201d Trump said. In recent days, the president has touted a massive data center Meta is building in Louisiana that will cost $50 billion. Trump has drawn tech executives into his orbit with an agenda aimed at lowering tax

Predict whether the return of XLV over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for XLV starting 2025-09-29 was +7.03%, which classifies as 'positive'.


ETH-USD over past 60 days: cumulative return -14.3%, annualized vol 72.5%. Market regime: bear.

Question:
Asset: ETH-USD
Historical prices (past 60 trading days): start=2145.57, end=1839.22, cumulative_return=-14.3%, annualized_volatility=72.5%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 320.62, 'unemployment': 4.3, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.55, 't10y3m_spread': -0.06, 'breakeven_10y': 2.25, 'hy_oas': 3.78, 'ig_oas': 1.09, 'ted_spread': 0.09, 'mortgage_30y': 6.76, 'vix': 24.600000381469727}
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of ETH-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for ETH-USD starting 2025-05-02 was +37.10%, which classifies as 'positive'.


SOL-USD over past 60 days: cumulative return +38.6%, annualized vol 73.9%. Market regime: sideways.

Question:
Asset: SOL-USD
Historical prices (past 60 trading days): start=118.29, end=163.96, cumulative_return=+38.6%, annualized_volatility=73.9%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 320.62, 'unemployment': 4.3, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.47, 't10y3m_spread': 0.03, 'breakeven_10y': 2.29, 'hy_oas': 3.51, 'ig_oas': 1.02, 'ted_spread': 0.09, 'mortgage_30y': 6.76, 'vix': 22.479999542236328}
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of SOL-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for SOL-USD starting 2025-05-09 was -9.60%, which classifies as 'negative'.


ICSH over past 60 days: cumulative return +0.7%, annualized vol 0.4%. Market regime: sideways.

Question:
Asset: ICSH
Historical prices (past 60 trading days): start=49.44, end=49.77, cumulative_return=+0.7%, annualized_volatility=0.4%
Macro context: {'fed_funds_rate': 3.88, 'cpi_yoy': 325.063, 'unemployment': 4.5, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.53, 't10y3m_spread': 0.15, 'breakeven_10y': 2.28, 'hy_oas': 3.09, 'ig_oas': 0.84, 'ted_spread': 0.09, 'mortgage_30y': 6.24, 'vix': 20.0}
Market regime: sideways

Predict whether the return of ICSH over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for ICSH starting 2025-11-14 was +0.31%, which classifies as 'flat'.


AVAX-USD over past 60 days: cumulative return -59.3%, annualized vol 74.0%. Market regime: sideways.

Question:
Asset: AVAX-USD
Historical prices (past 60 trading days): start=31.36, end=12.78, cumulative_return=-59.3%, annualized_volatility=74.0%
Macro context: {'fed_funds_rate': 3.89, 'cpi_yoy': 326.031, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.55, 't10y3m_spread': 0.28, 'breakeven_10y': 2.24, 'hy_oas': 2.94, 'ig_oas': 0.82, 'ted_spread': 0.09, 'mortgage_30y': 6.23, 'vix': 17.239999771118164}
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of AVAX-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for AVAX-USD starting 2025-12-02 was -10.73%, which classifies as 'negative'.


REZ over past 60 days: cumulative return +1.5%, annualized vol 18.9%. Market regime: sideways.

Question:
Asset: REZ
Historical prices (past 60 trading days): start=81.54, end=82.73, cumulative_return=+1.5%, annualized_volatility=18.9%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 319.785, 'unemployment': 4.2, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.34, 't10y3m_spread': -0.06, 'breakeven_10y': 2.31, 'hy_oas': 3.22, 'ig_oas': 0.94, 'ted_spread': 0.09, 'mortgage_30y': 6.63, 'vix': 26.920000076293945}
Market regime: sideways

Predict whether the return of REZ over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for REZ starting 2025-03-12 was -6.11%, which classifies as 'negative'.


EEM over past 60 days: cumulative return +14.6%, annualized vol 12.8%. Market regime: bull.

Question:
Asset: EEM
Historical prices (past 60 trading days): start=42.50, end=48.70, cumulative_return=+14.6%, annualized_volatility=12.8%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 322.169, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.53, 't10y3m_spread': -0.03, 'breakeven_10y': 2.4, 'hy_oas': 2.89, 'ig_oas': 0.8, 'ted_spread': 0.09, 'mortgage_30y': 6.75, 'vix': 16.649999618530273}
Market regime: bull
Recent filing/news:
[Kaggle 2025-07-21] ["Crypto Whales Drive $4 Trillion Market Revival on Policy Optimism (Bloomberg) -- A relentless wave of optimism is sweeping the nearly $4 trillion crypto market, driven by a frenzy of Washington policy moves accelerating its assimilation into regulated finance. The passage of a landmark stablecoin law and broader legislative momentum have injected new legitimacy into the sector, lifting prices and rekindling risk appetite across digital assets. Most Read from Bloomberg Why the Federal Reserve\u2019s Building Renovation Costs $2.5 Billion Milan Corruption Probe Casts Shadow Over Property Boom How San Jose\u2019s Mayor Is Working to Build an AI Capital Signs of retail re-engagement are resurfacing. Coinbase\u2019s app surged to fifth place in Apple\u2019s Finance category, up from 25th a month earlier, according to data tracker Sensor Tower. Google searches for \u201cBitcoin\u201d are climbing. Telegram groups and Discord forums saw spirited activity during Washington\u2019s \u201cCrypto Week,\u201d a highly choreographed policy blitz that culminated in President Donald Trump signing the first major US stablecoin framework into law. That spike in visibility, however, belies a more complex picture of who\u2019s actually driving flows. While consumer interest is returning, the rally\u2019s architecture is distinctly institutional. Large private holders \u2014 those controlling 10,000 Bitcoin or more \u2014 acquired roughly 47,000 tokens ahead of Bitcoin\u2019s all-time high of about $123,000 on July 14, 10x Research data show. Since then, these substantial holders have begun to unwind positions, contributing to a pullback to around $118,600. Much of the re-engagement started about a month ago, after stablecoin issuer Circle Internet Group Inc.\u2019s blockbuster June initial public offering, according to Chris Rhine, head of liquid active strategies at Galaxy Digital. \u201cIt\u2019s encouraged all investors to get re-engaged\u2014 small retail to large institutions,\u201d Rhine said. \u201cWe have institutions calling us now, asking how to position around stablecoins. The sense of urgency is there.\u201d That urgency, however, is not translating into core retail metrics yet \u2014 at least as it comes to quarterly results. Coinbase Global Inc., which reports on July 31, likely saw its second-quarter trading volumes fall 44% from the previous quarter and 3% year-on-year, according to Oppenheimer & Co. Wallet app downloads for the exchange\u2019s recently re-named other main app, Coinbase Wallet, dropped 51% quarter-on-quarter, with similar declines observed across other major exchanges, according to Sensor Tower. Much of the speculative attention once directed at tokens has shifted elsewhere. Analysts note retail investors have pivoted towards AI-linked equities and crypto-adjacent names such as Strategy, where volatility and narrative appeal remain high. Some retail participants have exited the market entirely, citing macroeconomic concerns and \u2

Predict whether the return of EEM over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for EEM starting 2025-07-22 was +0.65%, which classifies as 'flat'.


VLUE over past 60 days: cumulative return +8.9%, annualized vol 15.7%. Market regime: sideways.

Question:
Asset: VLUE
Historical prices (past 60 trading days): start=117.21, end=127.65, cumulative_return=+8.9%, annualized_volatility=15.7%
Macro context: {'fed_funds_rate': 3.88, 'cpi_yoy': 325.063, 'unemployment': 4.5, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.58, 't10y3m_spread': 0.13, 'breakeven_10y': 2.23, 'hy_oas': 3.15, 'ig_oas': 0.85, 'ted_spread': 0.09, 'mortgage_30y': 6.26, 'vix': 20.520000457763672}
Market regime: sideways
Recent filing/news:
[SEC 10-Q NVDA 2025-11-19] nvda-20251026 0001045810 1/25 2026 Q3 FALSE 478 469 278 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure nvda:investment nvda:segment 0001045810 2025-01-27 2025-10-26 0001045810 2025-11-14 0001045810 2025-07-28 2025-10-26 0001045810 2024-07-29 2024-10-27 0001045810 2024-01-29 2024-10-27 0001045810 2025-10-26 0001045810 2025-01-26 0001045810 us-gaap:CommonStockMember 2025-07-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-07-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-27 0001045810 us-gaap:RetainedEarningsMember 2025-07-27 0001045810 2025-07-27 0001045810 us-gaap:RetainedEarningsMember 2025-07-28 2025-10-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-28 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-07-28 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-07-28 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-10-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-26 0001045810 us-gaap:RetainedEarningsMember 2025-10-26 0001045810 us-gaap:CommonStockMember 2024-07-28 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-07-28 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-28 0001045810 us-gaap:RetainedEarningsMember 2024-07-28 0001045810 2024-07-28 0001045810 us-gaap:RetainedEarningsMember 2024-07-29 2024-10-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-29 2024-10-27 0001045810 us-gaap:CommonStockMember 2024-07-29 2024-10-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-07-29 2024-10-27 0001045810 us-gaap:CommonStockMember 2024-10-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-10-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-10-27 0001045810 us-gaap:RetainedEarningsMember 2024-10-27 0001045810 2024-10-27 0001045810 us-gaap:CommonStockMember 2025-01-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-01-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-26 0001045810 us-gaap:RetainedEarningsMember 2025-01-26 0001045810 us-gaap:RetainedEarningsMember 2025-01-27 2025-10-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-27 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-01-27 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-01-27 2025-10-26 0001045810 us-gaap:CommonStockMember 2024-01-28 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-01-28 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-28 0001045810 us-gaap:RetainedEarningsMember 2024-01-28 0001045810 2024-01-28 0001045810 us-gaap:RetainedEarningsMember 2024-01-29 2024-10-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-29 2024-10-27 0001045810 us-gaap:CommonStockMember 2024-01-29 2024-10-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-01-29 2024-10-27 0001045810 us-gaap:CostOfSalesMember 2025-07-28 2025-10-26 0001045810 us-gaap:CostOfSalesMember 2024-07-29 2024-10-27 0001045810 us-gaap:CostOfSalesMember 2025-01-27 2025-10-26 0001045810 us-gaap:CostOfSalesMember 2024-01-29 2024-10-27 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2025-07-28 2025-10-26 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2024-07-29 2024-10-27 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2025-01-27 2025-10-26 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2024-01-29 2024-10-27 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2025-07-28 2025-10-26 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2024-07-29 2024-10-27 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2025-01-27 2025-10-26 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2024-01-29 2024-10-27 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2025-01-26 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2025-01-27 2025-10-26 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2025-10-26 0001045810 us-gaap:EmployeeStockMember 2025-01-27 2025-10-26 0001045810 us-gaap:USTreasurySecuritiesMember 2025-10-26 0001045810 us-gaap:CorporateDebtSecuritiesMember 2025-10-26 0001045810 us-gaap:MoneyMarketFundsMember 2025-10-26 0001045810 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-10-26 0001045810 us-gaap:CertificatesOfDepositMember 2025-10-26 0001045810 us-gaap:ForeignGovernmentDebtMember 2025-10-26 0001045810 nvda:MarketableSecuritiesWithFairValueAdjustmentsRecordedInOtherComprehensiveIncomeMember 2025-10-26 0001045810 nvda:PubliclyHeldEquitySecuritiesMember 2025-10-26 0001045810 2025-01-27 2025-04-27 0001045810 us-gaap:CorporateDebtSecuritiesMember 2025-01-26 0001045810 us-gaap:USTreasurySecuritiesMember 2025-01-26 0001045810 us-gaap:MoneyMarketFundsMember 2025-01-26 0001045810 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-01-26 0001045810 us-gaap:ForeignGovernmentDebtMember 2025-01-26 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us-gaap:AccountsReceivableMember 2025-01-27 2025-10-26 0001045810 nvda:Cust [...TRUNCATED...] President, Operations Adoption 9/9/2025 309,840 12/31/2026 Donald Robertson Vice President and Chief Accounting Officer Adoption 9/18/2025 138,042 * 12/31/2026 Ajay Puri Executive Vice President, Worldwide Field Operations Adoption 9/19/2025 1,000,000 6/24/2026 * Includes 38,042 shares from future vests of equity awards, and the actual number of shares to be sold will be net of shares withheld by the Company for taxes. 42 Item 6. Exhibits Exhibit No.  Exhibit Description 31.1* Certification of Chief Executive Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 31.2* Certification of Chief Financial Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 32.1#* Certification of Chief Executive Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 32.2#* Certification of Chief Financial Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 101.INS* Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH* Inline XBRL Taxonomy Extension Schema Document 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB* Inline XBRL Taxonomy Extension Labels Linkbase Document 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. * Filed herewith. # In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management's Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purpose of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Copies of above exhibits not contained herein are available to any shareholder upon written request to: Investor Relations: NVIDIA Corporation, 2788 San Tomas Expressway, Santa Clara, CA 95051. 43 Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: November 19, 2025   NVIDIA Corporation  By:    /s/ Colette M. Kress   Colette M. Kress   Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) 44

Predict whether the return of VLUE over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for VLUE starting 2025-11-25 was +0.48%, which classifies as 'flat'.


EFA over past 60 days: cumulative return +1.0%, annualized vol 10.6%. Market regime: sideways.

Question:
Asset: EFA
Historical prices (past 60 trading days): start=90.26, end=91.15, cumulative_return=+1.0%, annualized_volatility=10.6%
Macro context: {'fed_funds_rate': 3.88, 'cpi_yoy': 325.063, 'unemployment': 4.5, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.54, 't10y3m_spread': 0.18, 'breakeven_10y': 2.27, 'hy_oas': 3.2, 'ig_oas': 0.85, 'ted_spread': 0.09, 'mortgage_30y': 6.24, 'vix': 24.690000534057617}
Market regime: sideways
Recent filing/news:
[SEC 10-Q CVX 2025-11-06] cvx-20250930 0000093410 12/31 2025 Q3 false xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure cvx:segment cvx:lawsuit cvx:state cvx:tribe cvx:parish 0000093410 2025-01-01 2025-09-30 0000093410 2025-09-30 0000093410 2025-07-01 2025-09-30 0000093410 2024-07-01 2024-09-30 0000093410 2024-01-01 2024-09-30 0000093410 2024-12-31 0000093410 2023-12-31 0000093410 2024-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-06-30 0000093410 us-gaap:RetainedEarningsMember 2024-06-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-06-30 0000093410 us-gaap:ParentMember 2024-06-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-06-30 0000093410 2024-06-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0000093410 us-gaap:ParentMember 2024-07-01 2024-09-30 0000093410 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 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us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2025-09-30 0000093410 [...TRUNCATED...] 160; $154.38 16,620,000   (1) Includes common shares repurchased from participants in the company’s executive compensation plans for personal income tax withholdings. (2) Refer to “Liquidity and Capital Resources” for additional information regarding the company’s authorized stock repurchase program. Item 5. Other Information Rule 10b5-1 Plan Elections During the three months ended September 30, 2025, none of our directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408 of Regulation S-K. 47 Table of Contents Item 6. Exhibits Exhibit Index Exhibit Number Description 4.1 Fourth Supplemental Indenture, dated as of August 13, 2025, among Chevron U.S.A. Inc., Chevron Corporation, as guarantor, and Deutsche Bank Trust Company Americas, as trustee, filed as Exhibit 4. 2 to Chevron Corporation’s Current Report on Form 8-K filed August 13, 2025, and incorporated herein by reference . 4.2 Forms of 3.950% Notes Due 2027, 4.050% Notes Due 2028, Floating Rate Notes Due 2028-B, 4.300% Notes Due 2030, Floating Rate Notes due 2030, 4.500% Notes Due 2032 and 4.850% Notes Due 2035, contained in Exhibit 4.2 to Chevron Corporation’s Current Report on Form 8-K filed August 13, 2025, and incorporated herein by reference . 10.1+* Aircraft Time-Sharing Agreement, dated as of February 24, 2015, between Hess Corporation and John B. Hess. 10.2* Transition Services Agreement, dated as of July 14, 2025, between Chevron U.S.A. Inc. and HFO Holdings LLC . 10.3* Amendment One to Transition Services Agreement, dated as of August 27, 2025, between Chevron U.S.A. Inc. and HFO Holdings LLC . 10.4* Membership Interest Purchase Agreement, dated as of September 10, 2025, between Hess Corporation and JBH Ventures, LLC . 31.1* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Executive Officer 31.2* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Financial Officer 32.1** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Executive Officer 32.2** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Financial Officer 101* Interactive data files (formatted as Inline XBRL) 104* Cover Page Interactive Data File (contained in Exhibit 101) ____________________________________________ + Indicates a management contract or compensatory plan or arrangement. *    Filed herewith. **     Furnished herewith. 48 Table of Contents SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   C HEVRON C ORPORATION (R EGISTRANT ) / S /   A LANA K. K NOWLES Alana K. Knowles, Vice President and Controller (Principal Accounting Officer and Duly Authorized Officer) Date: November 6, 2025 49

Predict whether the return of EFA over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for EFA starting 2025-11-19 was +3.00%, which classifies as 'positive'.