U.S. stock index futures retreated on Monday after a fresh spat between Washington and Beijing over the origin of the novel coronavirus, while airlines slumped as Berkshire Hathaway dumped its holdings in the sector.
Buffett made a lot of news at Berkshire's first virtual annual meeting on Saturday, including revealing that he sold all his airline stocks.
Shares of the top four U.S. airlines dropped on Monday after billionaire investor Warren Buffett said Berkshire Hathaway offloaded its entire stake in the carriers last month, adding to the sense of crisis around the industry.
Czech carmaker Skoda Auto, part of the Volkswagen Group , reported a 25% drop in first-quarter operating profit on Monday, but said the biggest hit from the coronavirus outbreak would come in the second quarter.
U.S. stocks opened lower on Monday following growing U.S.-China tensions about the origins of the coronavirus outbreak, while billionaire Warren Buffett's admission he had dumped his airline shares crushed major U.S. carriers.
"My own sense is the Fed went too far in going into the high yield market," the Allianz economic advisor told CNBC on Monday. "You get people who shouldn't be borrowing raising money."
Cramer said that he viewed Buffett bailing on airlines as a sign that there were serious issues in the broader economy.
General Electric Co said on Monday it was planning to cut its global workforce in the aviation unit by as much as 25% this year, including both voluntary and involuntary layoffs, due to business disruptions caused by the COVID-19 pandemic.
Tyson Foods Inc expects to continue idling meat plants and slowing production because of the new coronavirus, the company said on Monday, signaling more disruptions to the U.S. food supply.
Norwegian Air shareholders backed its financial survival plan on Monday, with more than 95% of votes cast supporting the conversion of nearly $1 billion of debt into equity and raising more cash from its owners.
Luxury sports car maker Ferrari cut its 2020 core profit forecast on Monday due to disruption caused by the coronavirus pandemic, which it said would mainly hit second quarter results.
The S&P 500 and Dow Jones indexes retreated on Monday following a U.S.-China spat about the origins of the coronavirus outbreak, while major carriers slumped after billionaire Warren Buffett's Berkshire Hathaway dumped its stakes in the sector.
General Electric Co said on Monday it was planning to cut the global workforce of its aviation unit this year by as much as 25%, or up to 13,000 jobs, including both voluntary and involuntary layoffs, citing prolonged aircraft reduction schedules caused by the coronavirus pandemic.
Shares of the top four U.S. airlines dropped on Monday after billionaire investor Warren Buffett said Berkshire Hathaway offloaded its entire stake in the carriers last month, adding to the sense of crisis around the industry.
Global stock markets fell on Monday on concerns U.S.-Chinese bickering over the origin of the coronavirus outbreak will ignite a new trade war, speculation that strengthened the dollar and drove gold prices higher.