06-03-Market Headlines

Warren Buffet appears to have triggered a massive global sell-off of blue-chip stocks after selling off $76 billion in stocks, including half its stake in Apple. The sell-off led to losses that hit the world’ richest billionaires to the tune of $134 billion. The total sell-off amounted to $1.93 trillion.

After the sell-off, it appears the potential initial trigger, Warren Buffet, came back to pick up some stocks at fire sale prices, telling CNBC “When the stocks are crashing, it’s always good news.” For Jeff Bezos it was bad news, as he saw his net worth drop by $16 billion.

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Excerpt from news.google.com

Warren Buffet buys ‘aggressively’ when US stocks dip, refrains from short-term bets: What should you do amid volatility?

US stocks crashed in the previous session due to a global selloff fueled by mounting recession fears among investors in the world’s largest economy. On Monday, more than $1.93 trillion was wiped out of the US stock market as the tech-heavy Nasdaq composite dropped over 1,000 points.

The turmoil began following the release of a disappointing July jobs report, which fueled concerns that the US Federal Reserve has moved too slowly to cut interest rates — a move meant to alleviate some pressure on the economy.

The bloodbath on Wall Street led by the global stock market crash left investors worried about their holdings and trading strategy to apply amid the current volatility. Ace investor Warren Buffett recently spoke to CNBC and revealed some of his personal trading strategies amid a market crash. According to the Oracle of Omaha, ‘When the stocks are crashing, it’s always good news’.

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Excerpt from news.google.com

World’s ‘biggest investor’ has halved its stake in Apple, and this may be the reason

Warren Buffett’s Berkshire Hathaway reduced its stake in Apple by half, as part of a $76 billion stock sell-off. The move generated $47.2 billion in after-tax profit and left Apple as Berkshire’s largest holding. While the exact reasons remain unclear, Buffett suggested the sale might be due to tax considerations.

The world’s largest investment group Warren Buffett’s Berkshire Hathaway has reportedly reduced its holding in Apple, selling off roughly half of its stake in the iPhone maker as part of a wider $76bn stock disposal. According to a report in Financial Times, quoting an SEC filing, Warren Buffett’s Berkshire Hathaway has slashed its stake in iPhone maker Apple in half as part of a selling spree in which the billionaire investor sold $76 billion of stocks

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Excerpt from news.google.com

Billionaires see net worth drop amid stock market turmoil

Multiple billionaires saw their net worth shrink on Monday while the global markets experienced significant turbulence.

Amazon founder Jeff Bezos, Nvidia CEO Jensen Huang and Meta Platforms CEO Mark Zuckerberg were among the billionaires with estimated personal fortunes that posted major drops, Forbes reported.

Those companies and the other four tech giants that make up the “Magnificent Seven” experienced notable declines in their stock prices on Monday.

More broadly, U.S. indices dropped on Monday, with the Dow Jones Industrial Average, Nasdaq Composite and S&P 500 down 2.7%, 3.7% and 3.3%, in the afternoon. Markets in other parts of the world like Asia and Europe also saw declines.

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Excerpt from news.google.com

Bezos loses $16 billion in Amazon stock plunge

Jeff Bezos saw a dramatic $16 billion drop in his net worth on Friday as Amazon’s stock plunged more than 9%, falling below $167 per share. This decline follows Amazon’s second-quarter earnings report, which revealed revenue of $147.9 billion—falling short of the expected $148.5 billion. The stock is on track for its worst performance since April 2022, when it also faced a significant drop after disappointing earnings.

Bezos’ stake in Amazon, comprising 928 million shares, saw its value drop from $170.8 billion at Thursday’s close to approximately $154.9 billion. Despite this setback, Bezos remains the second-richest person globally with a net worth of $186.2 billion. The broader tech sector also suffered losses, with other top billionaires, including Elon Musk, Bernard Arnault, and Mark Zuckerberg, each losing over $1 billion.

The market downturn was exacerbated by a Labor Department report showing the U.S. economy added 71,000 fewer jobs than anticipated, raising recession fears. Amazon CFO Brian Olsavsky had previously highlighted the company’s significant investment in its cloud business and generative AI tools. These investments, while aimed at long-term growth, have contributed to concerns about the return on such hefty expenditures amidst the recent tech rally’s reversal.

World’s billionaires see $134 billion swiped from their fortune overnight in share price bloodbath, led by Jeff Bezos  Fortune

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Excerpt from seekingalpha.com

• Amazon (NASDAQ:AMZN) Executive Chairman and co-founder Jeff Bezos has sold another $863.5M in stock, the company disclosed on Tuesday.
• The sale, disclosed in an 8-K filing, comes just days after Bezos disclosed that he had sold nearly $5B worth of Amazon. The sales are part of a February disclosure by the company noting that Bezos had adopted a plan that would let him sell as many as 50M shares before early 2025.
• Amazon shares closed at $199.34 on Tuesday, up 33% year-to-date and nearly 57% over the past year.

With some conditions, the workers of a New York Amazon local union have voted to join with the Teamsters Union. The vote saw 98 percent of workers voting for the merger.

Teamsters president Sean O’Brien said of the vote, “Together, with hard work, courage, and conviction, the Teamsters and ALU will fight fearlessly to ensure Amazon workers secure the good jobs and safe working conditions they deserve in a union contract.”

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Excerpt from www.laprogressive.com

As the votes were counted June 17 in New York, it became clear that nearly 1,000 workers—over 98%—voted to affiliate to the Teamsters Union, with certain preconditions. Only a few opposed. This reporter was present on day one of the three-day voting.

The affiliation agreement charters a new local known as Amazon Labor Union No. 1, International Brotherhood of Teamsters (ALU-IBT Local 1), for the five boroughs of New York City. It will have autonomy, ALU-IBT members will be elected to the Teamsters Amazon Division, will assist in organizing other Amazon facilities, ALU-IBT Local 1 will pass its own bylaws. The Teamsters will assist financially “until a collective bargaining agreement is reached and ALU-IBT 1 is able to financially support itself” (Ratification vote flyer)

“Together, with hard work, courage, and conviction, the Teamsters and ALU will fight fearlessly to ensure Amazon workers secure the good jobs and safe working conditions they deserve in a union contract,” Teamsters president Sean O’Brien said in a Teamsters press release June 17.

Outgoing union president (not running for president), Chris Smalls, told the press ““Having the support of 1.3 million Teamsters to take on Amazon gives us tremendous worker power and the opportunities to demand better conditions for our members and, most importantly, to secure a contract at JFK8.”

JPMorgan Chase has heard the concerns from its customers about its policies regarding debanking, a practice of closing accounts of clients based on their political and/or religious beliefs. The group leading the charge was Alliance Defending Freedom (ADF), who secured from JPMorgan a promise to stop the debanking policy and assure that, in the future, the company honors the 1st Amendment rights of its customers.

ADF responded to the pledge by stating “No American should have to worry that their bank will punish or cancel them for their views. We have a long way to go in our efforts to guard against this threat, but the win at Chase is a timely reminder that while we may attempt great things for God, we can also expect great things from God.”

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Excerpt from catholicvote.org

CV NEWS FEED // JPMorgan Chase has committed to honoring the free speech rights and religious liberty of its customers after legal nonprofit Alliance Defending Freedom spearheaded a campaign to protect bank accounts from religiously or politically motivated de-banking.

CatholicVote previously reported that over the last few years, Chase has on several occasions closed the bank accounts of religious organizations without warning. On at least one occasion, Chase demanded confidential internal information from a national religious organization in order to reopen the account.

To fight “de-banking,” Alliance Defending Freedom (ADF) began a campaign that included developing the “Viewpoint Diversity Score Business Index” to measure companies’ respect for free speech and religious freedom.

ADF also began meeting with Chase leadership, additionally gathering support from 19 state attorneys general and 14 state financial officers, who wrote to Chase expressing their concerns about de-banking.

“Our goal was to bring about meaningful change at Chase. And by God’s grace, we did,” ADF stated in a June 11 news release.

ADF continued:

By the fall of 2023, Chase’s payment processor WePay removed its problematic “social risk” policy, which had banned “hate” and “intolerance” and [had] been applied against conservative groups in the past.