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Nasdaq 100 futures (NQ1!) were more than 4% lower on Monday morning amid a global equities selloff after weaker-than-expected U.S. employment data on Friday renewed fears of a recession in the world’s largest economy.

Japan’s Nikkei Index also weighed on investor sentiment early Monday after it plummeted more than 12% to record its largest single day percentage decline since 1987’s Black Monday stock market crash.

Nasdaq 100 futures have slumped around 15% from their record close last month, officially entering correction territory, as investors continue to offload shares in large-cap tech stocks amid macroeconomic uncertainty and recent downbeat guidance from sector giants Amazon (AMZN) and Intel (INTC).

Below, we take a closer look at the Nasdaq 100 futures chart and use technical analysis to point out important price levels to watch out for amid the sell-off.

Since a bearish engulfing pattern marked their record high on July 11, Nasdaq 100 futures have staged a sharp reversal, with the price currently trading around the closely watched 200-day moving average.

Amid the index's correction, investors should monitor three key price levels where bargain hunters may seek out buying opportunities.

The first sits around 17,150, an area on the chart that will likely encounter support from a horizontal line linking the December 2023 swing high and April swing low, two prominent price points that formed as part of the broader uptrend between January last year and last month’s record high. It’s also worth pointing out that the relative strength index (RSI) has moved into oversold territory below the 30 threshold, increasing the chances of a bounce at this level.

The next lower area to watch lies at 16,100, where the futures could attract buying interest near the July and November 2023 peaks, a location that may flip from providing prior resistance to future support.

Finally, a more significant downturn could see the futures revisit 15,400, where they would likely find support from a trendline connecting multiple peaks and troughs during a rangebound period from June to October last year. Such a move represents a decline of around 13% from current prices.

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The Indigenous People of Biafra has lambasted those behind the recent #IgboMustGo campaign in Southwest Nigeria, especially Lagos.

The organisation, in a statement by its spokesman, Emma Powerful on Monday, August 5, said Igbo people are ready to leave Yoruba land and indeed Nigeria via a referendum.

According to the statement, “Following the provocative and genocidal “IgboMustGo” proposed protest slated to commence from August 20-30th 2024, by some faceless Yoruba groups and persons, the Indigenous People of Biafra (IPOB) wish to remind the Yoruba anti-Igbo groups that Ndigbo are ready to exit Yoruba land and Nigeria via a referendum. Ndigbo will not succumb to any thr£@t from any group or persons to leave any state or region in Nigeria.

It is laughable that the Governor of Lagos State, Mr. Babajide Sanwo-Olu was reported to have hypocritically cond£mned the proponents of the “Igbo Must Go” protest.

The Governor will not hoodwink Ndigbo with his hypocritical cond£mnation of those calling for Igbos’ expulsion from the South West Region of Nigeria. The governor was the first to ethnically profile Ndigbo with his biased demolition of Ndigbo’s businesses, properties, and investments in Lagos State…(swipe left to continue reading)

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One-in-four Americans ranked risks of rising costs, loss of insurance, or damages due to extreme weather as one of the top three risks to their retirement income, but relatively few have a plan in place to face that challenge, a new study shows.

A survey from Allianz Life, an insurance and annuities provider, found that 56% of people said they had anxiety about rising costs, financial losses, or health effects from extreme weather events or natural disasters. However, only 10% of those respondents said they had discussed the concerns with a financial professional.

"Extreme weather has the potential to erode wealth just like other risks to a retirement strategy like inflation and increasing medical costs,” said Lorinda Niemeyer, head of sustainability, Allianz Life.

Climate change as a risk to retirement savings is right up there next to concerns over taxes, debt, or caregiving responsibilities, according to the survey.

However, even among people who have had their finances affected by extreme weather events, only slightly more than a third (36%) have factored in the impact of extreme weather or natural disasters into their retirement planning, the study showed.

Peter Krull, a partner and director at Earth Equity Advisor, said people typically resist any action till climate change affects them, "but we're starting to see that it's impacting more and more people."

Experts recommend keeping extra cash in their emergency fund when preparing for natural disasters and extreme weather events.

Justin Haywood, a CFP and president of Haywood Wealth Management, notes that residents of the Gulf Coast who are affected by tropical storms and hurricanes may need to keep extra cash to prepare for unexpected expenses they may incur if they need to evacuate in an emergency. 

“If you need to spend a few thousand dollars on a hotel room because you evacuated, you want to have cash on hand and not have to raid your retirement fund,” says Haywood.

Extreme weather has pushed up one cost significantly for homeowners—their home insurance bill.

According to Freddie Mac data, the average homeowner paid $1,522 for home insurance in 2023 , up roughly 11% from the prior year but 40.8% higher than the premiums in 2018. States prone to natural disasters and weather events saw homeowners shelling out more to protect their homes.

That's because when insurance companies faces higher-than-expected claims, they suffer underwriting losses, a cost that they then pass on to policyholders via higher premiums.

Krull notes that homeowners in California, Florida, and the Gulf Coast may see their premiums rise or could even lose their insurance as insurers reevaluate climate risks. In California, some major insurance providers no longer provide homeowners insurance to residents because of the risk of wildfires.

In Houston, TX, Haywood, said some of his clients have noticed their home insurance costs rising, and advises them to consider planning for a higher inflation rate on their insurance rates.

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The Nigeria Police Force has arrested a young man, identified as Ahmed Tailor, for allegedly sponsoring and distributing Russian flags to protesters in Kano State.

According to Force Public Relations Officer Olumuyiwa Adejobi, Tailor was apprehended with seven Russian flags in his possession.

Adejobi stated that Tailor is a key suspect in the promotion of treasonous activities, including the display of Russian flags and calls for anarchy in Kano and across Nigeria.

“Ahmed Tailor arrested in Kano today with seven more flags. He is one of the sponsors of treasonable felony, flying Russian flags and calling for anarchy in Kano, Nigeria at large,” Adejobi said.

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The Federal Government has postponed this week’s Federal Executive Council (FEC) meeting earlier scheduled for Monday afternoon, August 5.

It was gathered that President Bola Ahmed Tinubu will instead meet with service chiefs.

The meeting is expected to have in attendance the vice president, the national security adviser, all service chiefs, the inspector general of police, the comptroller generals of customs, and immigration, and the chief of staff to the president.

Sources close to the matter told Channels Television on condition of anonymity, that the urgent meeting with security chiefs may not be unconnected to the ongoing nationwide hunger and hardship protests.

This is coming after President Bola Ahmed Tinubu gave a nationwide broadcast on Sunday morning, asking protesters to suspend their action and come forward for dialogue.

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Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) updated investors on its second-quarter financial results Saturday, revealing its cash pile rose to a record high as it made more cuts to its stake in Apple (AAPL), while its operating profit surged as its insurance underwriting business made gains, and more.

Berkshire's cash and U.S. Treasury holdings rose to another record high in the second quarter at $276.9 billion, with $234.6 billion of that in Treasury bills. In the first quarter, the company’s cash pile totaled $189 billion. 

Buffett has been a longtime fan of Treasurys, calling them “the safest investment there is” at Berkshire’s annual meeting in May, though the massive size of Berkshire’s growing reserve has raised speculation about how the company might eventually deploy it—or keep adding to it, with Treasury bill yields over 5%. 

While the firm could move to expand its portfolio, Buffett suggested earlier this year that few candidates in the U.S. satisfy Berkshire’s criteria, with "essentially no candidates” elsewhere, saying “things aren’t attractive.”

The rise in Berkshire's cash pile came as it said it sold $75.5 billion worth of stock in the quarter. The company used $345 million to buy back Berkshire stock. 

After trimming its stake in Apple by about 13% in the first quarter, Berkshire cut its stake further, reporting that its Apple holdings were valued at $84.2 billion at the end of the second quarter, suggesting it sold about 390 million shares or nearly half its stake. 

Berkshire also lowered its stake in Bank of America (BAC). While not reflected in Saturday's report, Berkshire continued trimming its stake in Bank of America in July, recent filings showed. 

Berkshire retains significant stakes in Apple and Bank of America despite the cuts, with the two stocks still representing its top holdings, though Berkshire’s selling spree over the last few quarters has raised speculation Buffett may be concerned about the market becoming overheated or raising cash for successors. 

Back in May, Buffett had suggested earlier sales of Apple stock came as Berkshire was building its cash position, and said it’s "extremely likely" Apple would still be Berkshire's largest holding at the end of 2024. 

Berkshire’s operating income, which Buffett has said provides a better picture of the health of the company's businesses than net income, came in at $11.6 billion, up from $11.2 billion in the first quarter, and $10 billion a year earlier. 

Nearly half of the gains in Berkshire’s operating income came from underwriting and investments in Berkshire's insurance businesses as claims costs and catastrophe claims eased. Berkshire’s BNSF Railway and Berkshire Hathaway Energy utility businesses weighed on results. 

Berkshire Hathaway's Class B shares have outperformed the S&P 500 so far this year, up about 20% since the start of the year, at $428.36 as of Friday's close.

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