Plus, Treasury Secretary Janet Yellen warns of consequences if debt ceiling isn't raised
| Part of  Network | |
 |
S&P 500: The S&P 500 was down 0.8% last week and finished at 4,136.25. For the year, the S&P 500 is still up 10.41%. Nasdaq: The Nasdaq was up 0.07% last week to 12,235.41. For the year, the index is up 16.90%. Dow Jones: The Dow was down 1.24% last week to 33,674.38. For the year, the Dow is up 6.94%. CNBC 
| |
Commodities Oil prices were up on Friday, but markets still suffered their third consecutive losing week as investors fear a banking crisis' impact on oil demand. Many prominent analyses echoed this negative sentiment around the U.S. economy and are similar to the rhetoric from Warren Buffet and Janet Yellen over the weekend. - Brent crude rose by 3.9% on Friday but finished the week down 5.3%.
- U.S. West Texas Intermediate crude gained 4.1% on Friday but finished the week down 7.1%.
- U.S. oil rig count, which is a primary measure of future output, was down, showing that domestic deeply could be declining at the same time OPEC+ is implementing a production cut.
| Oil (NYSEARCA: OIL) | 27.39 | 3.61% | | Gold (NYSEARCA: GLD) | 187.46 | -1.56% | | Silver (NYSEARCA: SLV) | 23.57 | -1.55% | | Corn (NYSEARCA: CORN) | 23.78 | 1.32% | | Lumber (NASDAQ: WOOD) | 72.38 | 2.33% | *Commodity prices are as of 7 a.m. ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
| |
The annual meeting of Berkshire Hathaway, led by Warren Buffet and Charlie Munger, was held on May 6 in Omaha, Nebraska. The two executives discussed their company's performance over the past year and answered questions from shareholders. More: - The meeting was held in person but also broadcast online for those unable to attend.
- The executives also spoke about their concerns over the global economy and emphasized the importance of responsible investing.
- Buffet expressed optimism about the future of Berkshire Hathaway, citing its strong financial position and commitment to responsible investing.
- Buffet emphasized investing in companies with solid management teams and competitive advantages.
- Berkshire Hathaway holds a significant stake in Occidental Petroleum, but Buffet stated that the company does not plan to acquire the entire business.
- Warren Buffet expressed concern over the future of American banks. Buffet cited the low interest rate environment and increased competition from fintech companies as factors contributing to the uncertain future of American banks.
| |
"Guardians of the Galaxy Vol. 3" earned $114 million at the domestic box office during its opening weekend. The box office performance is a positive sign for Disney, showing the continuing popularity of MCU films at a time when other parts of Disney's business are seeing significant losses. More: - Disney is currently undergoing a restructuring that aims to cut billions in spending and return the company to profitability. The cuts included changes to its film studios.
- "Guardians of the Galaxy Vol. 3" is the third movie in the "Guardians of the Galaxy" franchise, following the success of the first two films in 2014 and 2017.
- Internationally the film grossed $282.1M, surpassing initial projections for its opening weekend.
- The movie features a star-studded cast, including Chris Pratt, Zoe Saldana, and Dave Bautista, as well as newcomers such as Lady Gaga.
| |
Treasury Secretary Janet Yellen has warned of the economic consequences of failing to raise the debt ceiling in the United States. She emphasized the importance of Congressional action to avoid a potential "steep economic downturn." More: - The debt ceiling is a legal limit on the amount of money the United States government can borrow to pay its bills and fund its programs.
- The current debt ceiling is $28.5T, but the United States is approaching this limit and may be forced to default on its debts without Congressional action.
- Yellen has called on Congress to raise the debt ceiling, warning that failure could trigger a recession and cause significant harm to the global economy.
- The secretary has also emphasized the importance of responsible fiscal policy, including efforts to reduce the federal deficit and manage government spending.
| |
Several executives from regional banks are buying shares in their own companies, reflecting confidence in their financial prospects. Insider buying is generally seen as a positive signal for investors as managers and insiders with more information see the current stock price as undervaluing the business. Additional Information: - Zions Bancorp executives purchased over $2M worth of shares, with President and COO Scott McLean leading with a $1M purchase.
- Impinj Chairman Steve Sanghi bought nearly $2M of stock.
- Lakeland Financial saw two directors purchase just over $1M worth of the regional bank's stock.
- U.S. Bancorp Director Scott Wine made his first insider transaction by purchasing $1M in stock.
- Wolfspeed's CEO and another director jointly purchased $753,000 of Wolfspeed shares.
| |
Quick Hits: - Backed by Mark Cuban on Shark Tank, Collars & Co. makes polos and long-sleeve shirts that are lightweight, comfy, and have just the right amount of stretch. Use code INSIDE for 15% off.*
- Markets in Asia were down last week due to concerns over the health of the U.S. banking industry.
- Gold prices fell in response to solid jobs data on Friday. They were down 1.7% on the day but still rose 1.3% on the week.
- The U.S. dollar was up on Friday following stronger-than-expected jobs data.
- Get the latest Axios Pro report on what the current economic downturn means for your bottom line and how to plan for the future. Download for free.*
*This is sponsored content.
| |
Upcoming events at Inside: - May 08 - Inside.com Town Hall (Register Here)
- May 11 - Testing and monitoring large language models (LLMs) with TruEra (Register Here) *
- May 17 - Monthly Meditation guided by Nicholas Whitaker (Register Here)
- May 17 - Join Vanta's webinar to see Vendor Risk Management in action and learn about automating security reviews. (Register Here) *
*This is a sponsored listing.
| |
 |  | Liam Gill is a lawyer who raised $250k with just an idea and turned it into a $35M tech startup.
He now teaches entrepreneurs how to Pitch, Negotiate and Strategize so they can do the same.
Let's Connect |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
| 767 Bryant St. #203, San Francisco, CA 94107
Copyright © 2023 Inside.com | |
| |
