Stocks rose on Monday, continuing last week’s upward trend, as a weaker-than-expected U.S. jobs report fueled speculation of a potential interest-rate cut from the Federal Reserve. The market saw notable movements from key players such as Berkshire Hathaway, Apple, Micron Technology, Tesla, Robinhood Markets, Tyson Foods, Spirit Airlines, Perficient, Li Auto, and Palantir Technologies.
Warren Buffett’s Berkshire Hathaway reported a 39% increase in first-quarter operating profit, reaching a record $11.2 billion. The conglomerate’s success was attributed to the strength of its property and casualty insurance business and higher investment income. Berkshire also made headlines by reducing its stake in Apple by about 13%, causing Apple’s shares to drop slightly.
Micron Technology experienced a 4.7% increase in its stock price after analysts at Baird upgraded the memory chip maker to Outperform and raised their price target. Tesla also saw a 2% increase after introducing a long-range, rear-wheel-drive Model Y on its website.
On the other hand, Robinhood Markets received a “Wells Notice” from the SEC regarding its cryptocurrency unit, leading to a 1% drop in its stock price. Tyson Foods fell 5.7% despite posting better-than-expected earnings, while Spirit Airlines reported a wider first-quarter loss, causing its stock to decline by 9.7%.
Perficient’s stock surged by 52% following news of its acquisition by Swedish private-equity firm EQT for about $3 billion. Li Auto, a Chinese electric-vehicle maker, also experienced a 4.3% increase in its U.S.-listed shares after reporting strong orders for its L6 Model.
Palantir Technologies saw an 8.1% increase in its shares before its latest earnings report, but experienced a 10% drop in after-hours trading following the disclosure of results.
Looking ahead, earnings reports are expected later in the week from companies such as Walt Disney, BP, Arista Networks, Ferrari, Occidental Petroleum, Datadog, Electronic Arts, Toyota, Uber Technologies, Anheuser-Busch, Airbnb, Arm Holdings, Shopify, Robinhood Markets, News Corp, Affirm Holdings, Roblox, Warner Bros. Discovery, Enbridge, and DigitalOcean Holdings.
Overall, the market remains dynamic with various factors influencing stock movements. Investors are closely monitoring developments and earnings reports to make informed decisions.
