The Biz Buzz World

Wall Street initially reacted positively to former President Donald Trump’s strong debate performance against President Biden, but the S&P 500 experienced a rise and then a fall on Friday. Debate Impact on the Market During the debate, Biden’s early stumble led to a 0.2% rise in S&P 500 futures, reflecting investors’ belief that a Trump win could be beneficial. A favorable inflation report further boosted this sentiment, leading to record highs for the S&P 500 and Nasdaq before a decline at day’s end. Biden’s poor performance raised doubts about his candidacy, fueling speculation that Trump could win the presidency and gain Republican Congressional support. Sectoral Reactions Financial and oil sectors rose on the prospect of deeper corporate tax cuts under Trump, while concerns over budget deficits caused Treasury yields to rise. Renewable energy and healthcare stocks fell due to Trump’s criticism of Biden’s policies. Humana shares rose, anticipating better treatment for Me...

Warren Buffett made his largest annual donation on Friday, giving $5.3 billion in Berkshire Hathaway shares to five charities. At nearly 94 years old, Buffett converted 8,674 Class A shares into over 13 million Class B shares. He donated 9.93 million shares to the Bill & Melinda Gates Foundation and the rest to the Susan Thompson Buffett Foundation and three charities run by his children. Buffett, known as the “Oracle of Omaha,” has pledged to give away his Berkshire fortune, starting his annual donations in 2006. After this donation, he holds 207,963 Class A shares and 2,586 Class B shares, worth around $130 billion. In a Wall Street Journal interview, Buffett stated that his wealth will be transferred to a new charitable trust managed by his three children after his death. He emphasized the importance of helping those less fortunate and clarified that the Gates Foundation will not receive future donations posthumously. Buffett resigned as a Gates Foundation trustee in June 2021. ...

On Friday, 28 June 2024, the S&P 500 concluded a three-week period of gains, closing 0.4% lower. Despite this slight dip, the index remains near its all-time high. The Nasdaq composite and Dow Jones Industrial Average also experienced minor declines. Big technology stocks, which have significantly contributed to the market's recent record-breaking run, experienced a pullback, putting pressure on the overall market. This late-afternoon selling could be attributed to profit-taking or portfolio rebalancing as the second quarter concludes. The market initially showed positive momentum following a report indicating easing inflation, raising hopes for potential interest rate cuts by the Federal Reserve. However, Treasury yields rose after the release of the personal consumption expenditures index, suggesting continued economic pressure despite cooling inflation. Several retailers, including Nike, have warned about a slowdown in consumer spending, further highlighting the complex econ...