US stocks edge higher as investors brace for another wave of corporate earnings

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US stocks edged higher on Monday as investors anticipate another flood of first-quarter earnings that are set to be released this week. Earnings reports from Pfizer, General Motors, PayPal and Etsy among others will be released throughout this week.

Mega-cap technology companies headlined last week’s earnings announcements, with Tesla, Apple, Alphabet, and Amazon all beating earnings expectations.

Here’s where US indexes stood at the 9:30 a.m. ET open on Monday:

Investors turned their focus to Berkshire Hathaway’s Warren Buffett and Charlie Munger over the weekend as the company held its annual shareholders meeting virtually.

Buffett and Munger cautioned investors against speculative investing, said that trimming their positions in Apple and Costco was a mistake, and harpooned Robinhood, SPACs, and cryptocurrencies throughout the meeting.

Munger’s criticism of cryptocurrencies didn’t stop investors from bidding up ethereum and bitcoin over the weekend. Ethereum surged to record highs above the $3,000 level.

Buffett confirmed that Greg Abel will be his likely successor at Berkshire Hathaway. Abel currently leads Berkshire Hathaway’s energy business.

Fidelity cut its implied valuation of Ant Group in half to $144 billion, according to regulatory filings. The mutual fund giant had previously valued its Ant Group stake at $295 billion, but increased regulatory scrutiny from China led to a canceled IPO and a depressed valuation.

Oil prices were higher. West Texas Intermediate crude rose 0.5%, to $63.86 per barrel. Brent crude, oil’s international benchmark, jumped by 0.25%, to $66.92 per barrel.

Gold jumped 2%, to $1,788.80 per ounce.

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