The article continues below the ad
Last week ended with a cautious decline for the key indices on Wall Street after a mixed labor market report just before the stock market opened on Friday. Because even though the “month’s most important figure”, or nonfarm payrolls, showed lower growth than expected in July, unemployment still fell at the same time as wage growth rose.
Friday’s cautious decline does not appear to spill over into this week. Wall Street ended with a broad rise on Monday.
This is what it looked like when Wall Street closed on Monday:
The technology-heavy Nasdaq rose 0.6 percent. Industry-heavy Dow Jones rose over 1.1 percent. The broad S&P rose 0.9 percent.
Otherwise, Walt Disney presents accounting figures for the third quarter on Wednesday this week. In advance, it is expected that the company will present an operating result of 3.46 billion dollars, according to Bloomberg.
Record price for Warren Buffett shares
Berkshire Hathaway’s B shares rose just under 3.6 percent on Monday evening, trading at a record high of $362.49 a share. The previous record was in March 2022 when the share closed at $359.57, the intraday peak was then at $362.1.
The article continues below the ad
The strong rise is due to a record-breaking quarter for the Warren Buffett conglomerate combined with an almost record-high cash holding, writes WSJ.
– We continue to believe that Berkshire Hathaway’s shares remain a tempting trade in an otherwise uncertain macro picture, writes analyst Brian Meredith at the Swiss bank UBS, according to Bloomberg.
Meredith raises the price target to $414 from $405 on the b share.
Otherwise, the class A shares rose by 3.3 per cent. When Wall Street closed, one share traded at a record high of $551,300. Brokerage KBW on Monday raised the price target from USD 545,000 to USD 565,000, according to Bloomberg.
Tesla’s CFO resigns
Zachary Kirkhorn resigned as Tesla’s chief financial officer (CFO) last week, it writes WSJ Monday afternoon Norwegian time.
Kirkhorn has been the electric car maker’s CFO for the past 13 years, and will remain in the role until the end of 2023 to assist with the transition. On Friday 4 August, Vaibhav Taneja was appointed as Kirkhorn’s successor. Until now, Taneja has been Tesla’s accounting manager.
– Being part of this company is a unique experience. I am proud of what we have achieved since I became part of Tesla 13 years ago, Kirkhorn wrote in a post on Linkedin.
The article continues below the ad
The stock finally ended down 0.95 percent on Monday. Earlier in the evening, the stock fell as much as three percent.
Awaiting inflation figures
After last week’s mixed labor market figures, investors are now turning their eyes to inflation figures due at the end of this week. Figures for the consumer price index (cpi) are due on Thursday and figures for the producer price index (ppi) will be released on Friday.
Central bank chief Jerome Powell and several of his foreign colleagues have been clear in recent weeks that interest rates will remain high as long as inflation is also high.
The article continues below the ad
Nevertheless, recent months have shown promising signs in the US.
In June, among other things, price inflation in the USA was at its lowest in more than two years. At that time, inflation was three per cent on an annual basis, while core inflation was 4.8 per cent.
Since total inflation peaked at just over nine percent last summer, there has been a constant decline in price growth, which has caused the market to price in interest rate cuts in the US before some of the other major central banks. (Terms) Copyright Dagens Næringsliv AS and /or our suppliers. We would like you to share our cases using links, which lead directly to our pages. Copying or other forms of use of all or part of the content may only take place with written permission or as permitted by law. For further terms see here.
2023-08-07 19:18:45
#Kursrekord #Berkshire #Hathaway
