Intel, Netflix, Berkshire Hathaway, and More Stocks That Explain Today’s Market

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Tech stocks are powering the market’s rally. (ANGELA WEISS/AFP via Getty Images)

Key Points

U.S. stock futures rose on Friday as investors continued to buy technology shares following the Federal Reserve’s first interest-rate hike in over three years.
Warren Buffett is stepping down immediately as chairman of Berkshire Hathaway, with his son, Howard Buffett, set to replace him.
Netflix shares fell after Wells Fargo downgraded the video streaming company to Underweight.

Stock futures were rising on Friday, as investors carried on piling into tech following the Federal Reserve’s first interest-rate increase in more than three years.

The artificial-intelligence trade still has legs, judging by premarket moves. Glassmaker Corning, chip manufacturer Intel, and optical networking stocks Coherent and Lumentum were all rising.

Netflix dropped 2.8% to $73.20. Wells Fargo downgraded the video streamer to Underweight and cut its price target to $57 from $80, according to ratings aggregators.

Berkshire Hathaway Class B shares were unchanged after the holding company said Warren Buffett would step down as chairman, effective immediately. His son, Howard, will replace him.

Digital-asset exchange Coinbase climbed 2.9%, online trading platform Robinhood advanced 3.6%, and crypto investor Strategy gained 3.9% as the price of Bitcoin rallied, with investors shrugging off the Fed’s rate hike and the collapse of the Clarity Act.

Write to George Glover at george.glover@dowjones.com

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