Wall Street pointed toward losses in premarket trading Monday, and oil prices fell to a four-year low after OPEC+ said it plans to boost output, the Associated Press reports. Futures for the S&P 500 slid 0.9% before the bell, while futures for the Dow Jones Industrial Average lost 0.7%. Nasdaq futures gave up 1.1%.
Berkshire Hathaway shares are down 3% after a surprise weekend announcement that CEO Warren Buffett would step down from the top spot by the end of the year.
The board of directors at the cash-rich conglomerate voted Sunday to keep the 94-year-old investor as head of the board, a decision likely to relieve investors worried about Berkshire’s winning streak during Buffett’s six decades at the helm.
U.S. benchmark crude oil fell as much as 4% overnight but recovered somewhat by early morning, declining 94 cents to $57.35 per barrel. Brent crude, the international standard, lost 83 cents to $60.46 per barrel.
Over the weekend, the OPEC+ group of eight oil producing nations announced it will raise its output by 411,000 barrels per day as of June 1, stepping up production increases.
Late Sunday, President Donald Trump announced on social media that he was imposing a 100% tariff on all movies coming into the U.S. that are produced overseas. It’s common for both large and small films to include production in the U.S. and in other countries, though it wasn’t immediately clear how the tariffs would be implemented.
Shares of The Walt Disney Co. and Warner Bros. Discovery each fell more than 2% after hours. Netflix was 4.5% lower before the bell.
The U.S. dollar fell to 143.83 Japanese yen from 144.71 yen.
