Stocks closed lower on Wall Street on Monday, breaking a nine-day winning streak.
- The S&P 500 fell 36.29 points, or 0.6%, to 5,650.38. %
- The Dow Jones Industrial Average fell 98.60 points, or 0.2%, to 41,218.83.
- The Nasdaq composite fell 133.49 points, or 0.7%, to 17,844.24.
Berkshire Hathaway slumped 5.1% after legendary investor Warren Buffett announced over the weekend that he would step down as CEO by the end of the year after six decades at the helm. The 94-year-old
plans to stay on as chairman.
Oil prices fell to a four-year low as the OPEC+ group announced plans to increase output. The group of eight oil-producing nations said over the weekend that it will raise its output by 411,000 barrels per day as of June 1, the AP reports. US benchmark crude oil fell 2% to about $57 a barrel.
- There were slightly more gainers than losers within the S&P 500 index, but the market was weighed down by losses in technology stocks and other big companies. Apple slumped 3.2%, while Amazon fell 1.9%. Tesla fell 2.4%.
- The latest salvo in the trade war from Trump came Sunday night in a post on Truth Social. He said he has authorized a 100% tariff on movies that are produced outside of the US. The impact is unclear, as it is common for films to include production at multiple locations around the world. Netflix slumped 1.9% and Warner Bros. Discovery fell 2%.
- Shoemakers posted gains following the announcement that Skechers is being acquired for $9 billion and taken private by the investment firm by 3G Capital. Skechers jumped 24.4%, while Crocs rose 3.4%. Deckers Outdoor, which owns the Ugg and Teva brands, rose 1.2%.
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- Delays to many of President Trump's have provided some relief to Wall Street, though uncertainty about the impact from current and future tariffs continues to hang over markets and the economy. That uncertainty will overshadow the Federal Reserve's meeting this week.
- The Fed is expected to hold its benchmark interest rate steady on Wednesday. It cut the rate three times in 2024 before taking a more cautious stance.
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