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5 things you need to know before the stock market opens on Monday, May 3rd

Here are the most important news, trends and analyzes that investors need to start their trading day:

1. “Sell in May, disappear” does not take place on the first trading day

Traders on the floor of the New York Stock Exchange.

Source: NYSE

Dow futures jumped 200 points on the first day of trading in May. The average value of 30 shares fell by 1

85 points, or 0.5%, on Friday, but still ended April with a monthly gain of 2.7%. The S&P 500 and Nasdaq performed worse than the Dow on Friday, but each turned over 5% profit for the whole of April. Wall Street’s saying “sell in May, disappear” doesn’t seem to materialize on Monday, but it’s a historic trend that investors will watch as May plays. Stocks related to Covid’s economic return were higher in the upstream market, including Norwegian Cruise Line and Carnival and major US airlines.

2. When Warren Buffett is no longer CEO of Berkshire, Greg Abel will succeed him

Greg Abel at the Berkshire Hathaway Annual Meeting in Los Angeles, California. May 1, 2021

Gerard Miller CNBC

Berkshire Hathaway’s Charlie Munger has inadvertently revealed who will succeed Warren Buffett as CEO. Asked on Saturday whether the company would eventually be too complex to run, the 97-year-old Berkshire vice president said: “Greg will keep the culture.”

CNBC confirms that this will be Vice President Greg Abel. “If, God forbid, something happened to Greg tonight, then it would be [Vice Chairman Ajit Jain], “90-year-old Buffett told Becky Quick on CNBC after the Berkshire shareholders’ meeting this weekend. Abel, 59, and Jain, 69, were nominated for the top job as they were promoted to vice presidents. the company 2018

Buffett told CNBC that age was a determining factor for the board. “They’re both wonderful boys. The chances of someone having a 20-year-old track, however, make a real difference.”

3. Buffet hits Robinhood; Munger calls bitcoin “disgusting”

Warren Buffett and Charlie Munger at the Berkshire Hathaway Annual Meeting in Los Angeles, California. May 1, 2021

Gerard Miller CNBC

Robinhood encourages gambling behavior in the stock market, Buffett said at the annual meeting in Berkshire. Robinhood “has become a very important part of the casino aspect, the casino group that has joined the stock market in the last year or a year and a half,” Buffett said, adding that he was unhappy, for example, to learn how short-term options in Apple.

Munger’s disregard for bitcoins has only intensified, as the digital asset set a record this year. “Of course I hate the success of bitcoins,” he said during a question session at the Berkshire meeting. “I don’t welcome a currency that is so useful to kidnappers and extortionists,” Munger added, saying “all the damn development is disgusting.”

4. Apple’s App Store is testing for a threat to the so-called fenced garden

This illustrative photo shows a man waiting for an update of Fortnite’s Epic Games on his smartphone in Los Angeles on August 14, 2020.

Chris Delmas AFP | Getty Images

Apple is facing the beginning of one of its most serious legal threats in recent years. A lawsuit in federal court, which will be heard on Monday, was filed by Epic Games, maker of the popular video game Fortnite. Epic wants to remove the so-called fenced garden of the Apple App Store. Private Epic accuses Apple’s $ 2.2 trillion market capitalization of what once turned the small digital storefront into an illegal monopoly. Apple charges a commission of 15% to 30% for purchases made in applications. Apple denies Epic’s claims.

5. Verizon is considering selling the remnants of AOL and Yahoo

Website pages from Yahoo! Inc., left and AOL Inc. are displayed on the computer monitor.

Chris Ratcliffe Bloomberg | Getty Images

Verizon will sell its media group to private investment company Apollo Global Management for $ 5 billion, the companies announced Monday. The sale allows Verizon to unload properties from former AOL and Yahoo internet empires. Verizon will retain a 10% stake in the assets, which will be rebranded only to Yahoo. Verizon bought AOL in 2015 for $ 4.4 billion and Yahoo in 2017 for $ 4.5 billion. When Verizon sells online, media brands under former Yahoo and AOL umbrellas – such as TechCrunch, Yahoo Finance and Engadget – will go to Apollo.

– The Associated Press contributed to this report. Follow all market actions as a professional CNBC Pro. Get the latest on the pandemic with CNBC coronavirus coverage.

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