On Monday, U.S. equities saw gains fueled by optimism surrounding potential Federal Reserve interest rate cuts and the release of Friday’s jobs report. The Dow, S&P 500, and Nasdaq all experienced increases as a result of this positive sentiment.
In other news, Paramount Global shares rose amid reports that the company was in negotiations with a bidding group led by Sony and Apollo Global Management regarding a possible takeover bid. Meanwhile, Micron Technology experienced a jump in shares after Baird upgraded the stock, citing significant opportunities for upside potential after recent declines.
Berkshire Hathaway shares advanced as the conglomerate led by Warren Buffet reported a surge in operating income and revealed that their cash holdings were at an all-time high. However, Tyson Foods shares declined after the company announced that full-year beef and pork operating income would be lower than previously expected due to inflation and rising commodity costs, with their CEO also warning of macroeconomic challenges during their earnings call.
Shares of Spirit Airlines fell sharply after the company reported a larger-than-expected loss for the first quarter, with guidance missing estimates due to slowing demand for domestic flights. Steel Dynamics and other steel makers saw a decline in shares after European regulators approved Nippon Steel’s acquisition of U.S. Steel; however, U.S. Steel shares rose in response to the news. Oil and gold futures saw increases while the yield on the 10-year Treasury note remained stable; meanwhile, prices for most major cryptocurrencies saw a decline but the U.S dollar weakened against some currencies while strengthening against others .
