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Published Tue, May 6, 2025 · 06:12 AM
[NEW YORK] US stocks closed lower on Monday, ending a nine-day streak of gains for the S&P 500 index as service sector activity data came in slightly better than expected.
The broad-based index fell 0.6 per cent to 5,650.38, while the Dow Jones Industrial Average closed down 0.2 per cent at 41,218.83.
The tech-rich Nasdaq completed the trio of declines among the major Wall Street indices, closing down 0.7 per cent at 17,844.24.
“For the first time in a long time, it was a very quiet day,” Christopher Low from FHN Financial told AFP.
Looking ahead, Low said stocks were priced “for expectations that there will be significant trade deals” between the United States and top trading partners ahead of a July deadline to conclude negotiations.
Among individual firms, Berkshire Hathaway’s widely-traded Class B shares plunged 5.1 per cent in the first session since longtime leader Warren Buffett’s surprise announcement that he planned to step down as chief executive at the end of the year.
Buffett endorsed Greg Abel as his successor, who was appointed by the company’s board as the next CEO.
And shares of entertainment companies fell after President Donald Trump said in a social media post he would impose tariffs on movies produced in other countries.
Netflix and Warner Brothers Disney were among the companies that fell steeply on the initial headline before recovering somewhat. AFP
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