Shares of Exxon had their 2nd largest pop since the regional banking crisis of 2023 (second only to last week's record surge) after the Wall Street Journal reported that the Energy Department is eyeing steep cuts that could wipe out nearly $10 billion in clean-energy funding, jeopardizing major projects with Exxon Mobil and Occidental Petroleum.

Or, as the market appears to see it, a cost saving measure for the likes of Exxon, who will no longer have to endeavor to spend on low-margin "green" businesses.