Stocks Fall as OPEC+ Boosts Oil Output
By Damian J. Troise, Associated Press Business Writer
NEW YORK (AP) — Wall Street experienced a setback in morning trading on Monday, with the S&P 500 dropping 0.7% and extending its losing streak after nine consecutive gains. The Dow Jones Industrial Average declined by 164 points, or 0.4%, while the Nasdaq composite fell 0.8%. Nearly 75% of stocks across every sector in the S&P 500 experienced losses.
Notably, Berkshire Hathaway saw a significant dip of 5.5% following Warren Buffett’s announcement that he will step down as CEO by year-end after 60 years in leadership.
The decline in oil prices marked a four-year low as OPEC+ declared plans to increase output by 411,000 barrels per day starting June 1. U.S. crude oil prices fell 1.5% to $57.42 per barrel, raising concerns for producers as profitability wanes below $60.
These market dynamics come amid ongoing tensions from President Trump’s tariff measures, which have sparked global uncertainty and impacted economic forecasts. The Federal Reserve is anticipated to hold its benchmark interest rate steady this week, while inflation concerns linger due to the unpredictable trade environment.
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