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đ» Buffett Just Bought This To Guard Against Bear Market
Plus, more recession-resistant stock picks, earnings report galore and more
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Happy Thursday Zingernation! Yesterday the S&P 500 opened higher and then traded down more than 2% throughout the day, reigniting fears that we are heading toward a bear market. And yes, Iâm talking about the kind of bear market where stocks move lower, not one where RFK JR might try and buy bear meat. Hereâs how Warren Buffett is prepping for a potential market downturn, and some recession-resistant stocks to check out.
âAaron Bry & Nic Chahine
Plus, trying to improve your options trading? Check out todayâs to take your trading to the next level.
MARKET SNAPSHOT
Yesterday: We opened higher and then dropped like a rock throughout the day. Big tech was the loser of the day, with the QQQs closing down more than 1%.
On Our Radar: Jobless claims came in lighter than expected this morning, and I guess good news is good news again. Stocks got a lift of the economic data, but weâll see if we can hold on to those gains today.
TOP STORY
Basically: Billionaire Warren Buffettâs Berkshire Hathaway Inc surprised many observers by offloading a significant portion of Berkshireâs Apple Inc holdings in the second quarter.
So: Berkshire Hathawayâs balance sheet is now substantially weighted to United States treasury bills. According to Berkshireâs most recent filing, the Omaha, Nebraska-based company now owns $234 billion in treasury bills. Here are the specific t-bills Buffett is holding, and how it compares to his holdings in the past.
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FIVE ZINGERS
Survey Says: Benzinga asked its readers if they think the economy is heading to a recession. Hereâs what the majority said.
Vacation Over?: After a weak earnings report, Airbnbâs stock is heading toward a technical death cross. Experts say to watch these levels.
All Good In The $HOOD: Robinhoodâs shares are trading higher this morning after the brokerage reported stronger-than-expected earnings.
That Dog Will Hunt: DataDog reported a 27% jump in revenue for Q2, and delivered higher-than-expected EPS. Hereâs how shares are responding.
Swipe Left: Bumble shares are getting hammered after the dating app company reported earnings. Hereâs what the analysts are saying.
ONE FOR THE ROAD
Basically: In a market landscape clouded by recession fears, sell-offs and rebounds, Macquarie has identified 10 Asian stocks it believes are primed for a comeback.
So: Amidst the turmoil of declining global markets, these stocks have weathered the impact of the recent drawdown and are now positioned as top buying opportunities. Macquarieâs list of âhighest convictionâ stocks includes semiconductor giants Here are the specific names the investment bank recommends.
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