Stock futures rise to start week on hopes of Fed rate cuts: live updates

Shares of iPhone maker Foxconn rose as much as 6.73% after the company reported a 19.03% year-over-year increase in April revenue.

Foxconn, which does business as Hon Hai Precision Industry in Taiwan, reported sales of NT$510.9 billion (US$15.83 billion) in April, compared with NT$447.54 billion in March.

The company said its components business and cloud and networking products “delivered strong growth,” while its smart consumer electronics and computer products segment “delivered significant year-over-year revenue growth.”

A private survey showed that the expansion of Chinese services activity slowed slightly in April compared to March.

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

“Although growth was slightly weaker, it was once again solid and has now continued for 16 consecutive months,” the survey said.

A PMI reading above 50 indicates an expansion in activity, while a reading below this level indicates a decline.

—Shreyashi Sanyal

Business activity in Hong Kong's private sector expanded more slowly in April, according to S&P Global.

The city's purchasing managers' index fell to 50.6 from 50.9 in March.

Jingyi Pan, deputy director of economics at S&P Global Market Intelligence, said the reading signals further improvement in business conditions at the start of the second quarter.

However, Pan said growth appeared to be on “shaky ground”, stressing that forward-looking indicators such as the decline in new business orders in April pointed to a weakening in conditions.

—Lim Hui Jie

Warren Buffett announced that he had sold all of Berkshire Hathaway's Paramount stake at a loss.

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

The Omaha-based conglomerate first purchased a non-voting stake in Class B Paramount shares in the first quarter of 2022. Since then, the media company has endured a difficult time, suffering a dividend cut, profit misses and the departure of its CEO. The stock is down nearly 24% in 2024.

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— Hakyung Kim, Yun Li

US stock futures were in the green on Sunday evening.

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

– Hakyung Kim