Stock Market Today: Live Updates

High interest in Saturday’s Kentucky Derby could lead to a better-than-expected quarter for Churchill Downs, Deutsche Bank said.

“In a weekend packed with major sporting events, including the Miami Grand Prix and Real Madrid’s La Liga championship, Churchill Downs reported strong results in the 150th Kentucky Derby. “We reported that stakes from all sources increased to $320.5,” analyst Ricardo Chinchilla said in a note to clients on Sunday.

According to NBC Sports, the Kentucky Derby had the largest television audience since 1989. NBC and CNBC are both part of NBCUniversal.

Churchill Downs stock rose 1.5% on Monday.

— Jesse Pound

Below are some stocks that will make notable moves before the bell.

• Berkshire Hathaway — Class A shares rose 1.2% following the latest financial report and annual shareholder meeting this week. Berkshire’s operating income rose 39% from a year ago, and its cash holdings soared to record levels.
• Tyson Foods — Shares rose 2.1% after Tyson reported better-than-expected earnings per share for its second fiscal quarter. Meanwhile, revenue fell short of Wall Street expectations.
• Paramount — Shares soared 2.4% after reports the media giant has begun formal acquisition talks with Sony Pictures Entertainment and a group led by Apollo. Warren Buffett said over the weekend that all of his Berkshire stock has been sold.

See the complete list here.

— Alex Harring

Shares of iPhone maker Foxconn soared as much as 6.73% after the company announced that April sales rose 19.03% from a year earlier.

Foxconn, which trades in Taiwan as Hon Hai Precision Industries, posted sales of NT$510.9 billion ($15.83 billion) in April, compared with sales of NT$447.54 billion in March. .

The company said its components business and cloud and networking products “achieved strong growth,” while its smart appliances and computing products division “saw strong year-over-year sales growth.”

SMBC economist Ryota Abe expects the Japanese yen to face resistance at the 150-yen level against the US dollar, despite two allegations of interference by Japanese authorities last week.

The sudden appreciation of the yen on April 29 and May 2 led analysts to believe that Japan’s Ministry of Finance bought the currency to stem the currency’s decline.

Prime Minister Abe also said it was unlikely that Japanese authorities would intervene unless the yen weakened again. However, he also said that if the central banks of the two countries do not change their monetary policies, the interest rate differential between Japan and the United States will remain unchanged.

The yen is trading at 153.64 yen as of 11:18 a.m. Tokyo time.

According to a private survey, the expansion of China’s service activities in April slowed slightly from March.

The Caixin/S&P Global Services Purchasing Managers Index stood at 52.5 in April, down from 52.7 in March.

“Although there has been a slight slowdown, growth is strong again and has now been maintained for 16 consecutive months,” the study said.

PMI readings above 50 indicate expansion in activity, while readings below that level indicate contraction.

— Shreyashi Sanyal

Private sector business activity in Hong Kong expanded at a moderate pace in April, according to S&P Global.

The city’s Purchasing Managers Index fell to 50.6 from 50.9 in March.

Jingyi Pan, associate director of economics at S&P Global Market Intelligence, said the numbers suggest business confidence will improve again early in the second quarter.

But Pan said growth appeared to be in a “precarious situation” and stressed that forward-looking indicators, such as a decline in new orders in April, suggested conditions were softening.

— Lim Huijie

Warren Buffett announced that he sold all of his shares in Berkshire Hathaway’s Paramount due to losses.

“I am 100% responsible for Paramount’s decisions,” Buffett said at Berkshire’s annual shareholder meeting on Saturday. “I sold everything and lost a lot of money.”

The Omaha-based conglomerate first purchased non-voting shares of Paramount’s Class B stock in the first quarter of 2022. Since then, the media company has fallen on hard times, with dividends cut, profits missed, and its CEO stepping down. Stock prices will fall nearly 24% in 2024.

CNBC Pro subscribers can read the full story here.

— Ha-Kyung Kim, Yun Lee

U.S. stock futures rose on Sunday evening.

Dow Jones Industrial Average futures rose 55 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures each rose 0.2%.

— Ha-Kyung Kim