Stocks fell in early trading Monday Monday at the start of another busy week of earnings reports, as investors await the Federal Reserve’s decision on interest rates in a few days.
The S&P 500 and tech-heavy Nasdaq Composite were each down 0.7% about half an hour after the opening bell, while the Dow Jones Industrial Average slipped 0.3%. The S&P 500 and Dow are riding nine-session winning streaks, as sentiment has been boosted by generally strong quarterly results from major companies and optimism that the Trump administration could soften its stance on tariffs.
The recent winning run is the longest since 2004, as the S&P 500 has recouped all of the losses posted after President Trump’s “Liberation Day” announcement on April 2 of steep tariffs on major trading partners, notably China. While investors are hopeful that the White House will reach deals to scale back tariffs, concerns persist about the impact that the import taxes could have on the economy and corporate profits.
Investors will be squarely focused this week on the two-day meeting of the Fed’s policy committee, which is due to start tomorrow. Trump has urged Fed Chair Jerome Powell to cut rates, while the central bank has said it needs more clarity on how the tariffs are feeding through the economy before adjusting policy.
Berkshire Hathaway (BRK.B) shares were down nearly 6% in early trading Monday after Warren Buffett announced on Saturday that he would be stepping down as CEO after six decades at the helm of the company.
Shares of the world’s largest technology companies were mixed this morning. Apple (AAPL), Amazon (AMZN) and Tesla (TSLA) each fell more than 2%, while chipmakers Nvidia (NVDA) and Broadcom (AVGO) were both down less than 1%. Microsoft (MSFT), Alphabet (GOOG) and Meta Platforms (META), were gaining ground.
Palantir (PLTR) shares were down slightly ahead of the scheduled release after today’s closing bell of the AI software firm’s earnings report. Shares of On Semiconductor (ON) fell 8% to lead S&P decliners after the company released its quarterly results.
Shares of Chevron (CVX) and Exxon Mobil (XOM) were each down about 2% as the price of crude oil continues to slide. West Texas Intermediate futures, the U.S. crude oil benchmark, were down 1.5% to $57.40 per barrel, trading around their lowest levels since early 2021.
Newmont Mining (NEM) rose about 3% as the price of gold surged. Gold futures were recently up 2.6% at $3,320 an ounce.
The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, notably mortgages, was at 4.35%, up from 4.32% on Friday. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, fell 0.4% to 99.65.
Bitcoin was at $94,500, after trading as high as $98,000 on Friday, its highest level since late-February.
Media Stocks Drop on News of Tariffs on Foreign-Made Films
15 minutes ago
President Donald Trump said he has authorized a 100% tariff on movies made overseas, blindsiding the movie industry and media giants as he took his tariffs war beyond levies on the import of physical goods into the country.
The announcement, made by the president Sunday on his Truth Social platform, was hitting shares of media giants like Walt Disney Co. (DIS) and Netflix (NFLX) Monday morning. Shares of Disney, which reports quarterly results Wednesday, were trading down 1%, while those of Netflix were 3% lower in early trading. Warner Bros. Discovery (WBD) and Paramount Global (PARA) were each down more than 1%.
The president called tax incentives that lure production of American movies overseas a “national security threat” in a Truth Social post on Sunday and said the tariffs on all movies produced in “foreign lands” would take effect immediately. Many American movies and TV shows are made in Canada and the U.K., both of which offer tax incentives, among other places.
“The Movie Industry in America is DYING a very fast death,” Trump said. “Other Countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States. Hollywood, and many other areas within the U.S.A., are being devastated.”
“WE WANT MOVIES MADE IN AMERICA, AGAIN!” he concluded in his post, which did not name specific companies.
Netflix and Disney didn’t immediately respond to requests for comment. Industry executives were reportedly surprised by the announcement, not least because it was unclear what exactly the tariffs would entail.
The movie industry “generated a positive balance of trade in every major market in the world,” according to the Motion Picture Association latest economic impact report.
Berkshire Hathaway Levels to Watch as Buffett to Step Down
1 hr 23 min ago
Berkshire Hathaway (BRK.B) shares fell in premarket trading Monday after legendary investor Warren Buffett said on Saturday at the conglomerate’s annual meeting that he plans to step down as CEO at the end of this year.
The 94-year-old Buffett, who has headed the company for 60 years, said he will hand over the reins to Vice Chairman Greg Abel, who has long been identified by Berkshire as Buffett’s successor. Buffett’s retirement marks the end of an era that has cemented his place as an investment icon and American success story after transforming a faltering textile company into a trillion dollar conglomerate with successful businesses across many sectors.
Berkshire shares had climbed to a fresh record high on Friday before Buffett’s announcement on Saturday. As of last week’s close, the stock has gained 19% since the start of the year and trades 35% higher over the past 12 months. By comparison, the benchmark S&P 500 has lost 3% and added 11%, respectively, over the same periods.
Berkshire shares broke out above the upper trendline of an ascending triangle in Friday’s trading session, potentially setting the stage for a continuation move higher.
Meanwhile, the relative strength index (RSI) confirms bullish price momentum with a reading above the 50 threshold, though the indicator sits below overbought levels.
Measured move and bars pattern upside targets on Berkshire’s chart sit at $585 and $606, while crucial support levels lie at $519 and $490.
The stock was down about 3% at $524 ahead of Monday’s opening bell.
Major Index Futures Move Lower
1 hr 42 min ago
Futures tied to the Dow Jones Industrial Average were down 0.6%.
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S&P 500 futures were off 0.8%.
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Nasdaq 100 futures dropped 1%.
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