Warren Buffett steps down, S&P 500 drops, mixed results in service sector reports

From Nasdaq: 2025-05-05 18:01:00

The S&P 500 had its first down-day in 10 sessions due to Warren Buffett stepping down as President and CEO of Berkshire Hathaway, impacting Berkshire and Apple shares. The Dow fell -98 points, the S&P 500 -36 points, the Nasdaq -133 points, and the Russell 2000 -16 points.

Two reports on the U.S. Services sector for April showed mixed results: S&P final Services PMI was slightly below estimates at 50.8, while ISM Services exceeded expectations at 51.6%. Ford beat Q1 earnings with 14 cents per share and $37.42 billion in revenue, but suspended full-year guidance due to expected tariff costs of $1.5 billion.

Palantir met earnings expectations with 13 cents per share and $884 million in revenue, upping guidance for next quarter and full year. Clorox missed Q3 earnings and revenue expectations, while Hims & Hers beat Q1 expectations but lowered revenue guidance for the current quarter. Amazon executive Nader Kabbani joins as COO.



Read more at Nasdaq: Trading Week Starts Out on the Soft Side