Tech stocks were looking to build on the strong end to last week with solid gains Monday.
The technology-heavy
rose 0.6% in early trading after jumping 2% Friday to secure a second consecutive weekly gain.
stock jumped 6.2% ahead of the data analytics software company’s first-quarter earnings after the close. Investors will be eagerly watching for any updates on
Palantir
’s
artificial intelligence push and the progress it’s making.
Apple
’s
shares—down 0.6% in premarket trading—are also in focus, particularly after Warren Buffett revealed
further trimmed its stake in the tech giant. However, Buffett reiterated his commitment to
and said it will likely still be Berkshire’s largest holding by the end of the year.
In a more positive sign for Apple,
Foxconn
,
the biggest assembler of iPhones, reported record sales in April and said Sunday it still expects second-quarter revenue to rise.
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The chip sector looked set for a good start to the week, with
rising 2.4%,
up 3% and
jumping 5%—the best performer in the
stock was up 1.4%.
was also among the biggest risers, climbing 2.9%.
The Magnificent 7 stocks were more mixed, as
and
fell and
edged higher. There were more substantial gains for
Tesla
,
up 2.6% and
which was 0.6% higher.
Crypto-exposed stocks were surging ahead of the open as
Bitcoin
’s
rebound continued. The price of the world’s largest digital asset jumped above $64,100 Monday, having traded below $60,000 as recently as Thursday. April’s weaker-than-expected jobs report helped, while the momentum carried over into the weekend.
stock was up 8.5%,
jumped 12.6% while
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climbed 5.3%.
Write to Callum Keown at callum.keown@barrons.com
