Global Courant 2023-05-08 03:38:07
Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on February 1, 2023 in New York City.
Michael M. Santiago | Getty Images
US stock futures were flat on Sunday evening.
Futures linked to the Dow Jones Industrial Average 20 points added while S&P 500 And Nasdaq-100 futures gained about 0.04% each.
Over the weekend, billionaire investor Warren Buffett commented on a slew of topics, including the latest banking crisis that rocked Wall Street. Berkshire Hathawayannual meeting in Omaha, Nebraska. The conglomerate’s most recent results showed operating profit up 12% in the first quarter, while cash holdings exceeded $130 billion.
Despite the recent fears, Buffett said deposits should be safe in the banking sector, while also noting that commercial real estate is beginning to be affected by higher borrowing costs. Even with an interest of more than 20% in Western petroleumBuffett also indicated that Berkshire has no plans to take over the oil giant.
Stocks are coming off a volatile week in which the Dow Jones Industrial Average and S&P 500 posted their worst weekly moves since March. The losses came despite a late-week rally in which volatile regional bank stocks jumped from their lows.
The Dow added more than 546 points on Friday, while the S&P 500 And Nasdaq composite popped 1.85% and 2.25% respectively. The gains came even after a stronger-than-expected April jobs report.
In terms of inflation, investors’ attention this week will be on the April consumer price index due out on Wednesday, followed by the producer price index on Thursday.
Both reports “could help analysts decipher the direction of the economy’s more persistent crevices where inflation remains stubborn,” said Quincy Krosby, chief strategist at LPL Financial.
Following last week’s interest rate decision by the Federal Reserve, traders are pricing in only a 9% chance of a hike, according to the next central bank policy meeting. CME’s FedWatch as wellI.
“Financial markets are hoping it will remain subdued, but only if inflation cooperates,” Krosby said.
This week marks another busy earnings trajectory, with results of disney, PayPalOccidental Petroleum and Tapestry on deck.
(TagsToTranslate)Berkshire Hathaway Inc
