US pre-market update: Why did Buffett's Berkshire report $44 billion losses, Chinese stocks falling

How will market open today?

• Stock futures are trading higher post strong jobs report last week.
• Resilient labor market also signaled that the economy could withstand more rate hikes.
• Clean energy related stocks are in focus after the Senate passed a $430 billion climate bill.
• SoftBank posts a $21.6 billion quarterly loss on its Vision Fund, leading to fall in Chinese stocks.
• On the economic front investors await for July inflation data, releasing on Wednesday.

Warren Buffett suffers losses

• Decline in US stock market led to $43.8 billion loss for Berkshire Hathaway in the June quarter.
• Warren Buffett has asked investors to not focus on the quarterly fluctuations in Berkshire’s equity investments.
• However, its operating profit rose 39% on-year to $9.3 billion as the insurance and railroad businesses posted gains.
• Berkshire is sitting on a cash pile of $105.4 billion even after $3.8 billion in new investments and $1 billion in stock buybacks.
• Earlier this year, Berkshire Hathaway had agreed to buy insurance firm Alleghany for $11.6 billion, making it Buffett’s biggest deal since 2016. 
• Analysts’ gave ‘Neutral’ rating on Berkshire post earnings amid current uncertainty in the markets.