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.
Sign up for Kiplinger’s Free E-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
-
Stock Market Today: Stocks Stable as Inflation, Tariff Fears EbbConstructive trade war talks and improving consumer expectations are a healthy combination for financial markets.
-
What Trump’s 'Big Beautiful Bill' Means for Your Utility BillsIf passed, the 'Big Beautiful Bill' could make home energy upgrades more expensive and raise monthly costs. Here's how much more you might pay and how to prepare.
-
Stock Market Today: Stocks Stable as Inflation, Tariff Fears Ebb
Constructive trade war talks and improving consumer expectations are a healthy combination for financial markets.
-
Eight Estate Planning Steps to Protect Your Loved Ones (and Your Legacy)Two-thirds of Americans don't have an estate plan. If you're one of them, these are the essential steps to take now to prevent problems for your family later.
-
The Six Pros This Adviser Says You Need to Sell Your BusinessSelling your business isn't as simple as getting the best price and walking away. These are the six professionals you'll need to get a deal across the finish line.
-
The Three C's to Financial Success: A Financial Planner's Guide to Build WealthConsistency, commitment and confidence in your chosen strategy are more critical to your financial success than finding the 'perfect' financial plan.
-
A Financial Adviser's Guide to Solving Your Retirement Puzzle: Five Key PiecesIf retirement's a puzzle you're struggling with, try answering these five questions. The answers will guide you toward a solution.
-
You're Close to Retirement and Cashed Out: How Do You Get Back In?If you've been scared into an all-cash position, it's wise to consider reinvesting your money in the markets. Here's how a financial planner recommends you can get back in the saddle.
-
After the Disaster: An Expert's Guide to Deciding Whether to Rebuild or RelocateHomeowners hit by disaster must weigh the emotional desire to rebuild against the financial realities of insurance coverage, unexpected costs and future risk.
-
A Financial Expert's Tips for Lending Money to Family and FriendsWhat starts as a lifeline can turn into a minefield if the borrower ghosts the lender. Following these three steps can help you avoid family feuds over funds.
