Wall Street Rises on the First Trading Day of May

The stock exchanges in New York have started with gains on the first trading day of May. Much attention was paid to Berkshire Hathaway, Warren Buffett’s listed investment vehicle.

 

The elderly super investor announced that 58-year-old Greg Abel would be his successor if something happens to him. Berkshire stock rose nearly 2 percent in early trading.

Shortly after the opening bell, the leading Dow Jones index rose 0.9 percent to 34,188 points on Monday. The broad S&P 500 gained 0.4 percent to 4,200 points, and tech exchange Nasdaq gained 0.1 percent to 13,981 points.

Furthermore, attention was paid to the chip sector, as is often the case in recent times. The worldwide shortage of semiconductors is likely to persist for a few more years, thinks Pat Gelsinger, the boss of chip manufacturer Intel. The Intel share recorded 0.1 percent in the min.

Automaker Tesla (minus 2.3 percent) was among the sacks after reports of further delays in constructing its factory near Berlin. Tesla also appears to be strengthening its lobby in China after criticizing the safety of its cars. Chinese peers such as Li Auto, Nio, and XPeng delivered significantly more cars in April than a year earlier.

Furthermore, the process starts Monday between Epic Games, the maker of the shooting game Fortnite, and Apple. The game’s developer accuses Apple of abusing its position of power by requiring apps to use Apple’s payment system and hand over 30 percent of all proceeds. Apple won more than 1 percent in the first trading minutes.

There was also takeover news. Telecom group Verizon (+ 0.7 percent) sells its media branch for 5 billion dollars to Apollo Global Management. Behslvr brands like AOL and Yahoo, the division also includes the website TechCrunch.