Reuters/Rupak De Chowdhuri
Here is what you need to know.
- The jobs report is coming. The US economy is expected to have added 190,000 nonfarm jobs in April as the unemployment rate held at 3.8%, according to economists surveyed by Bloomberg.
- Berkshire Hathaway is buying up Amazon shares. The shares were purchased by "one of the fellows in the office that manage money," Berkshire Hathaway Chairman and CEO Warren Buffett told CNBC’s Becky Quick.
- Facebook is working on a secret cryptocurrency network. ‘Project Libra’ is the code name for the social-media network’s secret initiative to build a cryptocurrency-based payments platform where users can transfer and spend digital currency on Facebook and other websites, The Wall Street Journal reports.
- Beyond Meat soars in its stock-market debut. Shares of the plant-based meat-substitute maker soared 163% in their stock-market debut on Thursday.
- Elon Musk personally owes Wall Street banks hundreds of millions of dollars. Tesla’s CEO personally owes Wall Street lenders $507 million, down $117 million from the amount listed in Tesla’s previous prospectus from 2017, Reuters says.
- Top investors and economists dispelled 3 key misconceptions at the Milken Conference. Some of the biggest names in investing and economics pushed back against the beliefs that a recession is imminent, the Fed’s next move will be a rate cut, and inflation will stay low on a permanent basis.
- Berkshire Hathaway’s annual meeting is coming. Buffett and Berkshire Hathaway Vice Chairman Charlie Munger will answer questions from investors on Saturday in Omaha. Here are 12 predictions Buffett has made over the years and how they turned out.
- Stock markets around the world were higher. Hong Kong’s Hang Seng (+0.46%) led the gains in Asia and Britain’s FTSE (+0.78%) was out front in Europe. The S&P 500 was set to open up 0.24% near 2,925.
- Earnings reporting slows down. American Tower and Fiat Chrysler report ahead of the opening bell.
- US economic data flows. Aside from the jobs report, Markit Services PMI and ISM Non-Manufacturing will be released at 9:45 a.m. ET and 10 a.m. ET respectively. The US 10-year yield was up 1.6 basis points at 2.56%.
See Also:
- More than 6,200 stores are closing in 2019 as the retail apocalypse drags on — here’s the full list
- The 50 best-selling music artists of all time
- NASA chief warns that people need to take the threat of a meteor crashing into Earth much more seriously
Source: Business Insider – jgarber@businessinsider.com (Jonathan Garber)