Buffett's big bet

Warren Buffett’s big bet on Japan trading firms, Jack Ma steps back into the spotlight, China cuts two more key rates, Twitter to double-down on video and commerce, and Reddit threatens to replace moderators if pages don’t open…

Author

Market Briefing
June 20, 2023

Good Morning.

Warren Buffett’s big bet on Japan trading firms, Jack Ma steps back into the spotlight, China cuts two more key rates, Twitter to double-down on video and commerce, and Reddit threatens to replace moderators if pages don’t open…

Here’s today’s 5-min market briefing:

BEFORE THE OPEN

As of market close 6/16/2023. Bitcoin as of 6/19/2023.

Markets:

Stocks dipped Friday despite a Federal Reserve rate hold and positive inflation data this week.

  • S&P 500 ticked down 0.37%, closing at 4,409.59.

  • Dow Jones dropped 108.94 points (0.32%), ending at 34,299.12.

  • Nasdaq Composite fell 0.68% to close at 13,689.57.

  • Weekly milestones:

    • S&P 500 rose 2.6%, best since March.

    • Fifth straight positive week for S&P 500, first since November 2021.

    • S&P 500 now 26% up from bear market low.

    • Nasdaq up 3.3% on the week, highest since March.

    • Nasdaq records eight-week winning streak, best since 2019.

    • Six-day consecutive gains for both Nasdaq and S&P 500 through Thursday.

    • Dow Jones up 1.3% for the week, marking third positive week.

    • S&P 500 and Nasdaq reach highest levels since April 2022.

EARNINGS

What we’re watching next week:

  • Today: FedEx (FDX), La-Z-Boy (LZB)

  • Tomorrow: Winnebago (WGO), KB Home (KBH)

  • Thursday: Accenture (ACN)

  • Friday: CarMax (KMX)

  • Full calendar here

NEWS BRIEFING

  • Warren Buffett's big bet on Japan trading firms (more)

  • Xi, Blinken agree to stabilize US-China relations in Beijing talks (more)

  • China cuts two more key lending rates as economy sputters (more)

  • Fed policymakers deliver hawkish vibe after pause decision (more)

  • Hedge funds that spread quant bets are having a moment in China (more)

  • Alibaba billionaire Jack Ma steps back into spotlight (more)

  • Inside China's underground market for high-end Nvidia AI chips (more)

  • Intel to invest $4.6 billion in new chip plant in Poland (more)

  • Intel spends $33 billion in Germany in landmark expansion (more)

  • Twitter to focus on video, commerce in business revamp (more)

  • Reddit may replace moderators if they don’t open their pages (more)

  • IBM and Adobe Expand Partnership With Generative AI Focus (more)

  • A.I. on track to ‘remove all human touchpoints’ in supply chains (more)

  • Google Vs. Meta: one will dominate the future of everything (more)

  • Bill Gates meets Chinese President Xi Jinping in Beijing (more)

  • Aircraft mega-deals prompt bubble warning from industry veterans (more)

  • Sartorius plunges as covid lab equipment provider cuts forecasts (more)

  • Woodside greenlights $7.2 Billion Mexico deepwater oil project (more)

CRYPTO

  • Binance, SEC strike deal to keep US customer assets in country (more)

  • Liquidators of crypto fund three arrows seek to fine co-founder $10,000 per day (more)

  • Wyre winding down as crypto winter bites (more)

  • Crypto hit by falling prices, regulatory actions and contagion concerns (more)

SHARES

What did you think about today's briefing?

Login or Subscribe to participate in polls.

See you tomorrow… -mb

Reply

or to participate.