Berkshire Hathaway meeting, Spirit shuts down, Meta’s return to court and more in Morning
May 4, 2026
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Happy Monday. Congratulations to Golden Tempo on winning the Kentucky Derby. However, as a financial journalist, I felt inclined to root for Emerging Market.
Stock futures are falling this morning. The market is coming off a winning week.
Here are five key things investors need to know to start the trading day:
1. Is Abel able?
Berkshire Hathawayfirst annual meeting since Warren Buffett left the chief executive role at the start of the year. CEO Greg Abel discussed company performance and answered questions from attendees, at times flanked by other leaders from the trillion-dollar conglomerate.
Here’s what to know:
- Abel addressed everything from artificial intelligence to Berkshire’s equity portfolio, all while aiming to show he would run Berkshire in a similar fashion to his predecessor.
- In an exclusive interview with CNBC’s Becky Quick on the sidelines of the meeting, Buffett said the investing environment isn’t “ideal” for Berkshire.
- Berkshire’s cash pile expanded to a record $397.4 billion in the first quarter. The conglomerate said its operating earnings grew in part from a rebound in its insurance business.
- The “Berkshire Bazaar of Bargains” shopping event drew smaller crowds and shorter lines than in years past, a sign of waning interest in the meeting without Buffett at the helm.
- But investors appeared largely pleased with Abel’s performance so far, even if it lacked the parcels of wisdom and life advice that Buffett became known for dolling out.
2. With you in spirit
Spirit Airlines ceased operations early Saturday after the budget airline failed to get its bond investors behind a $500 million government bailout deal. As CNBC’s Leslie Josephs writes, it marks the end of an era in discount travel.
The Florida-based airline, known for its yellow planes and no-frills service, was plagued by soaring costs and a failed merger. Spirit said 17,000 direct and indirect employees lost their jobs.
The air carrier said it would automatically refund tickets purchased directly with a credit or debit card. Other airlines said they would cap fairs in a bid to help stranded travelers. If you had a ticket to fly on Spirit, here’s what you should know.
3. Strait-ening things out
President Donald Trump said yesterday that the U.S. will try to “free” ships that have been stuck in the Strait of Hormuz since the Iran war began. Trump did not elaborate how the effort, which he said would begin this morning, would be run or how military forces would be involved.
Oil prices are higher this morning after Iranian state media reported that missiles hit a U.S. vessel near the Strait of Hormuz. U.S. Central Command denied those reports, saying in a post on X that “no U.S. Navy ships have been struck.” But the jump in oil prices put pressure on stocks: Futures tied to the Dow Jones Industrial Average
4. Tech trials
Metareturning to court in New Mexico today in a child safety case that could decide whether the Facebook parent is a public nuisance. The state’s attorney general is seeking “approximately $3.7 billion in abatement costs as well as injunctive relief,” Meta said in a filing last week.
The Big Tech company in March lost the first round of the trial, which focused on claims that the company did not adequately protect children from sexual predators on its apps. The jury ruled that Meta willfully violated New Mexico’s unfair practices act and owed $375 million. Now, the second phase of the trial will determine whether the company’s actions amounted to a public nuisance and could necessitate product changes.
Meanwhile, proceedings in the California trial between Teslawas the main event from the case’s first week in court.
5. The jury’s out
Kevin Warsh, Trump’s nominee to lead the Federal Reserve, seems to have his own take on the independence of the central bank. As CNBC’s Steve Liesman and Matt Peterson report, many former Fed officials aren’t on board with it yet.
Six former central bank leaders told CNBC that Warsh’s comments during his Senate confirmation hearing last week were unclear and confusing at best, and worrisome at worst. Yet the officials said they were not ready to come to conclusions about Warsh’s potential leadership. Warsh declined CNBC’s request for comment.
The Daily Dividend
Here’s what we’re keeping an eye on this week:
- Monday: Paramount SkydancePalantir TechnologiesPinterest
- Tuesday: PayPalPfizerSuper MicroAdvanced Micro DevicesLucid
- Wednesday: DisneyCVSRestaurant Brands InternationalUber TechnologiesWarner Bros. DiscoveryArm HoldingsSnap
- Thursday: TapestryMcDonald’sPelotonAirbnbAffirm HoldingsBlockCoreWeaveCoinbase
- Friday: Jobs report for April
— CNBC’s Yun Li, Sarah Min, Alex Crippen, Becky Quick, Leslie Josephs, Azhar Sukri, Garrett Downs, Justina Lee, Jonathan Vanian, Ashley Capoot, Steve Liesman and Matt Peterson contributed to this report.
Davis Giangiulio assisted in the production of this newsletter. Josephine Rozzelle edited this edition.
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