Muhammad Ali, perhaps Louisville’s most famous native, proclaimed that “my greatness came and started in Louisville, Kentucky,” and declared that it was “one of the greatest cities in America.” The Greatest had a point. Louisville is the largest city in the Bluegrass State, and alongside its Southern charm and Midwestern heartiness, it offers a rich history, captivating architecture and green spaces galore. Situated on the Ohio River, the city took its name from the French in 1780—Louisville literally means “Louis’ city,” namechecking King Louis XVI in tribute to his support during the Revolutionary War.
For history and architecture buffs, downtown’s West Main Historical District has the largest collection of cast iron facades anywhere outside of Soho, New York. One of Louisville’s many monikers is Park City, so-called for the 18 parks designed by Frederick Law Olmsted, who was also the visionary behind Manhattan’s Central Park.
Kentucky is the birthplace of bourbon, and the spirit’s aficionados can honor that heritage by following the Urban Bourbon trail, which includes bars, restaurants and distilleries serving the tipple across downtown’s Whiskey Row and beyond. Most famously, it is home to the Kentucky Derby at Churchill Downs, “the most exciting two minutes in sport,” which celebrates its 150th anniversary in May 2024.
For a long time, Louisville struggled to attract tourists outside of the Kentucky Derby. But over the last several years, an influx of young creatives, often fleeing high rents in bigger cities, have debuted a dizzying array of buzzy restaurants, trendy bars, locally curated concept stores and craft distilleries that have drawn a steady flow of travelers to the locale known as the Gateway to the South.
The city’s growing popularity has increased demand for stylish hotels. What Louisville lacks in corporate 5-star hotels, it makes up for in swanky properties that embrace the city’s charming quirks. If you’re ready to pack your bags, there are old-world grande dames, Parisian-inspired contemporary stays, an art museum-cum-inn and a hotel built in a former disco factory that’s keeping night fever alive and well. Below, see the best accommodations to book for your next trip to Bourbon City.
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Chase announced new welcome bonuses for its IHG One Rewards Premier Business Credit Card. New cardholders can earn 175,000 Bonus Points. Earn 140,000 Bonus Points after spending $4,000 on purchases in the first 3 months from account opening. Plus, earn 35,000 Bonus Points after spending a total of $7,000 in the first 6 months from account opening. for a limited time.
Here’s what you need to know about the limited-time offer and other card features to determine whether you should apply.
New IHG One Rewards Business Premier card welcome offer details
Starting today, new cardholders who apply for the IHG One Rewards Premier Business Credit Card can earn an elevated welcome bonus when they meet a minimum spending threshold: 175,000 Bonus Points. Earn 140,000 Bonus Points after spending $4,000 on purchases in the first 3 months from account opening. Plus, earn 35,000 Bonus Points after spending a total of $7,000 in the first 6 months from account opening.
For context, the card previously offered 140,000 bonus points. Free nights with IHG start at 10,000 points—or 5,000 points if you book with a mix of rewards and cash—but more upscale hotels and resorts can cost up to 70,000 points per night.
Other card benefits
While a welcome offer can be a good incentive to apply for a card you’ve had your eye on, it’s crucial to consider the card’s potential long-term value to determine whether it’s the right fit for you. Here’s what else you can expect from the card.
IHG One Rewards Premier Business Credit Card
Intro bonus
Limited time offer! Earn up to 175,000 Bonus Points. Earn 140,000 Bonus Points after spending $4,000 on purchases in the first 3 months from account opening. Plus, earn 35,000 Bonus Points after spending a total of $7,000 in the first 6 months from account opening.
The limited-time offer from Chase and IHG is impressive, but the tiered spending requirement to get the bonus is higher. If you prefer IHG hotels when you travel, or you’re looking to get a hotel credit card with a wide range of hotels and resorts—IHG has more than 6,000 properties, ranging from budget to luxury brands, around the world—then it could make sense to apply for an IHG One Rewards credit card while the welcome bonus is elevated. The fourth night free benefit alone could make the cards worth it if you have an award stay coming up.
Should you apply?
Consider both your spending and travel habits and evaluate the card’s benefits and annual fees to determine if it will give you value over time. Also make sure the card makes sense for your business. If a personal card is a better fit, consider the IHG One Rewards Premier Card instead. Or if you want your business rewards to be more general purpose, check out our list of the best business cards to find something that might be a better fit.
Fortune Recommends™ has partnered with CardRatings for our coverage of credit card products. Fortune Recommends™ and CardRatings may receive a commission from card issuers.
Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.
Between the classic and elegant treatment rooms to the expansive outdoor facilities, a spa day at The Lodge at Sonoma is exactly what your mom needs this Mother’s Day. After all, what could be better than a restorative massage after a long day of wine tasting? The outdoor facilities are a true highlight of this spa, featuring a barrel sauna, soaking pools, jacuzzis and a tranquil garden. The Renew and Restore body treatment is far more than a standard massage; it features a salt scrub, mud therapy, a hydrating wrap and a full-body aromatherapy massage to finish. Spending all day here is easy, and the facilities should be taken advantage of both before and after the treatment.
NEW YORK — Airbnb said Monday that it’s banning the use of indoor security cameras in listings on its site around the world by the end of next month.
The San Francisco-based online rental platform said it is seeking to “simplify” its security-camera policy while prioritizing privacy.
“These changes were made in consultation with our guests, Hosts and privacy experts, and we’ll continue to seek feedback to help ensure our policies work for our global community,” Juniper Downs, Airbnb’s head of community policy and partnerships, said in a prepared statement.
Airbnb had allowed the use of indoor security cameras in common areas, as long as the locations of the cameras were disclosed on the listings page. Under the new policy, hosts will still be allowed to use doorbell cameras and noise-decibel monitors, which are only allowed in common spaces, as long as the location and presence of the devices are disclosed.
Airbnb expects the policy update to impact a small number of hosts because the majority of its listings do not report having indoor security cameras.
The policy change will take effect April 30.
In its fourth-quarter earnings report last month, Airbnb said its bookings and revenue rose, and the company said demand remains strong.
Hoping to skip the snow this spring break? From an island off the coast of California to the sandy beaches of Hawaii, a sunny spring vacation out west is the perfect way to say goodbye to dreary winter weather. Though there are plenty of family-friendly options, spring break isn’t just for kids or college students. Whether you’re craving a romantic escape for two or plan on taking the whole crew, these are the best destinations for a sunny spring break out west.
Andaz
Between its temperate warm days and cool nights, Scottsdale is a dependable spring break destination that boasts a beautiful desert landscape, high-end hotels and renowned hiking trails. Looking to beat the heat with some time indoors? Embark on a wine-tasting journey on the Scottsdale Wine Trail, where you’ll try local vinos and learn more about Arizona winemaking. Architect enthusiasts should also take the time to tour Taliesin West, Frank Lloyd Wright’s winter home. When it comes to food, enjoy innovative New American cuisine at FnB or fill up on hand-made pasta at Fat Ox.
Where to Stay:
From lounging by the pool to hitting the spa, The Phoenician Scottsdale offers a relaxing desert oasis experience. There are 645 accommodations in total, ranging from cozy guest rooms to modern casitas. The bungalow-style rooms at the Andaz Scottsdale Resort are perfect for couples seeking more privacy and space. The on-site restaurant, Weft & Warp, also serves up some of the best Mediterranean-inspired bites in the area.
Zane Grey
Catalina Island transports travelers worlds away despite being a mere hour-long ferry ride from Long Beach. From lounging with a cocktail in hand at Descanso Beach Club to taking in the vibrant sea life from a glass bottom boat tour, there are a plethora of outdoor activities to enjoy on Catalina. Other can’t-miss excursions include the popular Bison Expedition, the award-winning zip-line eco tour and a VIP visit to the Catalina Island Casino. Once you’ve worked up an appetite, sit down for fresh seafood and harbor views at Bluewater Grill.
Where to Stay:
Though it originally opened in 1920, Hotel Atwater has since undergone a full renovation that has resulted in a bright, airy and inviting property that is adorned with tropical decor and antique accents. For killer views and timeless luxury, book one of the panoramic harbor-view rooms at the Zane Grey Pueblo Hotel.
Four Seasons Four Seasons Resort Oahu at Ko Olina.
Hawaii is a quintessential spring vacation destination for beach lovers of all kinds. Though each island has its own charm, Oahu is home to the state’s capital of Honolulu, offering more diversity in regard to restaurants, shopping, hotels and nightlife. Waikiki is one of the most happening neighborhoods and is a haven for surfers, shoppers and first-time visitors to Hawaii. It is a premier spot for families, but couples and even solo travelers will feel right at home. From swimming at Kuhio Beach to hiking Diamond Head Crater, there are plenty of outdoor activities that connect tourists to the true beauty and history of Hawaii.
Where to Stay:
The Ritz-Carlton Residences, Waikiki Beach boasts some of the most breathtaking hotel views on the island. The open-air lobby sits at the center of three renowned restaurants, two pools and a rejuvenating spa. Though the hotel isn’t on the oceanfront, the beach is only a short stroll away, and you’ll get to pass through a beautiful park on your walk. If you’d prefer to stay near Honolulu but away from the hustle and bustle of Waikiki, consider the Four Seasons Resort Oahu at Ko Olina.
Hotel del Coronado
Located on the coast of San Diego, Coronado Island is a unique and iconic destination that has been visited by the likes of Charlie Chaplin, Clark Gable and even Thomas Edison. The beaches on Coronado are considered to be some of the best in Southern California, but it is also a beloved place for golfers and bikers hoping to tackle the coastal trails. Whether you’re planning to take surf lessons or simply get a tan in the sand, this is the ultimate destination for travelers hoping to beach all day, every day. When it comes to restaurants, Il Fornaio serves up premier Italian cuisine, along with stunning ocean views at sunset.
Where to Stay:
Deemed one of the most legendary hotels in the Golden State, Hotel del Coronado is known for its eye-catching Victorian architecture and massive size. Along with 757 recently renovated guest rooms, the property also features 28 suites, 70 junior suites and 79 spacious cottages and villas. There are different sections for guests within the hotel, such as the Beach Village and The Victorian, ensuring that every type of traveler has the best accommodations for their trip of choice.
The Parker The Parker Palm Springs.
Palm Springs is the perfect place for adults seeking a grown-up spring break filled with pool-side cocktails around the clock. No matter what hotel you book, a pool is non-negotiable, because how else will you beat the desert heat? If you’re looking to add some outdoorsy time to your travels, take a short drive over to Joshua Tree National Park. From rock climbing and hiking to simply driving through and taking in the sights, it’s well worth crossing off your bucket list. In the evening, head to Bar Cecil for cocktails. Though there are plenty of libations to choose from, the Fifty Dollar Martini is a splurge-worthy experience that is made with Jean-Charles Boisset Vodka and served alongside a caviar-topped deviled egg and sunchoke chips.
Where to Stay:
The Parker Palm Springs is a classic property that frequent desert travelers love to visit. The colorful decor creates a vibrant and upbeat ambiance, while the grounds are abundant with greenery, fruit trees and herb gardens. Ace Hotel & Swim Club is a more modern and youthful property that is perfect for spring breakers open to letting loose and living it up while still enjoying high-end accommodations and amenities.
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.
Earning a hotel credit card welcome bonus is the fastest (and most effortless) way to achieve free shelter for your upcoming travels. So in the supremely rare instance when a travel credit card offers a bonus worth potentially thousands of dollars, it’s worth writing your mother about.
American Express and Marriott just yanked the shroud from two such limited-time offers.
Normally, welcome bonuses of this size are guarded by daunting spending requirements. But if you can manage to funnel just $1,000 per month through a credit card, you’ll earn either bonus without an issue. And you’ll have those points in hand just in time for sun and fun.
Here’s what you need to know about these new offers—and whether a Marriott credit card is a good fit for your travel style.
Increased offers for American Express Marriott credit cards
Through May 1, 2024, two Marriott credit cards are offering elevated welcome bonuses:
As you can see, these limited-time bonuses are far better than the previous offers—and you can bet your bottom dollar that they’ll crash back down to earth after May 1.
What can you do with these Marriott Bonvoy points?
Depending on how you use your points, you could squeeze thousands of dollars in free travel from either of these bonuses. You can redeem your rewards for over a week at many nondescript roadside Marriotts (think Courtyard by Marriott, TownePlace Suites, SpringHill Suites, etc.), or you could splurge on a glitzy weekend at a five-star resort.
For example, the Ritz-Carlton Naples on the gulf coast of Florida is a super popular summer destination. In early July, rooms cost over $1,200 per night. But you can book a weekend stay for 178,000 Marriott points (plus ~$100 in taxes and fees) for the same dates. That’s a value of 1.4 cents per Marriott point, which is a great deal.
You would more than enough points to book this trip from opening the Marriott Bonvoy Brilliant Card and meeting its minimum spending requirement. In other words, you’ll could get nearly $2,500 in value from a single credit card welcome bonus.
If your idea of Naples is more Aperol Spritz and the world’s best pizza, we’ve got you covered. How about five August nights in Italy at the Renaissance Naples Hotel Mediterraneo? With the fifth night free benefit Marriott offers on award nights, it’s within reach with the welcome bonus plus the spending you would do to earn it:
Again, that’s over $2,000 in value (2,144 euro=$2,323 at time of publication) for a single bonus plus the associated spending. Fortune Recommends staff have stayed at this hotel and can vouch for both the incredible views and the bracing coffee served for one euro at the stand right outside the hotel.
American Express stipulates that you can only earn the welcome bonus on each of its cards once per lifetime (which typically means seven years in Amex-speak)—so it’s important to get the biggest bang for your application. These temporarily-increased bonuses are the perfect time to open either of these cards.
To view rates and fees of the Marriott Bonvoy Brilliant® American Express® Card Card, see rates and fees.
To view rates and fees of the Marriott Bonvoy Bevy® American Express® Card Card, see rates and fees.
Amex Marriott credit cards offer more than just a shiny bonus
These increased welcome bonuses are incentive enough to kick the tires on either of these cards. But you’ll likely find that they’re worth keeping around, even if you don’t frequent Marriott properties. Using the best benefits even once or twice per year can deliver enough value to offset each card’s annual fee.
Here’s a quick rundown of each card:
Marriott Bonvoy Brilliant® American Express® Card
Intro Bonus
Earn 185,000 bonus points after spending $6,000 on purchases within the first six months from account opening (90,000 points higher than usual).
Through May 1, 2024, two Marriott Amex cards offer massively increased welcome bonuses. After meeting minimum spending requirements, you’ll receive 185,000 points with the Marriott Bonvoy Brilliant Card and 155,000 points with the Marriott Bonvoy Bevy. If you’ve been eyeing one of these cards, now is a really, really good time to apply.
Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.
Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefits guide for more details. Underwritten by Amex Assurance Company.
The island of Singapore, also known as the Lion City, is considered a gateway to Southeast Asia. Its natural beauty and green spaces, culinary delights and vibrant neighborhoods teeming with culture draw expats and visitors from all over the world. From 1819 until 1963, Singapore was largely held under British control, and then briefly became a part of Malaysia, although that was short-lived. After two years, Singapore gained independence and complete sovereignty in 1965, and it didn’t take long for it to become the modern city it is today, with concrete skyscrapers, a robust transportation system and arguably one of the most beautiful airports in the world. It’s an attractive destination for both expats and visitors alike, and with so many new developments on the rise, an exciting culinary scene and enticingly warm temperatures year-round, Singapore should be on everyone’s bucket list. Here’s a guide to Singapore to help plan your next trip.
New feature in hotel productivity software suite aids hotel workers, as trend toward cashless payment systems has reduced tips for housekeeping staff
LA PALMA, Calif., December 29, 2023 (Newswire.com)
– Tipping provides an incentive for hotel staff to provide the best service but has become more difficult for hotel guests in the post-pandemic and as guests migrate toward cashless transactions. Wrkspot, the integrated hotel portfolio operations platform, solves that problem with a new contactless digital tipping feature.
The Wrkspot hotel productivity software suite controls costs and streamlines operations through its integration of human resources information systems, operations management, and communications.
Wrkspot also is designed to help managers improve employees’ engagement, and the new feature supports that aim.
“We’re excited to add this new digital tipping feature to our WrkSpot platform,” said Brent McMahan, head of strategy and growth. “This will support the guest experience, while also supporting hotel staff. It’s a great addition for hotels already using the WrkSpot platform, as well as for new hotels looking for a customer-centric tipping solution.”
Digital tipping is important for both hotels and staff because cash tipping has declined as consumers move toward cashless payment systems. A 2023 survey of housekeepers found that more than half of reported tips from guests have fallen over the past five years.
WrkSpot’s new feature responds to that trend. Guests will experience the convenience of this newest feature in a visible and accessible spot within every guestroom, via a QR code.
Tip transactions are handled in real time by Stripe Payment Processing, a trusted transaction gateway. The WrkSpot platform automatically displays all tips to hotel management, who will then have the flexibility to decide whether to disperse tips via payroll or cash payouts.
The digital tipping feature is available to all current and new WrkSpot customers.
“This addition to our technology allows housekeepers to continue to be recognized for their contributions toward a great guest stay,” McMahan said. “It’s one more way Wrkspot can help managers work better, smarter, and achieve optimal results.”
About WrkSpot
Founded in 2017, WrkSpot is the developer of a revolutionary software suite for hotel portfolio management that integrates HRIS, operations management, and communication in a single app. By managing and engaging staff, controlling costs, streamlining operations, and improving compliance and safety, WrkSpot optimizes hotel operations. To learn more about WrkSpot, visit wrkspot.com.
Many of us are also making sacrifices to afford our vacation plans. Forty one per cent of Canadians cut back on their grocery spending to afford travel, according to a survey by FlightHub Group. Plus, over one in four (28%) Canadians who can’t afford travel have taken on credit card debt to finance their trips, the survey found.
Nobody wants to come home from a relaxing holiday only to face a sizable credit card bill. (Yup, I’ve been there myself, and while I’m not proud, I’m not afraid to admit it.) Instead of taking on debt to pay for travel, try a combination of money-saving strategies and clever travel hacks from the experts. Here’s how to get started.
3 ways to save money on travel for Canadians
1. Choose an affordable destination
Where you go can make a big difference in cost. Danica Nelson is a personal finance influencer and avid traveller who’s visited 25 countries. When she’s not border-hopping, she maintains a home base in Toronto. Nelson says that choosing affordable destinations where she can stretch her Canadian dollar further—like Indonesia, Thailand and Vietnam, to name a few—has been key.
“In Vietnam, I could stay in a five-star hotel for as low as $55 Canadian per night. In Da Nang, you could get the freshest seafood available and a beer for $5 Canadian, or a banh mi sandwich for about $1 Canadian,” Nelson says. She’s even gotten a flower bath and one-hour massage for $60 Canadian in Bali. (FOMO-inducing, I know.) For more inspiration, check out four Canadian digital nomads who travel to, or live year-round in, affordable destinations like Panama, Costa Rica, Greece and more.
2. Use a travel credit card to save money and earn more travel points
Booking with a travel credit card can be a cheaper way to travel, since you may be able to get cheaper pricing on flights, hotels and rental cars through your credit card’s rewards program. With my co-branded CIBC Aeroplan Visa card, for example, I earn Aeroplan points on my purchases, and I can get preferred pricing on Air Canada flights. This means I can use fewer Aeroplan rewards points than the amount typically required to book flights.
Nelson adds that using a travel card can also help you avoid foreign transaction fees (typically around 2% to 3%) while you’re abroad, and earn more points to redeem towards hotels or flights for future trips.
Danica Nelson is pictured in Paris in front of the Eiffel Tower. Photo courtesy of Danica Nelson
3. Switch to carry-on luggage
Switching out your suitcase for a carry-on bag can help you save money and time at the airport. “Travelling with only a carry-on- has been a way that people have learned to save a lot of money by not having to pay for checked baggage fees,” Nelson says. She recommends investing in a small suitcase that fits the airline carry-on baggage size requirements and one personal item like a backpack, purse or tote bag. Check ahead of time whether your flight carrier charges for checked baggage, as in some cases, you could get a stowed suitcase for free with your ticket.
Personally, I’ve changed over to a small carry-on suitcase, and it’s saved me the hassle and cost of checked baggage. Some other hacks I use to save money on travel: I buy groceries for lunches and breakfasts. I also budget for dinners out ahead of time, and any other costs like coffees or treats here and there.
U.S. stocks are poised to rise on Monday ahead of a week of earnings and economic data releases, including quarterly reports from
Tesla, Netflix, and .
U.S. stocks closed higher Friday, with the S&P 500 eking out a modest weekly gain, as investors assessed a monthly jobs report that showed both a blockbuster surge in jobs created along with a slowdown in wage pressures.
How stock indexes traded
The Dow Jones Industrial Average DJIA
rose 288.01 points, or 0.9%, to close at 33,407.58.
The S&P 500 SPX
gained 50.31 points, or 1.2%, to finish at 4,308.50.
The Nasdaq Composite COMP
climbed 211.51 points, or 1.6%, to end at 13,431.34.
For the week, the Dow slipped 0.3% while the S&P 500 edged up 0.5% and the Nasdaq gained 1.6%. The Dow fell for a third straight week, while the S&P 500 snapped a four-week losing streak and the Nasdaq saw back-to-back weekly gains, according to Dow Jones Market Data.
What drove markets
U.S. stocks climbed Friday, after reversing course from their slide earlier in the session as investors parsed a U.S. employment report that was stronger than forecast.
“Wages slowed down,” said José Torres, senior economist at Interactive Brokers, in a phone interview Friday. “That was a great development” as the Federal Reserve aims to bring down inflation through monetary tightening.
Investors have worried that a hot labor market will keep wage growth elevated, adding to inflationary pressures that could see the Fed keep interest rates higher for longer or potentially hike its benchmark rate one more time this year.
A report Friday from the Bureau of Labor Statistics showed the U.S. economy created 336,000 jobs in September, far surpassing economists’ expectations for 170,000 new jobs. Also, the report said job gains in August and July were revised higher.
But other details from the report were slightly more favorable in terms of monetary policy concerns.
For example, average hourly wages rose a mild 0.2% in September, bringing the 12-month rate of change through September to 4.2%, a slower pace than the prior month’s year-over-year rate of 4.3%.
“Even though the headline number was 2.5 times what Wall Street had anticipated, the more important detail below the surface was that wage inflation actually cooled,” said Sam Stovall, chief investment strategist at CFRA, during a phone interview with MarketWatch.
Renaissance Macro Research’s Neil Dutta said in a note that the jobs report was consistent with a soft landing for the economy and the Fed’s objective to lower the inflation rate back to 2%.
“The strong labor market gives credence to the base case still being a soft landing,” said Yung-Yu Ma, chief investment officer at BMO Wealth Management, in a phone interview Friday. But that soft-landing narrative is “somewhat fragile and data dependent,” he said.
Investors will be watching for data scheduled to be released next week on September inflation from the consumer-price index and producer-price index.
Meanwhile, economists from Goldman Sachs Group said in a note Friday that “the continued rebalancing of the labor market” is consistent with their expectation that the Fed is done raising rates this year, despite senior Fed officials projecting another hike in their latest batch of forecasts, released last month.
Federal-funds-futures traders are expecting the Fed will keep its benchmark rate at the current range of 5.25% to 5.5% at its policy meetings in November and December, according to the CME FedWatch Tool.
“I’m of the belief that the Fed will not hike again this year,” BMO’s Ma said. “I don’t think it needs to.”
Meanwhile, the yield on the 10-year Treasury note BX:TMUBMUSD10Y
climbed 6.8 basis points to 4.783%, rising for five straight weeks, according to Dow Jones Market Data.
Rising Treasury yields, particularly on the long end of the yield curve, have been blamed for a selloff in stocks over the past couple months. But the S&P 500 is now up so far in October, with a small gain of 0.5%, according to FactSet data.
Two things investors can be sure about: Nothing lasts forever and the stock market always overreacts. The spiking of yields on long-term U.S. Treasury securities has been breathtaking, and it has led to remarkable declines for some sectors and possible bargains for contrarian investors who can commit for the long term.
First we will show how the sectors of the S&P 500
have performed. Then we will look at price-to-earnings valuations for the sectors and compare them to long-term averages. Then we will screen the entire index for companies trading below their long-term forward P/E valuation averages and narrow the list to companies most favored by analysts.
Here are total returns, with dividends reinvested, for the 11 sectors of the S&P 500, with broad indexes below. The sectors are sorted by ascending total returns this year through Monday.
Returns for 2022 are also included, along with those since the end of 2021. Last year’s weakest sector, communications services, has been this year’s strongest performer. This sector includes Alphabet Inc. GOOGL
and Meta Platforms Inc. META,
which have returned 52% and 155% this year, respectively, but are still down since the end of 2021. To the right are returns for the past week and month through Monday.
On Monday, the S&P 500 Utilities sector had its worst one-day performance since 2020, with a 4.7% decline. Investors were reacting to the jump in long-term interest rates.
Here is a link to the U.S. Treasury Department’s summary of the daily yield curve across maturities for Treasury securities.
The yield on 10-year U.S. Treasury notes
jumped 10 basis points in only one day to 4.69% on Monday. A month earlier the 10-year yield was only 4.27%. Also on Monday, the yield on 20-year Treasury bonds
rose to 5.00% from 4.92% on Friday. It was up from 4.56% a month earlier.
The Treasury yield curve is still inverted, with 3-month T-bills
yielding 5.62% on Monday, but that was up only slightly from a month earlier. An inverted yield curve has traditionally signaled that bond investors expect a recession within a year and a lowering of interest rates by the Federal Reserve. Demand for bonds pushes their prices down. But the reverse has happened over recent days, with the selling of longer-term Treasury securities pushing yields up rapidly.
Another way to illustrate the phenomenon is to look at how the Federal Reserve has shifted the U.S. money supply. Odeon Capital analyst Dick Bove wrote in a note to clients on Friday that “the Federal Reserve has not deviated from its policy to defeat inflation by tightening monetary policy,” as it has shrunk its balance sheet (mostly Treasury securities) to $8.1 trillion from $9 trillion in March 2022. He added: “The M2 money supply was $21.8 trillion in March 2022; today it is $20.8 trillion. You cannot get tighter than these numbers indicate.”
Then on Tuesday, Bove illustrated the Fed’s tightening and the movement of the 10-year yield with two charts:
Odeon Capital Group, Bloomberg
Bove said he believes the bond market has gotten it wrong, with the inverted yield curve reflecting expectations of rate cuts next year. If he is correct, investors can expect longer-term yields to keep shooting up and a normalization of the yield curve.
This has set up a brutal environment for utility stocks, which are typically desired by investors who are seeking dividend income. In a market in which you can receive a yield of 5.5% with little risk over the short term, and in which you can lock in a long-term yield of about 5%, why take a risk in the stock market? And if you believe that the core inflation rate of 3.7% makes a 5% yield seem paltry, keep in mind that not all investors think the same way. Many worry less about the inflation rate because large components of official inflation calculations, such as home prices and car prices, don’t affect everyone every year.
We cannot know when this current selloff of longer-term bonds will end, or how much of an effect it will have on the stock market. But sharp declines in the stock market can set up attractive price points for investors looking to go in for the long haul.
Screening for lower valuations and high ratings
A combination of rising earnings estimates and price declines could shed light on potential buying opportunities, based on forward price-to-earnings ratios.
Let’s look at the sectors again, in the same order, this time to show their forward P/E ratios, based on weighted rolling 12-month consensus estimates for earnings per share among analysts polled by FactSet:
Sector or index
Current P/E to 5-year average
Current P/E to 10-year average
Current P/E to 15-year average
Forward P/E
5-year average P/E
10-year average P/E
15-year average P/E
Utilities
82%
86%
95%
14.99
18.30
17.40
15.82
Real Estate
76%
80%
81%
15.19
19.86
18.89
18.72
Consumer Staples
93%
96%
105%
18.61
19.92
19.30
17.64
Healthcare
103%
104%
115%
16.99
16.46
16.34
14.72
Financials
88%
92%
97%
12.90
14.65
14.08
13.26
Materials
100%
103%
111%
16.91
16.98
16.42
15.27
Industrials
88%
96%
105%
17.38
19.84
18.16
16.56
Energy
106%
63%
73%
11.78
11.17
18.80
16.23
Consumer Discretionary
79%
95%
109%
24.09
30.41
25.39
22.10
Information Technology
109%
130%
146%
24.20
22.17
18.55
16.54
Communication Services
86%
86%
94%
16.41
19.09
19.00
17.43
S&P 500
94%
101%
112%
17.94
19.01
17.76
16.04
DJ Industrial Average
93%
98%
107%
16.25
17.49
16.54
15.17
Nasdaq Composite Index
92%
102%
102%
24.62
26.71
24.18
24.18
Nasdaq-100 Index
97%
110%
126%
24.40
25.23
22.14
19.43
There is a limit to how many columns we can show in the table. The S&P 500’s forward P/E ratio is now 17.94, compared with 16.79 at the end of 2022 and 21.53 at the end of 2021. The benchmark index’s P/E is above its 10- and 15-year average levels but below the five-year average.
If we compare the current sector P/E numbers to 5-, 10- and 15-year averages, we can see that the current levels are below all three averages for four sectors: utilities, real estate, financials and communications services. The first three face obvious difficulties as they adjust to the rising-rate environment, while the real-estate sector reels from continuing low usage rates for office buildings, from the change in behavior brought about by the COVID-19 pandemic.
Your own opinions, along with the pricing for some sectors, might drive some investment choices.
A broader screen of the S&P 500 might point to companies for you to research further.
We narrowed the S&P 500 as follows:
Current forward P/E below 5-, 10- and 15-year average valuations. For stocks with negative earnings-per-share estimates for the next 12 months, there is no forward P/E ratio so they were excluded. For stocks listed for less than 15 years, we required at least a 5-year average P/E for comparison. This brought the list down to 138 companies.
“Buy” or equivalent ratings from at least two-thirds of analysts: 41 companies.
Here are the 20 companies that passed the screen, for which analysts’ price targets imply the highest upside potential over the next 12 months.
There is too much data for one table, so first we will show the P/E information:
Inflation remains a top concern among Americans, so what do the Republicans seeking President Joe Biden’s job say they’ll do about it?
MarketWatch asked the 2024 GOP White House hopefuls to give at least three ways that they would address the elevated prices that have blown up many household budgets.
Most campaigns provided responses, while some didn’t but have offered proposals in other venues. See what they’re all planning below.
The economy is the No. 1 issue for Republican voters, according to a recent Wall Street Journal poll, which found 36% citing the economy generally and an additional 10% citing inflation.
MarketWatch contacted the eight contenders who took part in their primary’s first debate, along with former President Donald Trump, who skipped the debate, and two relatively well-known contenders who failed to qualify for the first debate, Larry Elder and former Congressman Will Hurd. They are listed below in order of their ranking in the latest polls, based on a RealClearPolitics moving average.
Inflation was low when Trump became president, with prices rising less than 2% a year. That was even considered a problem before the COVID-19 pandemic, with inflation often characterized as stubbornly or persistently low. Inflation began to spike in 2021, shortly after Biden took office, due to a global shortage of goods and a huge rebound in consumer demand following the pandemic’s early stages. Economists say massive stimulus by both the Trump and Biden administrations as well as low interest rates fostered by the Federal Reserve helped to push inflation to a 40-year high.
“I would get inflation down,” Trump said in a recent interview with NBC’s “Meet the Press,” while saying that “we did a great job with inflation.” His campaign pointed MarketWatch to a number of policy proposals in which Trump himself is quoted.
Former President Donald Trump walks over to speak with reporters before departing from Atlanta’s airport last month.
AP
The former president says he’ll rein in what he calls Biden’s “wasteful spending,” which Trump says is key to stopping inflation. Trump is proposing to use what’s known as impoundment authority to reduce federal spending. That term refers to the ability of a president to withhold congressionally appropriated funds from their intended use, according to the Committee for a Responsible Federal Budget.
Trump also calls for boosting energy output. “When I’m back in the White House, I will immediately unleash energy production, slash regulations, like I did just three years ago, and repeal Biden’s tax hikes to get inflation down as fast as possible, and it will go quickly, so that interest rates can get back under control,” Trump says on his campaign website. “I would get inflation down, because drill we must,” he told “Meet the Press.”
Florida Gov. Ron DeSantis, says a spokesman, “will reduce inflation by, among other measures, tackling government spending, unleashing domestic energy and removing burdensome Biden administration regulations.”
Florida Gov. Ron DeSantis speaks in July during a press conference in West Columbia, S.C.
AP Photo/Sean Rayford
In his economic plan, DeSantis leans heavily into energy policy for addressing inflation. “DeSantis will unleash our domestic energy sector, modernize and protect our grid and advance American energy independence. This will not only increase our economic and national security while reducing inflation, [but] it will also help fuel a manufacturing renaissance that will create jobs, revitalize our communities and improve our standard of living,” says his plan.
He told “CBS Evening News with Norah O’Donnell” that, as president, he would “stop spending so much money. We need a president that’s going to be a force for spending restraint, because that’s one of the root causes, with Congress spending so much.” He criticized both Democrats and Republicans for government spending.
Vivek Ramaswamy
Republican presidential candidate Vivek Ramaswamy speaks in April at an event in Iowa.
AP
“This isn’t complicated,” entrepreneur and author Vivek Ramaswamy said in a recent post on X. “Fight inflation, unleash growth by taking the handcuffs [off] the U.S. energy sector & dismantling the regulatory state.” His campaign didn’t respond to MarketWatch’s request for comment, but his campaign website offers the following proposals:
Ramaswamy is also calling for dramatically changing the Federal Reserve, by ending the central bank’s dual mandate of keeping inflation low and maintaining full employment. “Limit the U.S. Fed’s scope: stabilize the dollar DXY
& nothing more,” his campaign site says.
Republican presidential candidate Nikki Haley is a former U.S. ambassador to the United Nations and former South Carolina governor.
Getty Images
“We want to eliminate the federal gas tax completely,” Haley told Fox Business. “We have to get more money in our taxpayers’ pockets.” That tax helps pay for highways, but she said the system isn’t working, echoing a point that some policy analysts have previously made. Biden pushed for temporarily suspending the federal gas tax in 2022, but Congress didn’t provide sufficient support for his proposal. In her economic speech, Haley also promised to cut income taxes for working families and make permanent the tax cuts that small businesses scored in 2017’s GOP tax overhaul.
The former U.S. ambassador to the United Nations said members of Congress are “spending like drunken sailors,” as she promised to reduce the federal government’s outlays. “I will veto any spending bill that doesn’t take us back to pre-COVID levels,” she told Fox Business, referring to budgets that date to before the onset of the coronavirus pandemic in March 2020.
Haley in her speech Friday pledged to support the U.S. energy industry, as she suggested that Washington has been “stifling it.” She said: “We’ll drill so much oil and gas, families will save big on their utility bills.”
Mike Pence
A spokesman for Pence’s campaign pointed to the former vice president’s plan for “ending inflation,” which calls for actions such as reducing the federal government’s spending and changing the Federal Reserve’s job description.
Former Vice President Mike Pence served as governor of Indiana and as a congressman before becoming Donald Trump’s running mate in 2016.
AP
A Pence administration would “end runaway deficits by freezing non-defense spending, eliminating unnecessary government programs, repealing over $3 trillion in new spending under Biden, and reforming mandatory programs that drive our debt,” the plan says. Earlier this year, he urged “commonsense and compassionate” reforms for programs such as Social Security and Medicaid.
Pence wants to end the Fed’s dual mandate, which calls for the U.S. central bank to focus on full employment and stable prices. “Trying to serve two, often contradictory goals has led to wild fluctuation in rates,” his plan says, adding that it’s better to “leave employment policy to the president and Congress.”
The former vice president’s plan said he aims to bring supply chains and production “back home,” and that would happen by “removing regulatory burdens, enacting pro-growth tax policies, and ensuring access to abundant American energy.” In other words: “We will fight inflation by making America the best place to do business again.”
Similar to his 2024 GOP rivals, Pence blasts Biden’s energy policies, though some of the Democratic incumbent’s stances, such as his approval of the Willow drilling project in Alaska, have also been criticized by environmental groups. Pence’s plan says: “It is time to reverse Biden’s attack on American energy by restarting oil and gas leasing on federal lands, opening the Arctic and offshore regions for exploration XOP,
approving safe transportation of oil and gas, mining rare earth minerals, and rejecting climate change hysteria that is causing U.S. energy XLE
production to fall.”
Chris Christie
Former New Jersey Gov. Chris Christie addresses a New Hampshire audience in April.
AP Photo/Charles Krupa
Chris Christie’s White House campaign didn’t respond to MarketWatch’s requests for comment, but the former New Jersey governor has emphasized that reducing government spending will help tame inflation.
“The out-of-control government spending has created this inflation,” Christie said in June during a CNN town hall. “I mean, even Larry Summers, who I don’t agree with much on, former Democratic Treasury secretary, warned Joe Biden, ‘Don’t do this spending. It’s going to cause the inflation.’ So, first, we need to bring spending down, and we’ve talked about that before.”
U.S. Sen. Tim Scott pointed to reducing the federal government’s spending and repealing one of Biden’s signature legislative packages, when asked about how he would address inflation.
Tim Scott, a U.S. senator from South Carolina, speaks last month during the presidential debate in Milwaukee.
Getty Images
Scott, from South Carolina, said in a statement that he would aim to “snap non-defense discretionary spending back to the pre-COVID 2019 baseline.” He described that as stopping Democrats from “turning the temporary pandemic into permanent socialism.”
Scott said he would rescind the Inflation Reduction Act, which is Democrats’ big economic package aimed at addressing climate change, capping drug costs and raising hundreds of billions of dollars through taxes on corporations. “The Inflation Reduction Act actually increased inflation and the only thing it reduced was money in our pockets,” he said in his statement. “Cutting that off and restoring tax cuts and eliminating the tax increases would go a long way to having the kind of stimulative impact in our economy and controlling spending.”
Scott called for stronger economic growth. “We have to also grow our economy somewhere near 5% consistently,” he said, adding that could create 10 million jobs. The U.S. economy grew by nearly 6% in 2021 after contracting in 2020 as COVID hit, then it expanded by about 2% in 2022.
Former Arkansas Gov. Asa Hutchinson blames “excessive federal spending” for leading to inflation when giving speeches, and outlines a plan for “fiscal responsibility” on his campaign site.
Asa Hutchinson, governor of Arkansas from 2015 until this year, speaks at an Iowa event in April.
Scott Olson/Getty Images
“Restore discipline by reducing federal government size, cutting spending, balancing the budget, and lowering the deficit to tame inflation,” it states.
When Hutchinson was governor, he signed a $500 million tax-cut package, saying “it could not come at a better time with the continued challenge of high food and gas prices.” That was in August 2022. On his campaign website, he repeats a call to cut taxes and “reduce regulations to boost the private sector and enhance wages for American workers.”
Hutchinson’s campaign did not respond to a request for comment from MarketWatch.
Doug Burgum
North Dakota Gov. Doug Burgum, a GOP presidential hopeful, speaks at the Iowa State Fair in August.
Brandon Bell/Getty Images
North Dakota Gov. Doug Burgum’s website says that as president he would “get inflation under control, cut taxes, lower gas prices RB00, +0.31%,
reduce the cost of living and help people realize their fullest potential.” It doesn’t provide specifics.
A spokesman for Burgum’s White House campaign didn’t respond to MarketWatch’s requests for comment. A spokesman reportedly told the New York Times that the campaign will roll out its vision and plans on its own timeline.
Larry Elder
Larry Elder, a conservative radio host and a gubernatorial candidate in California in the failed 2021 recall of Democratic incumbent Gavin Newsom, said he views energy and tax policy and a constitutional amendment as ways to whip inflation.
Larry Elder is a conservative radio host and former gubernatorial candidate in California.
AP
“Reverse the war on oil CL00, +0.93%
and gas NG00, -2.65%
; permit drilling in Anwar [Arctic National Wildlife Refuge]; authorize the Keystone Pipeline; reverse the Biden restrictions on drilling on federal lands; and encourage nuclear energy NLR,
” Elder said in a statement.
“Encourage an amendment to the Constitution to set spending to a fixed percent of the GDP,” he also said.
Elder said the reduction in spending forced by that constitutional amendment would “coincide with a steep reduction in personal and corporate income taxes,” offering further help to Americans with stretched budgets.
Will Hurd
2024 Republican presidential hopeful Will Hurd, a former Texas congressman, speaks in Iowa in July.
AFP via Getty Images
Former U.S. Rep. Will Hurd of Texas announced his candidacy in June but so far hasn’t made it to the debate stage. In his campaign-launch video, he labeled inflation “still out of control.”
In a post on X in June, Hurd called for reining in spending. “You cannot be putting government funds into, at a time where you’re seeing the rising inflation,” he said.
And he said tax hikes are a nonstarter when inflation is high. “The worst time to talk about increasing taxes is when everybody’s hurting from inflation.”
Hurd also said the deficit should be addressed, to “start bending the curve back on the debt.”
Hurd’s campaign did not respond to a request for comment from MarketWatch.
It was past midnight when Alessandra Millican and a friend entered the Bellagio hotel room that was costing them hundreds of dollars a night, but unexpected noises made them stop cold.
“We started hearing grunts,” she said. “It’s somebody waking up — we were halfway through the room and we realized there’s somebody sleeping in here.”
I don’t quite remember my first Barbie, but what I do remember is that I went through a lot of them as a kid. And I mean a lot. Mainly because I was hellbent on giving them the perfect layered haircut, and as a result, they all turned into “Weird Barbies.”
But despite all the bad haircuts, Barbie will forever be a bright spot in my childhood, a time when I had no worries and life was seemingly perfect. Now, as an adult, I was able to once again experience the magic of Barbie when I recently visited the Barbie Dream Suite at Fairmont The Queen Elizabeth in Montreal, Canada.
Almost immediately after stepping foot inside the Barbie Dream Suite, I was transported back to when my cousin and I would sit in the middle of my grandmother’s living room playing Barbies. Only now I was the Barbie in Barbie Land.
The Barbie Dream Suite is unlike anything I’ve ever experienced before. From the pink-hued utensils in the kitchenette to the vintage Barbies displayed in the dining room and the old-school Barbie Fashion Doll Case displayed on the countertop, every detail is a treat thoughtfully curated by Fairmont and Mattel. Walking through the suite felt like taking a nostalgic walk down memory lane — there is truly something for everyone to marvel over.
The suite is part of Fairmont Hotels and Resorts’ Beyond LIMITS experiences, a series of adventures exclusively designed for Fairmont properties around the world. Through Beyond LIMITS, guests can enjoy a variety of experiences in the official Barbie suite, from an Instagram-worthy tea party to a fun-filled pajama soirée. I, for one, highly recommend the latter.
Additionally, guests can get a taste of what it’s like to live like Barbie (or Ken) by sipping on Barbie-inspired cocktails at Fairmont’s Nacarat bar and grabbing some desserts at the Barbie Sweets Shoppe at Marché Artisans. Afternoon tea is also available at the hotel’s Rosélys Restaurant every Saturday.
The Barbie Dream Suite is available now exclusively at Fairmont The Queen Elizabeth in Montreal until Monday, Sep. 30, 2024, starting at CAD $1,499 per night for up to four guests.
Get ready to step inside the fabulous world of Barbie and learn more about the Dream Suite ahead.
Starbucks Corp. on Wednesday said former Chief Executive Howard Schultz is stepping down from its board of directors, capping a nearly 40-year career during which the company grew from a handful of stores in Seattle into a global coffee chain.
Schultz’s retirement from the board, which ends his involvement in the company’s leadership, took effect Wednesday and was part of a planned transition, the coffee chain said. Schultz stepped down as Starbucks SBUX, +0.72%
chief executive in March.
The company on Wednesday also said that it had elected Wei Zhang to its board of directors, effective Oct. 1. Zhang was most recently a senior adviser to Chinese e-commerce giant Alibaba Group BABA, -0.75%
and also held leadership positions at News Corp China and CNBC China.
Shares of Starbucks were down 0.7% after hours on Wednesday.
Starbucks said Schultz “will now turn his attention with his wife, Sheri, to focus on a range of philanthropic and entrepreneurial investments to create greater opportunity, accessible to all.” The company noted that the two were co-founders of the Schultz Family Foundation in 1996, and of the emes project.
Although he was not technically the founder of the coffee chain, Schultz became the modern face of it. Schultz joined Starbucks in 1982 as its director of operations and marketing. After a brief hiatus from the company, he returned in 1987 as chief executive and bought the business with backing from local investors, according to a biography on the Starbucks website. The chain went public in 1992.
As the chain’s footprint expanded beyond the U.S., Schultz stepped down from the CEO role in 2000 but returned in 2008. He retired from Starbucks in 2018, then came back as interim chief executive and board member last year.
Over those years, Starbucks has banked on China for international growth — even as that country’s economy remains turbulent following the postpandemic reopening. It also added food and cold and customizable drinks to its menus and built out its mobile-ordering infrastructure.
The company has branded itself as a progressive employer and a supporter of social justice. But over the past two years, the company, and Schultz in particular, have faced criticism over the handling of employees who were trying to unionize. Union members have accused the chain of unfair labor practices, retaliation for organizing and delaying contract negotiations, leading to deeper scrutiny from lawmakers.
“We hope this is an opportunity for Starbucks to change course and leave their union-busting behind them,” Starbucks Workers United, the union representing those workers, said Wednesday in a tweet.
Still, even as inflation has eaten into consumer savings, Schultz said coffee has remained an “affordable luxury” for many customers. And Starbucks management said that younger, loyal consumers and customizable drinks would help sustain demand.
According to a filing on Wednesday, Schultz will still be connected to the company in other ways. Starbucks said it would amend Schultz’s retirement agreement from 2018 and continue to provide him and his spouse with security services.
“The security services will be provided for a period of 10 years and will be evaluated on an annual basis,” the filing said. “In recognition of Mr. Schultz’s leadership as the company’s founder and chairman emeritus, the company will also provide Mr. Schultz with the reimbursement of his monthly healthcare insurance premiums.”
The ease of requesting an early check-in or a late checkout is now a relic of the past for an increasing number of hotels, The Wall Street Journalreported.
For example, the Hyatt Place Boston Seaport is charging guests $50 for staying past 1 p.m., with fees increasing up to $100 for later times, the outlet found. San Francisco’s Hotel Nikko, part of the Nikko International Hotel chain,charges $50 for check-ins before 1 p.m. Vice President and General Manager Anna Marie Presutti told the WSJ it is the “price of convenience.”
Other hotel chains, such as Marriott, defended the fees to the outlet, stating it’s within their right to implement them. One traveler, Amy Franks, told the WSJ that she was charged $35 for checking in a few hours early at the Hilton DoubleTree Suites in Orlando, Florida.
Some hotels insist that fees are necessary due to occupancy rates and limited room availability. Terrence O’Donnell, general manager of theCromwell in Las Vegas, owned and operated by Caesar’s Entertainment, told the WSJ that the fees help manage the 188-room hotel’s occupancy.
As travel has rebounded significantly since the pandemic, lodging costs have also increased.
According to data firm Statista, the average daily rate for hotels in the U.S. jumped from $125 in 2021 to $148.83 in 2022. While the cost of airfare decreased year-over-year by 19% in June, according to the U.S. Travel Association, lodging was up 5%, as well as recreation and food “away from home” jumped 7.6% year-over-year.
Online sports-betting company Penn Entertainment Inc. sealed a $1.5 billion deal with Walt Disney Co.’s DIS, +1.50%
ESPN to launch ESPN Bet, a branded sportsbook for fans in the U.S., and pivoted away from Barstool Sports on Tuesday, selling the platform back to founder Dave Portnoy.
Penn Entertainment PENN, -0.68%
will rebrand its current sportsbook and relaunch as ESPN Bet in the fall in 16 legalized-betting states where Penn is licensed.
The rebrand — which includes the mobile app, website, and mobile website — sent Penn’s stock soaring 13% in after-hours trading Tuesday. ESPN Bet will benefit from exclusive promotional services across ESPN’s platforms, including access to ESPN talent, the companies said.
Penn will pay ESPN $1.5 billion over 10 years as part of the strategic partnership, and will grant ESPN $500 million of warrants to purchase about 31.8 million Penn common shares, with additional bonus warrants possible.
“Together, we can utilize each other’s strengths to create the type of experience that existing and new bettors will expect from both companies, and we can’t wait to get started,” Penn Entertainment Chief Executive Jay Snowden said in a release.
Penn also said it has divested 100% of its stake in Barstool Sports to Portnoy, allowing the sports media platform “to return to its roots of providing unique and authentic content to its loyal audience without the restrictions associated with a publicly traded, licensed gaming company.”
For Penn, the ESPN partnership represents “a clear step up from Barstool in terms of mass appeal…and minimal regulatory risk,” according to Wells Fargo analyst Daniel Politzer, who said it was a “nearly impossible challenge for a publicly traded, licensed gaming company” to own “a media platform that thrived on viral/provocative content.”
Still, he said in a note to clients that “it’s premature to conclude this is a game change” since past partnerships between online sports-betting companies and media players have come up short of what initial fanfare would’ve suggested.
The news sent rival DraftKings Inc. shares DKNG, +0.25%
sinking about 5% in after-hours trading.
The decline in DraftKings shares comes as they’ve advanced 178% so far in 2023, through Tuesday’s close. Two analysts upgraded DraftKings’ stock just this week.
Warren Buffett’s Berkshire Hathaway swung to a profit in the second quarter owed to its investment portfolio and insurance holdings, according to a release out Saturday.
The holding company with businesses that range from insurer Geico and railroad BNSF Railway to Dairy Queen restaurants and its own energy division posted net income of $35.9 billion, or $24,775 a class A share equivalent. That compared with a loss of $43.8 billion, or $29,754 a class A share equivalent, a year earlier.
BRK.B, -1.08%
after-tax operating earnings, a figure Warren Buffett wants shareholders to and which excludes some investment results, rose 6% to just over $10 billion from $9.3 billion a year earlier. Regulations do require Berkshire to include unrealized gains and losses from its investment portfolio when it reports its net income.
Berkshire’s stock repurchases totaled $1.4 billion in the second quarter, compared with $4.4 billion in the first quarter and $1 billion for the year-earlier period. The Q2 repurchases were below an estimate of $2.2 billion from UBS analyst Brian Meredith.
Reduced buybacks did come alongside appreciation in Berkshire stock, which was up 10% in the second quarter.
Berkshire ended the second quarter with $147.4 billion in cash and cash equivalents, compared with $105.4 billion in the same period a year ago.
Berkshire’s Class A shares have been hovering near all-time highs, up 21% over the past year and bringing the company’s market value to roughly $780 billion.
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