Weekly Highlights
Wall Street delivered another strong week, propelled by positive corporate earnings and an encouraging jobs report. Notably, the Dow recorded its tenth consecutive session of gains, and the S&P 500 posted its ninth straight positive session, gaining 2.92% for the week.
Despite concerns over tariffs, the economy showed some resilience. The April employment data provided positive news, and the March Personal Consumption Expenditures (PCE) showed continued consumer strength with inflation measures remaining stable. However, the first-quarter GDP contracted slightly by 0.3%, marking its first negative quarter since early 2022.
Saturday, Warren Buffett hosted Berkshire Hathaway’s shareholders meeting, where he announced his planned successor for CEO Greg Abel. Here are some of my favorite Buffett quotes from Saturday’s meeting.
- “But the luckiest day in my life is the day I was born, you know, ’cause I was born in the United States.”
- “One of the great pleasures – it is the great pleasure actually in this business – is having people trust you.”
- “I read every page because most people don’t.”
- “You want to hang out with people that are better than you are and that you feel are better than you are because you’re going to go in the direction of the people you associate with.”
Looking Ahead
The Federal Open Market Committee (FOMC) meets this week, and while no immediate interest rate cuts are expected this month, investors anticipate a rate cut this summer.
For a more detailed analysis of last week’s markets and economic trends, check out the latest issue of Market Week.
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Thank you for reading! You are welcome to contact me directly with questions or comments.
Regards,
David Bennett