Futures
S&P 500 futures had down 8 points or 0.2%, Nasdaq 100 futures had dropped 43 points, and Dow futures had fallen 35 points.Coinbase
Dow (DJI) was +0.4%, the S&P 500 (SP500) was +0.1%, and the Nasdaq Composite (COMP.IND) was -0.2%.
More earnings and U.S. inflation figures this week.
On Thursday, January’s personal consumption expenditures price data will likely keep investors focused on U.S. inflation.
Recent economic data suggests stubborn price growth in the world’s largest economy, which has dashed hopes that the Fed will soon lower interest rates from two-decade highs. Prices have dropped since the central bank tightened to lower inflation to 2%, although they remain over this objective.
In an interview published Friday, New York Fed President John Williams cautioned against early rate reduction, saying the Fed will lower borrowing costs “later this year.”
Durable goods orders, the ISM manufacturing purchasing managers’ index, new and pending home sales, and Conference Board and University of Michigan consumer confidence reports are all on the weekly economic calendar.
This week, Lowe’s (NYSE:LOW), Salesforce (NYSE:CRM), and Dell Technologies (NYSE:DELL) will report results.
 Buffett comforts investors, recalls Munger
Warren Buffett said his $900 billion company Berkshire Hathaway is “built to last” through financial calamities.
Buffett stated in his well observed annual shareholder letter posted over the weekend that Berkshire’s share price will likely not witness “eye-popping” results owing to its vast size. Berkshire’s “moving the needle” enterprises are few, “and they have been endlessly picked over by us and others.”
Berkshire announced a record $37.4 billion operating profit in 2023, driven by a 28% increase in fourth-quarter profits to $8.48 billion.
Buffett also remembered his longtime colleague Charlie Munger, who died aged 99 in November. Buffett named Munger Berkshire’s “architect”.
Ant Group beats Citadel for Credit Suisse China – Bloomberg
Jack Ma-backed fintech Ant Group outbid Citadel Securities for Credit Suisse’s investment bank arm in China, Bloomberg reported Monday. The deal is anticipated to draw regulatory attention.
Ant wants to develop a securities company with the division, but Bloomberg reports that Chinese regulators will prefer a foreign bidder.
The Bloomberg story did not indicate Ant’s bid value. In late 2023, billionaire Ken Griffin’s Citadel offered 1.5 billion to 2 billion yuan ($210 million) for the firm.
Ant’s strategy may cause problems for UBS Group AG (NYSE:UBS) (SIX:UBSG), which acquired Credit Suisse previous year. The Chinese operation must be sold since UBS already runs a securities firm in China and cannot hold two licenses, Bloomberg said.
Economic Calendar
10:00 AM New Home Sales M/M for January
10:30 AM Dallas Fed Manufacturing for February
1:00 PM US Treasury to sell $60B in 2-year notes.
1:00 PM US Treasury to sell $61B in 5-year notes.
Other Key Events:
BMO Capital 33rd Global Metals, Mining & Critical Minerals Conference, 2/25-2/28, in Hollywood, FL
JP Morgan Global High Yield and Leveraged Conference, 2/26-2/28, in Miami, FL
JP Morgan Global Emerging Markets Corp Conference, 2/26-2/28, in Miami, FL
NAHB Internation Builders Show, 2/26-2/28 in Las Vegas, NV
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