Dow Jones Futures: Market Correction Intensifies; Warren Buffett’s Berkshire,

Dow Jones futures will open on Sunday evening, along with S&P 500 futures and Nasdaq futures, with the upcoming Fed meeting in focus. The stock market correction intensified last week, as the major indexes sold off again, plunging into Friday’s close.

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Two market rally attempts failed almost as soon as they started. Investors should stay nearly or entirely on the sidelines until the market offers clear signals of a sustained uptrend.

Warren Buffett’s Berkshire Hathaway (BRKB) will report earnings on Saturday. China EV makers Nio (NIO), Xpeng (XPEV) and Li Auto (LI) should release April deliveries on Sunday, with China’s lockdowns affecting production and shipments. EV giant BYD (BYDDF), which will report April sales around Tuesday, appears to have been less affected. Tesla (TSLA) China production and sales, among the hardest hit, will be released a little later in May.

Nutrien (NTR) kicks off fertilizer earnings Monday morning. Mosaic (MOS) reports late Monday, with CF Industries (CF) due Wednesday.

NTR stock fell 5.4% to 98.25 last week, but is finding support around its 50-day line after a big run. MOS stock skidded 6.5% last week, but closed around its 50-day line as well. CF stock rebounded to end the week down just 0.2%, slightly above its rising 50-day line.

Tesla stock is on IBD Leaderboard. CF stock is on the IBD 50. CF, Mosaic and NTR stock are all on the IBD Big Cap 20.

The video embedded in this article discusses the volatile market action and analyzes BRKB stock, Exxon Mobil (XOM) and Nutrien.

Fed Meeting

But the big event this week for investors is the Federal Reserve meeting on May 3-4. Policymakers almost certainly will hike interest rates by 50 basis points and are expected to agree to start cutting the central bank’s massive balance sheet. Wall Street will key in on the Fed statement and Fed chief Jerome Powell’s news conference for clues about future rate hikes.

Markets have priced in at least two more 50-point Fed rate hikes, but there’s a chance that policymakers could go ahead with a 75-basis point increase in the near future. Policymakers are worried about inflation becoming entrenched, even if year-over-year increases may be peaking. But aggressive rate hikes could derail the economy, especially with China’s Covid shutdowns and the ongoing Russia-Ukraine war.

Warren Buffett Stocks: What’s Inside Berkshire Hathaway’s Portfolio?

Berkshire Earnings

Berkshire earnings will be released Saturday ahead of the company’s annual shareholder meeting, where Buffett will hold court once again.

Berkshire is an insurance giant that owns BNSF railroad, among other companies, with its top stock investment in Apple (AAPL). Those were strong areas of the market in March. But since then, Apple stock and rail operators have come down, while insurers have struggled.

Buffett has focused on Berkshire stock buybacks, limiting big new purchases, though he has taken a big stake in Occidental Petroleum (OXY). Will he continue big buybacks in the coming year, or does he see buying opportunities with share prices coming down?

Will Buffett, 91, and Vice Chairman Charlie Munger, 98, provide more details on a succession plan?

BRKB stock…