On Friday Eastern Time, the three major US stock indices collectively closed higher. As of the close, the Dow Jones Industrial Average rose 0.55% to 41563.08 points; The S&P 500 index rose 1.01% to 5648.40 points; The Nasdaq index rose 1.13% to 17713.62 points.
Despite a sharp decline in the US stock market earlier this month, as of the end of August, the US stock market still recorded an increase for the month. The cumulative gains of the S&P 500 index, Dow Jones Industrial Average, and Nasdaq in August were 2.28%, 1.76%, and 0.65%, respectively.
After a large-scale "clearance style" sell-off, Buffett's Berkshire Hathaway's shareholding in Bank of America's circulating shares has dropped to 11.4%. This also means that if the selling continues and the shareholding ratio drops below 10%, the company may no longer need to quickly disclose news of its rapid sale of Bank of America stocks. According to documents disclosed by the US Securities and Exchange Commission (SEC), between August 28th and 30th, Berkshire Hathaway sold approximately 21 million shares of Bank of America stock, cashing out $848 million.
The three major US stock indices collectively closed higher
On Friday Eastern Time, the three major indices collectively closed higher. As of the close, the Dow Jones Industrial Average rose 0.55% to 41563.08 points; The Nasdaq index rose 1.13% to 17713.62 points; The S&P 500 index rose 1.01% to 5648.40 points.
The latest data released by the US Department of Commerce shows that the Personal Consumption Expenditures (PCE) price index in July increased by 0.2% month on month and 2.5% year-on-year; After excluding volatile factors such as food and energy, the core PCE price index increased by 0.2% month on month and 2.6% year-on-year in July. US President Biden said that the PCE report shows progress, but prices are still too high.
Large tech stocks have generally risen. Apple fell 0.34%, Microsoft rose 0.97%, Nvidia rose 1.51%, Tesla rose 3.80%, Google rose 0.99%, Amazon rose 3.71%, Meta rose 0.60%, and Intel rose 9.49%.
On the news front, according to sources cited by the media, Tesla plans to launch Robotaxi (autonomous taxi) at Warner Bros. Exploration's studio in Hollywood. Tesla was originally scheduled to launch Robotaxi on August 8th, but the launch date was postponed to October in July. Insiders revealed that Tesla will showcase its specially manufactured Robotaxi vehicles in Burbank, California on October 10th local time, at Warner Bros. 'studio in the area.
Most popular Chinese concept stocks have risen. The Nasdaq China Golden Dragon Index rose 1.20%. Alibaba rose 2.86%, JD.com rose 2.39%, Pinduoduo rose 2.88%, NIO rose 2.54%, Xiaopeng Motors rose 2.29%, Ideal Motors fell 1.17%, Bilibili rose 1.05%, Baidu rose 0.95%, NetEase fell 0.11%, Tencent Music fell 0.29%, and iQiyi fell 4.02%.
In terms of commodities, international crude oil prices have suddenly plummeted. Brent crude oil futures for October closed down $1.14, a decrease of 1.43%, at $78.80 per barrel, with a cumulative decline of 0.28% for the week and 2.38% for August. WTI October crude oil futures closed down $2.36, or 3.11%, at $73.55 per barrel. It has fallen 1.71% this week and 5.60% in August.
On the news front, media reports suggest that OPEC may increase production as planned starting from October, due to the shutdown in Libya and some member countries' commitments to reduce production to offset the impact of sluggish demand.
Buffett sells Bank of America stocks again
After a series of massive sell offs of Bank of America stocks, Berkshire Hathaway, owned by Warren Buffett, may no longer need to quickly disclose news of its rapid sell offs of Bank of America stocks.
Data disclosed on August 30th showed that Berkshire Hathaway, owned by Warren Buffett, has reduced its stake in Bank of America's outstanding shares to 11.4%. According to relevant regulations, if the shareholding ratio exceeds 10%, the transaction needs to be disclosed within a few days; If the shareholding ratio does not exceed 10%, there is no need to disclose the transaction situation as soon as possible.
Meanwhile, according to disclosure documents from the US Securities and Exchange Commission (SEC), Berkshire Hathaway sold approximately 21 million shares of Bank of America stock between August 28th and 30th, cashing out $848 million.
Just recently, from August 23rd to 27th, the company sold approximately $981.9 million worth of Bank of America stock. From the 15th to the 19th of this month, Berkshire Hathaway also sold approximately $550 million worth of Bank of America stock.
Buffett, who is 94 years old, began investing in Bank of America in 2011 when he spent $5 billion to purchase the bank's preferred stock and warrants. Berkshire Hathaway eventually became the largest shareholder of the bank and has maintained this position, with a holding value of approximately $36 billion based on last Friday's closing price.
Goldman Sachs reportedly plans to lay off over 1300 employees
According to sources reported by The Wall Street Journal, Goldman Sachs plans to lay off hundreds of employees in the coming weeks as part of its annual plan to eliminate low performing employees.
Goldman Sachs plans to lay off over 1300 employees worldwide as part of its annual review process to eliminate underperforming staff. The number of layoffs accounts for 3% -4% of the total number of employees. Given that Goldman Sachs had a total of approximately 45300 employees as of the end of last year, this will affect around 1300-1800 people.
Sources say that layoffs have already begun and will continue throughout the autumn. Goldman Sachs uses some variables to measure performance in its annual layoffs, and an increasingly important factor is office attendance. During the pandemic and its aftermath, Goldman Sachs and its peers relaxed their requirements for employees to work outside the company, but banks have begun to crack down severely on employees who do not frequently appear in the company.
Reuters reported that a Goldman Sachs spokesperson stated in a statement to Reuters that the numbers reported by The Wall Street Journal were not accurate. A source familiar with Goldman Sachs revealed to Reuters that the company plans to cut hundreds of jobs as part of its annual review process for underperforming employees.
In a statement to Reuters, a Goldman Sachs spokesperson said, "Our annual talent assessment is normal, standard, and customary, but there is nothing particularly special about it. We expect to have more employees working at Goldman Sachs in 2024 than in 2023