Good morning investors! This will be another earning-heavy week.
Today we cover:
What to expect this week
Iran war
Berkshire Hathaway meeting
📊 Economy and News
What to Expect this Week
Here’s what to keep an eye on this week:
Monday, May 4
Palantir Technologies (PLTR): Q1 earnings after close + 5 p.m. ET webcast. Shares have pulled back recently on competition concerns, despite beating estimates last quarter and receiving positive political nods.
Tuesday, May 5
Advanced Micro Devices (AMD): Q1 results after close + 5 p.m. ET conference call. Shares have risen on AI chip demand strength, a planned price increase, and a major Meta deal.
Wednesday, May 6
Walt Disney (DIS): Fiscal Q2 results before open + 8:30 a.m. ET webcast. Focus on streaming growth, theme parks, and cruises under CEO Josh D’Amaro.
Marriott International (MAR): Q1 results at 7 a.m. ET + 8:30 a.m. conference call.
Restaurant Brands International (QSR): Q1 results (Burger King, Popeyes) + 8:30 a.m. ET call. Fast-food sector faces soft demand from lower-income consumers.
Thursday, May 7
Airbnb (ABNB): Q1 earnings.
McDonald’s (MCD): Q1 earnings call.
Friday, May 8
April Jobs Report (8:30 a.m. ET): March added 178K jobs and unemployment fell to 4.3%. Data will help determine if hiring is rebounding or if March was an outlier amid tariffs, immigration changes, and energy prices.
University of Michigan Consumer Sentiment (10 a.m. ET): Watch for improvement following the Iran ceasefire.
Wendy’s (WEN): Q1 earnings.
Global hits:
UK exports to U.S. plunge by 25% after ‘liberation day’ tariffs blitz.
UK government plans to allow airlines to consolidate flights as jet fuel costs soar.
Iran War: US will start escorting ships through Strait of Hormuz as US continues to have "very positive discussions" with Iran with Iran reviewing US response to proposal for war’s end.
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📈 Stocks
S&P 500 7,230.12 (+0.29%)
DJIA 49,499.27 (-0.31%)
NASDAQ 25,114.44 (+0.89%)
BRENT CRUDE 108.2 (-2.23%)
* Prices as of May 3rd, 12:20 AM UTC
Berkshire Hathaway 2026 Annual Meeting Recap: Greg Abel’s First Meeting as CEO
Berkshire Hathaway held its 2026 annual meeting on May 2, the first under new CEO Greg Abel, with Warren Buffett attending as chairman and speaking from the audience.
Key Highlights:
Buffett’s Warnings: Buffett said the investing environment is not ideal and warned that Americans are in the most “gambling mood” he has ever seen, criticizing the surge in short-term options trading and prediction markets.
Cash Pile: Berkshire’s cash reserves hit a record near $400 billion, limiting attractive investment opportunities in today’s high-priced market.
AI Strategy: Abel emphasized a disciplined approach: “We’re not going to do AI for the sake of AI.” The company is focusing on practical, value-adding applications, especially for its railroad and insurance businesses. Ajit Jain noted AI is still years away from complex tasks like stock picking or claims settlement.
Business Outlook: Higher energy prices are weighing on consumer demand in retail and products businesses. Abel sees major growth opportunities for utilities from data center power demand.
Other Notes:
Berkshire will remain patient with capital allocation.
A deepfake Buffett video was used to highlight AI cybersecurity risks.
Buffett praised Tim Cook and called the choice of Abel as CEO “100% successful.”
The meeting marked a symbolic transition, with Buffett’s jersey raised to the rafters alongside Charlie Munger’s. Berkshire reported strong Q1 operating earnings growth, driven by insurance.
Interesting: OPEC+ says it will raise oil output by 188,000 barrels per day in June. In other news, U.S. crude oil exports surged to a record 5.2 million barrels per day in April.
💵 Personal Finance
How the U.S.-Iran War Is Tightening Credit and Hurting Mortgage Approvals
The ongoing U.S.-Iran conflict, particularly the closure of the Strait of Hormuz, is driving higher oil prices, inflation, and economic uncertainty — and it’s making it harder for many Americans to get approved for loans and mortgages.
Lenders are quietly tightening credit standards, even as they avoid public announcements. Borrowers with FICO scores in the mid-to-high 600s who were approved just months ago are now facing rejections for auto loans and mortgages.
Key Impacts:
Tighter Underwriting: Banks are adding extra documentation requirements, stricter reviews, and higher risk thresholds due to geopolitical instability.
No Rate Relief Soon: The Federal Reserve held rates this week, with traders now expecting zero rate cuts in 2026 amid elevated inflation (3.2% in March) fueled by oil prices.
Risk Over Rates: Experts note that even if mortgage rates eventually fall, access to credit could remain restricted as lenders focus on risk management.
Expert Insight:
Credit profiles that looked solid six months ago are now landing in the rejection pile. Lenders aren’t lowering credit scores — they’re simply becoming far more defensive in their approval processes.
Advice for Consumers:
Pull your credit report well in advance of any major purchase. Don’t rely solely on score snapshots — the lending environment has shifted under the surface.
In short, the war is raising the real cost of borrowing not just through higher rates, but through reduced access to credit itself.
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