🚀 Berkshire Hathaway earnings fall

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Berkshire Hathaway reported a 4% drop in Q2 operating earnings to $11.16 billion, weighed down by weaker insurance underwriting despite gains in other sectors like railroads and energy. The company warned that Trump’s escalating tariffs could harm nearly all of its businesses and equity holdings. Berkshire’s cash reserves dipped slightly to $344.1 billion as it extended its stock-selling streak to 11 straight quarters, shedding $4.5 billion in equities. It also took a $3.8 billion writedown on its Kraft Heinz stake. No share buybacks occurred, and Buffett’s upcoming CEO transition remains on track for year-end.

2. Federal Reserve Governor Adriana Kugler is resigning, giving President Trump his first opportunity this term to nominate someone to the central bank’s rate-setting committee. Kugler, a Biden appointee and permanent voter on the Federal Open Market Committee, will return to academia at Georgetown this fall, cutting short her term by several months. While she cited no reason for her departure, Trump speculated—without evidence—that it stemmed from a policy disagreement with Fed Chair Jerome Powell. Her exit opens the door for Trump to push for a pro-rate-cut nominee, aligning with his public pressure on the Fed to lower interest rates.

3. The Senate has confirmed former Fox News host Jeanine Pirro as the U.S. Attorney for the District of Columbia in a 50–45 vote, making her the top federal prosecutor in the nation’s capital. Pirro, a former judge and district attorney, had already been serving in an interim capacity since May, following President Trump’s withdrawal of Ed Martin Jr.'s nomination amid GOP pushback over his support for January 6 rioters. Pirro, a longtime Trump ally and former co-host of The Five, has faced criticism over her role in promoting false 2020 election claims, but ultimately won confirmation thanks to Republican support after Democrats boycotted the vote.

   Headlines

   1. Google has removed 50+ DEI organizations from its funding/sponsorship list.

   2. SpaceX successfully sent four astronauts to the International Space Station.

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