{"id":88402,"date":"2024-08-04T00:00:00","date_gmt":"2024-08-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/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\/ksa\/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

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
\n

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

TASI<\/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

MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n

\n

1,513<\/p>\n<\/td>\n

\n

-0.5% (YTD: -2.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

26,609<\/p>\n<\/td>\n

\n

-0.2% (YTD: +8.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n

\n

USD 3.75 Sell<\/p>\n<\/td>\n

\n

USD 3.75 Buy<\/p>\n<\/td>\n<\/tr>\n

\n

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

Interest rates<\/strong><\/p>\n<\/td>\n

\n

6.5% repo <\/p>\n<\/td>\n

\n

5.5% reverse repo<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

29,379<\/p>\n<\/td>\n

\n

+1.2% (YTD: +18.0%)<\/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: TADAWUL-<\/p>\n

The TASI <\/strong>declined 0.5% on Thursday on turnover of SAR 6 bn. The index is up 0.7% YTD.<\/p>\n

In the green:<\/strong> Cenomi Retail (+6%), Petro Rabigh (+5%) and Care (+3.6%).<\/p>\n

In the red: <\/strong>Gulf Union Alahlia (-10%), Kingdom (-8%) and Saico (-7%).<\/p>\n

\n

THE CLOSING BELL: NOMU-<\/p>\n

The NomuC<\/strong> declined 0.2% on Thursday on turnover of SAR 43 mn. The index is up 8.5% YTD.<\/p>\n

In the green:<\/strong> Obeikan Glass (+18%), Leaf (+7.6%) and Saudi Top (+67%).<\/p>\n

In the red:<\/strong> Horizon Food (-9.9%), Miral (-8%) and Osool And Bakheet (-6.8%)<\/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":88403,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[2565],"tags":[10,55,2991,59],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam-ksa","tag-financial-markets","tag-market-outlook","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"7c2f1d46-3411-40e3-8af8-0de53ad292d3","order":"11","is_powered_by":false,"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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