The U.S. stock market experienced a downturn as the ISM’s April services activity exceeded expectations and as investors focused on the Federal Reserve’s upcoming meeting. On the first day of trading, the Nasdaq dropped 133 points, or 0.7%, closing at 17,844. The Dow Jones fell 98 points, or 0.2%, to 41,218, while the S&P 500 declined 36 points, or 0.6%, to 5,650, halting a nine-day winning streak.
Apple (AAPL, Financial) shares dropped over 3% as the company planned to appeal a ruling related to App Store competition. Tesla (TSLA) and Nvidia (NVDA) saw declines of over 2% and 0.6%, respectively. President Trump's announcement of a 100% tariff on films produced outside the U.S. negatively impacted streaming platform stocks, with Netflix (NFLX) and Warner Bros Discovery (WBD) each falling 2%, and Walt Disney (DIS) slipping 0.4%.
Warren Buffett (Trades, Portfolio) announced a semi-retirement from Berkshire Hathaway (BRK.A), stepping down as CEO to become chairman, leading to a nearly 5% drop in both its A and B shares. Meanwhile, Skechers (SKX) surged 24.4% after a privatization offer from 3G Capital at $63 per share, representing a 27% premium over its last closing price.
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