The week is off to a rocky start for most investors. From Sunday night's opening of futures and Asian stock markets to the 3.6% decline on the S&P 500, the market's rotation seems to be gaining more momentum this week without any signs of slowing down.
Bank stocks tumbled on Monday as last week's sell-off, prompted by a weak jobs report on Friday, extended into the new week amid concerns about the rising risk of a U.S. recession and a weakening consumer outlook.
U.S. bank stocks slumped on Monday as fears of a recession sent investors fleeing from a sector closely tied to the health of the economy and toward safe-haven assets.
In many ways, the battles on Wall Street center on the difference between potentiality and predictability. It comes down to how you want to play the game.
Bank of America strategist Michael Hartnett anticipates a downturn in stocks following the Federal Reserve's expected interest rate cuts in September.
Warren Buffett invested in Bank of America during the Great Recession. The Oracle of Omaha has taken some profits on his successful Bank of America investment.
Warren Buffett's Berkshire Hathaway (NYSE: BRK.A) has made a significant move by reducing its stake in Bank of America (NYSE: BAC) for the first time since 2019.
By any measure, this has been another challenging year domestically and abroad.
The sales were made from Tuesday through Thursday at prices ranging from $39.47 to $41.84.
Berkshire Hathaway , run by billionaire Warren Buffett, extended its selling of Bank of America shares, and has shed more than $3.8 billion of the second-largest U.S. bank's stock since mid-July.
Recent regulatory filings made by Berkshire Hathaway (NYSE: BRK-A , NYSE: BRK-B ) revealed that the holding company reduced its stake in Bank of America (NYSE: BAC ) for the first time since 2019. Even the most favored of Warren Buffett stocks aren't immune from a little profit-taking.
Warren Buffett often doesn't stop selling until he has fallen beneath the 10% reporting threshold—or is out of the stock completely.