Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Buffett Deals, Nike Earnings, Oil Demand: 3 Things to Watch

Stock Markets Mar 21, 2022 05:32PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Sam Boughedda

Investing.com – Stocks eased off their lows on Monday but still closed down after Federal Reserve Chair Jerome Powell said the central bank could move faster to raise interest rates and tame inflation.

Powell said the Fed could raise rates at a half-point step instead of the usual quarter of a point. Inflation is running at 40-year highs and the central bank is anxious to get it tamed so it won’t hit the economic recovery.

Oil continued to gain, however, something that has exacerbated inflation, especially since the outbreak of Russia’s war in Ukraine.

Reuters reported that Russia's foreign ministry summoned U.S. Ambassador John Sullivan to tell him that remarks by President Joe Biden about his Russian counterpart Vladimir Putin had pushed bilateral ties to the brink of collapse.

Biden is set to travel to Europe later this week to meet with members of the European Union and the North Atlantic Treaty Organization to discuss the West’s response to Russia’s attack on Ukraine. EU members are reportedly mulling a ban on Russian oil imports, though the region is more dependent on the source of energy than the U.S., which has already banned it.

Here are three things that could affect markets tomorrow:

1. Berkshire deal machine

Warren Buffett's Berkshire Hathaway (NYSE:BRKb) is to acquire Alleghany Corporation (NYSE:Y) in a deal worth approximately $11.6 billion, putting an end to a long lull in big deals by the conglomerate, which has $140 billion of cash waiting to be put to use.

Berkshire will pay $848.02 per share in cash for the owner of reinsurer TransRe. People will likely speculate on what else Buffett has in his deal pipeline.

2. Nike earnings

Nike Inc (NYSE:NKE) shares gained 4.9% Monday after the close after it reported earnings that beat analyst expectations for earnings per share and revenue. The company announced earnings per share of 87 cents on revenue of $10.9 billion. Analysts polled by Investing.com anticipated EPS of 71 cents on revenue of $10.63 billion.

Nike’s direct sales rose 17% but its revenue from China, a big source of growth for the athletic apparel maker, fell 5%, to $2.16 billion.

3. Oil prices still in view

European Union countries are meeting Monday ahead of U.S. President Joe Biden’s arrival later this week to take part in a series of summits that aim to harden the West's response to Moscow over its invasion of Ukraine. Oil prices rose 7% on Monday, to more than $110 a barrel after briefly dipping last week below $100.

Investing.com staff and Reuters contributed to this report.

Buffett Deals, Nike Earnings, Oil Demand: 3 Things to Watch
 

Related Articles

European Stocks Largely Lower; Joules Group Slumps
European Stocks Largely Lower; Joules Group Slumps By Investing.com - Aug 19, 2022

By Peter Nurse Investing.com - European stock markets traded largely lower Friday as investors fretted about soaring inflation, tightening monetary policy, and slowing growth. By...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
gab nea
gab nea Mar 22, 2022 3:05AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
talking about putin may bring bilateral collapse but offing russian speaking Ukrainians , no problem?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email