Dow and S&P Snap Nine-Day Winning Streaks
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Viking, committed to exploring the world in comfort. Journey through the heart of Europe on an elegant Viking longship with thoughtful service, cultural enrichment, and all-inclusive fares. Discover more at viking.com. Here's your closing bell brief for Monday, May 5th. I'm Danny Lewis for The Wall Street Journal. U.S. stocks broke some long winning streaks after losing steam in afternoon trading.

The Dow Jones Industrial Average lost 99 points to close at 41,219. The S&P 500 fell 36 points. Both indexes snapped nine-day winning streaks. And the Nasdaq gave up almost 134 points. Trade policy is still looming large over markets. On Sunday, President Trump's trade war spread from physical goods to the silver screen after he said he had authorized a 100 percent tariff on films produced overseas.

It's unclear how that would work, but the threat set movie stocks down. Netflix lost 1.9 percent, Warner Brothers Discovery fell 2 percent, shares of Paramount Global slid 1.6 percent, and Amazon, which owns Amazon MGM Studios, declined 1.9 percent. Investors are also looking ahead to the Federal Reserve's next interest rate decision due Wednesday. The central bank is expected to hold borrowing costs steady, despite Trump's repeated calls for a rate cut.

In other individual stocks today, shares of Berkshire Hathaway fell 5% after Warren Buffett said over the weekend that he plans to step down as chief executive at the end of the year. He recommends that Greg Abel succeed him. Footwear company Skechers agreed to a $9.4 billion buyout by private equity firm 3G Capital. Shares rocketed 24.4% higher.

And shares of Mattel fell 1.1% after the Barbie and Hot Wheels maker scrapped its financial forecast for the year due to how Trump's tariffs will affect consumer spending. While its CEO said the company is moving more of its production out of China, about 40% of Mattel's toys are made there. We'll have a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.

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