By Callum Keown
Tech stocks were looking to build on the strong end to last week, edging higher early Monday.
Futures on the Nasdaq 100 were up 0.1% in early trading, after the technology-heavy Nasdaq Composite Index jumped 2% Friday to secure a second consecutive weekly gain.
Palantir stock jumped 2.4% 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 1.1% in premarket trading -- will also be in focus, particularly after Warren Buffett revealed Berkshire Hathaway further trimmed its stake in the tech giant. However, Buffett reiterated his commitment to Apple 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.
The chip sector looked set for a good start to the week, with Nvidia rising 0.7%, Advanced Micro Devices up 1.5% and Micron Technology jumping 2.1% in premarket trading. Intel stock was up 0.7%.
The Magnificent 7 stocks were more mixed ahead of the open, as Alphabet fell, Amazon was flat and Microsoft edged higher. There were more substantial gains for Tesla and Meta Platforms, though, with both stocks up around 1%.
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 $65,400 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.
MicroStrategy stock was up 9% in premarket trading, Marathon Digital jumped 8.4% while Coinbase Global climbed 3.7% and Robinhood Markets rose 2%.
Write to Callum Keown at callum.keown@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
May 06, 2024 06:04 ET (10:04 GMT)
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