{"id":636614,"date":"2024-08-04T00:00:00","date_gmt":"2024-08-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/04\/the-nasdaq-is-in-correction-territory-warren-buffett-is-shifting-to-cash-investors-fret-about-ai-things-are-getting-interesting-on-planet-finance\/"},"modified":"2024-08-04T00:00:00","modified_gmt":"2024-08-04T00:00:00","slug":"the-nasdaq-is-in-correction-territory-warren-buffett-is-shifting-to-cash-investors-fret-about-ai-things-are-getting-interesting-on-planet-finance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/04\/the-nasdaq-is-in-correction-territory-warren-buffett-is-shifting-to-cash-investors-fret-about-ai-things-are-getting-interesting-on-planet-finance\/","title":{"rendered":"The Nasdaq is in correction territory. Warren Buffett is shifting to cash. Investors fret about AI. Things are getting interesting on Planet Finance."},"content":{"rendered":"

Markets in the US and Western Europe saw a sharp selldown on Friday<\/strong>, sending the Nasdaq into correction territory following a weaker-than-expected US jobs report. That just added momentum to a selloff of Big Tech shares as traders worry about the commercial viability of artificial intelligence<\/a>. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The Nasdaq is now down more than 10% since 11 July<\/strong> after losing 2.4% on Friday and the Dow lost 600 points heading into the weekend, good for a one-week drop of 2.1%. <\/p>\n

Investors <\/strong>pummeled Intel<\/a><\/strong>, sending its shares down 26% <\/strong>after it announced it would lay off 15k people as part of a plan to cut bns of USD in spending. <\/p>\n

The weak jobs report has some wondering whether the Fed will need to cut rates by more <\/strong>than a quarter point <\/strong>when it meets in September. While rate cuts should be good for equities (lower rates sends money into the stock market looking for better returns), the concern is that the Fed may have waited too long to act, setting up worries about the health of the US economy.<\/p>\n

WATCH THIS SPACE #1- Berkshire nearly halves its stake in Apple: <\/strong>Warren Buffett\u2019s Berkshire Hathaway cut its massive stake in Apple by nearly 50% to USD 84.2 bn in 2Q 2024, the firm\u2019s latest earnings filing (pdf)<\/a> showed. The stake sale, which raised the conglomerate\u2019s cash holdings to a record USD 277 bn, is part of a wider sell off that saw Berkshire offload some USD 75.5 bn worth of stock on a net basis during the quarter as the S&P 500 rallied<\/a>.<\/p>\n

Could this add momentum to a risk-off, signaling that cash is king?<\/strong> \u201cYou could conclude this is another sell signal,\u201d Edward Jones analyst Jim Shanahan said<\/a>. \u201cThis was a far higher level of selling activity than we were expecting.\u201d<\/p>\n

WATCH THIS SPACE #2- Is all of this a signal that we\u2019re in for a turbulent fall? <\/strong>Mayhaps, to quote the resident 17-year-old. Bloomberg<\/a> has a rundown of views well worth your reading.<\/p>\n

The bottom line? <\/strong>\u201cThis is what a growth scare looks like,\u201d Wasif Latif, president and chief investment officer at Sarmaya Partners, told Reuters<\/a>. \u201cThe market is now realizing that the economy is indeed slowing.\u201d<\/p>\n

Want more? <\/strong>See reports in the Financial Times<\/a> | Reuters<\/a> | CNBC<\/a> <\/p>\n

\n

\n

MEANWHILE- The Bank of England on Thursday cut interest rates <\/strong>for the first time in four years, delivering a quarter-point cut to 5%<\/a> after maintaining a 16-year high of 5.25% since last August.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

29,360<\/p>\n<\/td>\n

\n

-0.1% (YTD: +17.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE) <\/strong><\/p>\n<\/td>\n

\n

Buy 48.62<\/p>\n<\/td>\n

\n

Sell 48.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB) <\/strong><\/p>\n<\/td>\n

\n

Buy 48.62<\/p>\n<\/td>\n

\n

Sell 48.72<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,046<\/p>\n<\/td>\n

\n

-0.5% (YTD: +0.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX <\/strong><\/p>\n<\/td>\n

\n

9,292<\/p>\n<\/td>\n

\n

-0.8% (YTD: -3.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM <\/strong><\/p>\n<\/td>\n

\n

4,237<\/p>\n<\/td>\n

\n

-1.0% (YTD: +4.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500 <\/strong><\/p>\n<\/td>\n

\n

5,347<\/p>\n<\/td>\n

\n

-1.8% (YTD: +12.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100 <\/strong><\/p>\n<\/td>\n

\n

8,175<\/p>\n<\/td>\n

\n

-1.3% (YTD: +5.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n

\n

4,639<\/p>\n<\/td>\n

\n

-2.7% (YTD: +2.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude <\/strong><\/p>\n<\/td>\n

\n

USD 76.81<\/p>\n<\/td>\n

\n

-3.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 1.97<\/p>\n<\/td>\n

\n

-0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 2,470<\/p>\n<\/td>\n

\n

-0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 60,600<\/p>\n<\/td>\n

\n

-2.1% (YTD: +43.3%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.1% at Thursday close<\/strong> on turnover of EGP 4.6 bn (24.4% above the 90-day average). Local investors were the sole net sellers. The index is up 17.9% YTD.<\/p>\n

In the green: <\/strong>Ezz Steel (+3.9%), E-finance (+3.6%), and Alex Containers and Cargo Handling (+3.4%).<\/p>\n

In the red: <\/strong>Palm Hills Development (-4.5%), EFG Holding (-2.7%), and Abu Qir Fertilizers (-2.4%).<\/p>\n

\n

CORPORATE ACTIONS-<\/p>\n

Dice ups stake in United Dyers: <\/strong>Local clothing company Dice Sports and Casual Wear has acquired an additional 16.7% stake in United Dyers, upping its ownership in the company to 99.3%, according to an EGX disclosure (pdf)<\/a>. <\/p>\n

ICYMI-<\/strong> Dice\u2019s board last month approved the purchase<\/a> of a 17.4% stake in United Dyers for some EGP 37 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Nasdaq is down more than 10% since its July high and Berkshire Hathaway is slashing its equities positions<\/p>\n","protected":false},"author":1,"featured_media":636615,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,8728,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-636614","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-market-outlook","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"a6c19fe7-5580-48d8-bf9a-ab9cd01bb1a0","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/182.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The Nasdaq is in correction territory. 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The tech-heavy index fell another 1.2% during the trading session as investors continued to exit growth stocks in\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544617,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/another-week-of-losses-for-us-stocks-but-is-a-bit-of-good-news-on-the-horizon\/","url_meta":{"origin":636614,"position":1},"title":"Another week of losses for US stocks, but is a bit of good news on the horizon?","author":"enterpriseam admin","date":"13 March 2022","format":false,"excerpt":"Stocks finished the week on a low after days of wild swings on the back of contradictory developments in Russia\u2019s war on Ukraine, the Wall Street Journal writes. The S&P 500 closed down 2.9% for the week on Friday, while the tech-heavy Nasdaq dropped 3.5% \u2014 marking the fourth weekly\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":609418,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/us-stocks-have-best-week-in-almost-a-year-on-interest-rate-hopes\/","url_meta":{"origin":636614,"position":2},"title":"US stocks have best week in almost a year on interest rate hopes","author":"enterpriseam admin","date":"5 November 2023","format":false,"excerpt":"The S&P 500, Nasdaq 100 both saw their best weekly performances all year long","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/174.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562400,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/23\/crypto-markets-wild-gyrations-hit-other-asset-classes\/","url_meta":{"origin":636614,"position":3},"title":"Crypto markets\u2019 wild gyrations hit other asset classes","author":"enterpriseam admin","date":"23 May 2021","format":false,"excerpt":"Wall Street was mixed on Friday, with the S&P closing flat to turn in its first back-to-back weekly decline since February, the Nasdaq inching down 0.5% and the Dow advancing 0.4% thanks to a jump in Boeing shares, CNBC reportsBTC chaos ripples across financial markets: A violent week in the\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560808,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/what-the-markets-are-doing-on-14-march-2021\/","url_meta":{"origin":636614,"position":4},"title":"What the markets are doing on 14 March 2021","author":"enterpriseam admin","date":"14 March 2021","format":false,"excerpt":"Volatility in US tech stocks has been on overdrive, with the Nasdaq moving at least 1% up or down during eight of the 10 trading days so far in March, Bloomberg reports. Investors are uncertain about how tech stocks will fare as higher 10-year treasury yields continue to signal a\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563633,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/11\/us-joins-china-in-reining-in-big-tech-excesses\/","url_meta":{"origin":636614,"position":5},"title":"US joins China in reining in Big Tech excesses","author":"enterpriseam admin","date":"11 July 2021","format":false,"excerpt":"US tech companies to face stiff new competition rules under Biden exec order: President Joe Biden signed on Friday a sweeping executive order aimed at limiting the anti-competitive practices of giant technology companies. 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