Here are the most important news, trends and analysis that investors need to start their trading day:
1. “Sell in May, Go” does not materialize on day one of trading
Dow futures jumped 200 points on the first trading day in May. The 30-stock average fell 185 points, or 0.5%, on Friday, but still closed April with a monthly gain of 2.7%. The S&P 500 and Nasdaq did worse than the Dow on Friday, but each turned into gains of more than 5% for the entire month of April. The Wall Street adage, “sell in May, go,” doesn’t seem to materialize on Monday, but it’s a historic trend that investors will be watching as May rolls around. Inventories related to Covid’s economic recovery were higher in the pre-market, including Norwegian Cruise Line and Carnival and major US airlines.
2. When Warren Buffett is no longer CEO of Berkshire, Greg Abel will succeed him
Gerard Miller | CNBC
CNBC confirms it would be Vice President Greg Abel. “If, God forbid, anything happened to Greg tonight then it would be [Vice Chairman Ajit Jain]Buffett, 90, told CNBC’s Becky Quick after Berkshire’s annual meeting of shareholders this weekend. Abel, 59, and Jain, 69, were considered vying for the top job since being promoted to vice presidents of the company in 2018.
Buffett told CNBC that age was a determining factor for the board. “They are both great guys. The likelihood of someone having a 20-year-old lead makes a real difference, however. “
3. Buffett slams Robinhood; Munger calls bitcoin ‘disgusting’
Gerard Miller | CNBC
Munger’s contempt for bitcoin has only intensified as digital assets hit a record high this year. “Of course, I hate the success of bitcoin,” he said in a question-and-answer session at the Berkshire meeting. “I am not in favor of a currency so useful to kidnappers and extortionists,” added Munger, saying “this whole development is disgusting.”
4. Apple’s App Store is put to the test, threatening the so-called walled garden
Chris Delmas | AFP | Getty Images
5. Verizon plans to sell leftover AOL and Yahoo
Chris Ratcliffe | Bloomberg | Getty Images
– The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest pandemic news with CNBC Coronavirus Coverage.