Phillips 66 (PSX) reported second-quarter 2024 results, wherein it beat both the bottom-line and top-line estimates. However, since its earnings release before the opening bell on Jul 30, the stock price has fallen 6.2% amid a global market sell-off due to concerns about the overall health of the U.S. economy. Additionally, high oil prices, which are used as inputs for producing final products like gasoline, are adversely impacting the company’s refining business and may also be contributing to the stock pr ...