Stocks started the week on a positive note, with the main benchmarks building on last week's strong gains.
Amid a relatively bare economic calendar, market participants sifted through several single-stock headlines – including memory chipmaker Micron Technology (MU) being named a top pick among semiconductor stocks.
At the close, the Dow Jones Industrial Average was up 0.5% at 38,852, the S&P 500 was 1.0% higher at 5,180, and the Nasdaq Composite had gained 1.2% to 16,349.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The main indexes finished last week with gains ranging from 0.6% to 1.4% after Federal Reserve Chair Jerome Powell said more rate hikes are "unlikely" and the April jobs report pointed to easing wage pressures.
Today's economic news was fairly light, with speeches from a pair of central bank officials being the only events. Richmond Fed President Tom Barkin was one of those speakers.
Speaking at the Columbia Rotary Club in Columbia, South Carolina, Barkin expressed optimism that inflation will eventually come back down to the central bank's 2% target. For now though, the "recent data whiplash has only confirmed the value of the Fed being deliberate," he said.
Buffett & Co. cut Apple stake
While interest rates and inflation were a low hum on Wall Street today, the headlines coming from Saturday's annual Berkshire Hathaway (BRK.B, +1.0%) shareholder meeting caused a loud stir.
Notably, the holding company cut its stake in Apple (AAPL) by 13%, to 790 million shares from 905 million at the end of 2023. However, as Warren Buffett, chairman and CEO of Berkshire explained, the move was made because of expectations that "current fiscal policies" are "likely" to cause corporate taxes to go up.
As for his take on the iPhone maker, Buffett said he still thinks Apple is a solid business and investment. AAPL shares fell 0.9% today.
Micron pops after being named a top pick
Outside of Omaha, single-stock news centered on Tyson Foods (TSN, -5.7%) and Spirit Airlines (SAVE, -9.7%), which both tumbled after earnings.
Meanwhile, Micron jumped 4.7% after Baird analyst Tristan Gerra upgraded the memory chipmaker to Outperform (Buy) and said it's a top pick among semis. The analyst sees "meaningful upside ahead" for MU, with "incrementally positive trends" unfolding in dynamic-random access memory (DRAM).
This created a halo effect for several large-cap semiconductor stocks, including Super Micro Computer (SMCI, +6.1%) and Advanced Micro Devices (AMD, +3.4%).
Related content
- Kiplinger's Economic Calendar for This Week
- Final EV Tax Credit Rules Don't Change Much for Consumers
- How To Find Great Dividend Stocks
-
I'm 54 with a $320,000 IRA and will soon be self-employed, earning about $120,000 per year. How much should I be saving for retirement?We asked financial experts for advice.
-
This High-Performance Investment Vehicle Can Pump Up WealthLeave online real estate investing to the beginners. Accredited investors who want real growth need the wealth-building potential of Delaware statutory trusts.
-
I'm a Real Estate Investing Pro: This High-Performance Investment Vehicle Can Move Your Wealth Up a Gear
Leave online real estate investing to the beginners. Accredited investors who want real growth need the wealth-building potential of Delaware statutory trusts.
-
These Eight Tips From a Retirement Expert Can Help to Make Your Money Last Through RetirementAre you worried you will outlive your money? Considering these eight tips could go a long way toward ensuring your retirement money lasts as long as you do.
-
I'm an Investment Adviser: This Is the Retirement Phase Nobody Talks AboutWhat you do in the five years before retirement and the first 10 afterward can establish how comfortable you'll be for the rest of your life.
-
Gen X Turns 60: It's Time to Remix Your Retirement PlaylistIf you want a worry-free retirement, you can't keep playing the same old song. You need to freshen up your financial strategies, as well as your music.
-
I'm a Financial Adviser: Here's How a Three-Part Retirement 'Crash Plan' Can Prepare You for Market TurbulenceHaving a plan ready to go when markets get wild — covering how you'll handle income, rebalancing and taxes — can be the ultimate retirement secret weapon.
-
Investors Buy the Nasdaq's Big Dip: Stock Market TodayStocks are up and down again to end an up-and-down week ahead of big earnings announcements and the eventual return of regular economic data flow.
-
Here's How to Plan This Year's Roth Conversion, From a Wealth ManagerWhile time is running out to make Roth conversions before the end of the taxable year, consider taking your time and developing a long-term strategy.
-
Four Times You Need a Second Opinion on Your Financial PlanIs your financial plan fit for purpose — or is your adviser peddling an outdated strategy? When you see these red flags, it's time for a second opinion.Evan
