Stocks Slide After 9-Day Rally; Buffett to Exit Berkshire, Microsoft Tops Apple in Market Value

U.S. stocks fell Monday, ending the S&P 500 and Dow Jones 9-day rally. Here’s a look at the major stock movers and updates investors need to know:

Berkshire Hathaway Drops After Buffett Exit News

Berkshire Hathaway (Class B shares) dropped 5.1% after Warren Buffett announced he will step down as CEO by year-end. His successor, Greg Abel, will take over. Despite reporting $9.6 billion in first-quarter profits, down 14% year-over-year due to weaker insurance profits and foreign debt losses, the news shook investors. Buffett also shared that Berkshire’s cash reserves hit a record $348 billion, but investment opportunities remain limited.

He emphasized that trade should not be used as a weapon, warning against rising protectionist attitudes in the U.S.

Microsoft Takes Top Spot Over Apple

Microsoft shares rose 0.2%, reclaiming its title as the most valuable U.S. company, with a market cap of $3.24 trillion, surpassing Apple’s $2.97 trillion. This growth follows strong earnings, especially from its Azure cloud services division.

Apple Shares Continue to Slide

Apple stock dropped 3.2%, extending last week’s decline of nearly $58.7 billion in market cap. While earnings exceeded expectations, concerns over slowing services revenue and performance in Greater China weighed on sentiment.

Media Stocks React to Trump Tariff Proposal

Media companies took a hit after Donald Trump announced a plan to impose 100% tariffs on foreign-made films if re-elected. Netflix (-1.9%), Disney (-0.4%), Paramount Global (-1.6%), and Warner Bros. Discovery (-2%) all saw declines. Trump called foreign film subsidies a national security threat and promised to protect U.S. production.

Skechers to Go Private in $9.4B Deal

Skechers shares jumped 24% to $61.39 after announcing a deal to go private. 3G Capital will acquire the company for $63 per share in cash, totaling $9.42 billion.

Mixed Reactions to Earnings Reports

• On Semiconductor beat earnings forecasts with $1.45B revenue, but shares fell 8.4% due to weak demand in all segments.

• Tyson Foods beat earnings expectations but missed on revenue, sending its stock down 7.8%.

• Howard Hughes Holdings gained 2.9% after Bill Ackman’s Pershing Square said it would invest $900 million, raising its stake to 46.9%.

More Earnings Ahead This Week

Investors are watching for key earnings reports from:

• Palantir Technologies, Ford, Vertex Pharmaceuticals, Clorox, and Diamondback Energy (after Monday’s close).

• Later this week: AMD, Walt Disney, Uber, Shopify, Coinbase, DoorDash, ConocoPhillips, and others.