The Pre-Market Rundown 2: May 03, 2024
Wall Street is pointed towards a higher open as the Dow is being lifted by Apple and Amgen and focus today. The monthly jobs report, which is forecast to show hiring, slowed but was still solid in April. Warren Buffett will command center stage when Berkshire Hathaway holds its annual meeting tomorrow. As per tradition, Buffett will take questions from shareholders for several hours on everything from the economy to how Berkshire plans to spend its mountain of cash and its succession plans. It’s Buffett’s 60th meeting since he took over the company in 1965. It’s also the first since the death of his longtime friend and business partner Charlie Munger, at age 99 in November. It’s been a wild week for cocoa prices. After hitting record highs near $12,000 a ton just two weeks ago, making cocoa more expensive than copper, futures are plunging on track to drop nearly 30% this week. Prices soared as a bad harvest in West Africa left the world facing a major shortage, making chocolate pricier. But that’s also made it harder for traders to hold on to their positions. Forcing many to just walk away, leading to the huge price drop. For CNBC Business News, I’m Pippa Stevens.