In what is proving to be a volatile session on Wall Street, the markets have come off their lows of the session. The markets are coming off the heels of a nine-day winning streak and have come out of the gate with plenty of headlines to process, chief among which has been the announced retirement of Berkshire Hathaway (NYSE: BRK-B) CEO Warren Buffett. Wall Street firm TD Cowen has issued a report suggesting that price increases from tariffs will be reflected in May’s inflation data.
The Federal Reserve gathers this week to determine the near-term outlook on interest rates while the markets will also be paying close attention to the tone in comments from Chairman Jerome Powell. First-quarter earnings continues to unfold as names like Palantir Technologies (Nasdaq: PLTR), Ford Motor (NYSE: F) and Diamondback Energy (Nasdaq: FANG) take the spotlight.
Mag Seven stocks are a mixed bag as shares of Apple (Nasdaq: AAPL) extend their losses with a 2% decline today. Sectors of the economy were originally all lower but industrials and telecom stocks have since made their way into the green. Netflix (Nasdaq: NFLX) shares are lower after President Trump tossed in fresh tariffs on foreign-made films.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 50.53 (-0.12%)
Nasdaq Composite: Down 133.34 (-0.74%)
S&P 500: Down 32.82 (-0.58%)
Market Movers
Berkshire Hathaway (NYSE: BRK-B) is down 6% but maintains a $1.1 trillion market cap as Buffett prepares to pass the reins to his successor Greg Abel at the end of the year.
Footwear stock Skechers (NYSE: SKX) has decided to leave the publicly traded markets behind and has accepted a private equity takeover by 3G Capital for $63 per share, sending the stock higher by 25% percentage today.
Jefferies maintains a “hold” rating on Tesla (Nasdaq: TSLA), suggesting the valuation has already given the stock the benefit of the doubt in areas like tech innovation and scalability.
Mizuho analysts are bullish on Bloom Energy (NYSE: BE), lifting shares to an “outperform” rating from “neutral” on an attractive risk/reward profile and sending the stock 3.5% higher today.
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