
The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.
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This week, Warren Buffett's Berkshire Hathaway Inc. revealed three stock acquisitions that it kept in secret. The holding company bought the stocks of American energy corporation Chevron, insurance brokerage Marsh and McLennan, and Verizon Communications Inc. It also increased investments in AbbVie Inc by 20%, Bristol-Myers Squibb Company by 11%, and Merck &Co, Inc by 28%. The announcement pushed the stocks of these companies up. At the same time, Warren Buffet's company cut its holdings in Apple by 6%. Another big change made by Berkshire Hathaway is a 59% cut in exposure to Wells Fargo &Co.
The stock of Apple reacted negatively to this news. Just in few days, it dropped from the 137.4 level to the support at 127. Despite this fact, it worth mentioning that Apple is still the largest investment of Berkshire Hathaway Inc. Thus, the downfall may be short-lived.
As for Wells Fargo stock, the change in Mr. Buffett's portfolio did not affect its performance. The stock surged to 37.6 on Wednesday, driven by the news about Wall Street’s lone bear, J.P. Morgan analyst Vivek Juneja, who said WFC is no longer a sell and changed his stock rating from underweight to neutral.
The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.
Stock indices S&P 500 and Nasdaq are falling for seven days in a row. The New Zealand dollar skyrocketed to almost two-years highs. Fed’s Powell held a meeting yesterday and said that the central bank wouldn’t tight its easing policy anytime soon.
On Thursday, February 25, at 15:30, the initial jobless claims will be published in the US.
The giant chip maker exceeded analysts’ expectations. Even with a global GPU shortage!
OPEC will hold a meeting on March 4, where it should announce its decision on further oil output.
The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.
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