Good morning. Warren Buffett announced over the weekend that he will step down as CEO of Berkshire Hathaway at the end of this year. Unhedged has plenty of thoughts on Buffett’s legacy, and will share them in the coming days. For now, let’s just raise a glass (or a mug, if you’re reading this at publication time) to the Oracle of Omaha. Email me: aiden.reiter@ft.com. 

US jobs and market recovery

After a (deceptively) negative GDP print and a string of dire sentiment readings, there was a lot of market anxiety surrounding Friday’s jobs report. If the April numbers came in below expectations, it would be the hardest evidence yet that uncertainty and tariffs are taking their toll on the US economy. 

Didn’t happen: 177,000 jobs were added, well above the consensus forecast of 138,000, and the unemployment rate held steady at 4.2 per cent. The market rejoiced, with the S&P 500 up over 2 per cent. The 10-year Treasury yield bumped up 10 basis points as investors paired back expectations for Fed cuts.