Billionaire Warren Buffett slashed Berkshire Hathaway’s massive Apple stake in a move that could prove unsettling for the broader stock market because the investor is so revered and there had been little positive financial news lately.

The Apple sale is such a surprise because just two years ago Buffett was calling the stock one of the four giants of his conglomerate’s business alongside Berkshire insurance, utility and BNSF railroad businesses that it owns outright. That gave investors the impression that Buffett might hold onto Apple indefinitely like he has with the Coca-Cola and American Express shares he bought decades ago although he has trimmed the Apple stake over the past year.

As a result, Buffett is now sitting on nearly $277 billion in cash, up from what was already a record $189 billion just three months earlier.

“This could could alarm the markets especially given the news from last week” with weak tech earnings, a disappointing jobs report and uncertainty about the future of interest rates, Edward Jones analyst Jim Shanahan said.

Exxon Mobil 2nd-quarter profit rises on Pioneer acquisition and surging production

Exxon Mobil’s second-quarter profit rose and was its second-highest for the period of the past decade as it achieved record quarterly production from its Permian and Guyana assets. The energy company earned $9.24 billion, or $2.14 per share, for the three months ended June 30. A year earlier it earned $7.88 billion, or $1.94 per share.

The results topped Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts surveyed by Zacks Investment Research were expecting earnings of $2.04 per share.