ECONOMICS

'Soft' survey data continues to slump into this morning's Services PMIs as Manufacturing PMIs were weak and Regional Red surveys were a disaster (despite still solid labor market 'hard' data)

The S&P Global Services PMI fell from 54.4 to 50.8 (below the 51.4 flash print) in final April data – the lowest since Oct 2023.

The ISM Services PMI rose from 50.8 to 51.6 (well above the decline to 50.2 expected).

So baffle 'em with (more…)

By Peter Tchir of Academy Securities

U.S. stocks finished the week up around 3% (which was in line with markets globally). 10-year Treasury yields finished 7 bps higher, while the 2-year Treasury gyrated from 3.75% to 3.6% and all the way back to 3.83% to finish the week. Much of the move is because we had some clarity on topics discussed in last weekend’s Deep Breaths, and Dealpalooza prior to that.

Before we update where we stand, we just wanted to highlight this month’s Around the (more…)

It's the end of an era at America's largest hedge fund/private equity/insurance float-cum-rollup conglomerate, whatever you want to call it: Warren Buffett just announced during the Berkshire annual pilgrimage to Omaha that he is stepping down as CEO of Berkshire at the end of the year, and that Greg Abel, the vice chairman for non-insurance operations who has been groomed over the past decade for just this moment, will take over the conglomerate.

Buffett – whose track record (more…)