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By JOSH FUNK

OMAHA, Neb. (AP) — Billionaire investor Warren Buffett said Saturday that he wants to step down as chief executive of Berkshire Hathaway at the end of the year. The revelation came as a surprise because the 94-year-old had previously said he did not plan to retire.

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Buffett, one of the world’s richest people and most accomplished investors, took control of Berkshire Hathaway in 1965 when it was a textiles manufacturer. He turned the company into a conglomerate by finding other businesses and stocks to buy that were selling for less than they were worth. read more

By Sara Rathner, NerdWallet

We’re not in a recession (as of this writing, at least), but that doesn’t mean people aren’t stressed. A NerdWallet survey found that 85% of Americans have concerns about tariffs, with 45% worrying that tariffs will result in a recession.

Experts aren’t too far behind in their fears. In early April, for example, J.P. Morgan Research raised their probability of a recession in 2025 to 60%, up from 40% at the beginning of 2024.

“There’s a lot of worry and concern right now in what is unknown, but there’s comfort in what is known,” says Bruce McClary, senior vice president, membership and communications at the National Foundation for Credit Counseling (NFCC). “There’s a lot that may be outside of your control, but there’s a lot within your control if you have the right information and take the right steps.”

Even if you’re in a stable position, there are ways to increase your financial resilience, and that includes taking a hard look at your credit. When times get tough, your credit health matters. It can give you more options if you need to spread out payments for unexpected expenses, open a new card, or negotiate with your card issuer for help if you’re struggling to afford your bills. read more

By DEE-ANN DURBIN

Guacamole has been spared from tariffs for now. But salsa may not be so lucky.

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While President Donald Trump put threatened tariffs on Mexican avocados on pause, the U.S. government plans to put a nearly 21% duty on fresh Mexican tomatoes starting July 14. A duty — like a tariff — is a tax on imports, and this one would impact the 4 billion pounds of tomatoes the U.S. imports from Mexico each year.

Proponents say the import tax will help rebuild the shrinking U.S. tomato industry and ensure the produce eaten in the U.S. is also grown there. Mexico currently supplies around 70% of U.S. tomato market, up from 30% two decades ago, according to the Florida Tomato Exchange. read more

By DAMIAN J. TROISE, AP Business Writer

NEW YORK (AP) — Stocks slipped in afternoon trading on Wall Street Monday and oil prices fell to a four-year low as the OPEC+ group announced plans to increase output.

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The S&P 500 fell 0.3%. The benchmark index is coming off of its ninth straight gain.

The Dow Jones Industrial Average rose 110 points, or 0.3%, as of 12:13 p.m. Eastern time. The Nasdaq composite fell 0.5%.

There were more gainers than losers within the S&P 500 index, but the market was weighed down by losses in technology stocks and other big companies. Apple slumped 3%, while chipmaker Nvidia fell 0.7%. Tesla fell 3.8%. read more