The S&P 500 has surged in the first half of 2024, fueled by strong earnings and a potential Fed rate cut.Meanwhile, Warren Buffett has doubled down on Occidental Petroleum, while marijuana stocks remain sluggish.is off to a blistering start in 2024, notching the best first half of an election year in history. It has surged 13.9% in the first 114 trading days, surpassing the previous record of 13.5% set in 1961.
This move highlights Buffett's long-standing interest in the energy sector, particularly oil and gas. Occidental Petroleum exceeded first-quarter expectations with record production and cost reductions. What's behind the industry's sluggish performance? The answer lies in a harsh regulatory environment. In both Canada and legalized US states, marijuana sales and production are subject to strict regulations, which inflate production costs.
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