U.S. stock futures dropped Monday as Wall Street comes off a winning week, with the S&P 500 logging its longest positive streak in two decades.

Market Snapshot

At 8:18 a.m. ET, Futures tied to the S&P 500 fell around 0.9%. Dow Jones Industrial Average futures shed 269 points, or 0.7%, and Nasdaq-100 futures lost 1.1%. PDD Holdings Inc fell 3%; NVIDIA fell 1%.

Pre-Market Movers

Berkshire Hathaway shares were down 2.7% in premarket trading after Warren Buffett said he would be stepping down as CEO of the conglomerate at the end of the year, with his handpicked successor, Greg Abel, taking the helm. Buffett's bombshell announcement at the company's annual meeting Saturday followed the release of Berkshire's earnings report, in which the company reported first-quarter operating profit of $9.6 billion, down 14% from a year earlier, on reduced insurance underwriting profits and currency losses related to the company's non-dollar debt.

Microsoft will kick off Monday as the largest U.S. company by market capitalization, surpassing Apple on Friday. Microsoft's market cap of $3.24 trillion topped Apple's $3.07 trillion, according to Dow Jones Market Data. The software company gained $322.8 billion in market cap last week after strong fiscal third-quarter earnings and growth in its Azure cloud-computing business week. The stock fell 0.8% in premarket trading.

Crypto shares slid in premarket trading. TeraWulf Inc., CleanSpark, Inc. fell 4%; MARA Holdings, Strategy fell 3%; Coinbase Global, Inc. fell 2%.

Apple's market cap, meanwhile, declined $58.7 billion last week. While the iPhone maker's quarterly earnings topped analysts' estimates, the stock slumped following services revenue that missed expectations and weakness in Greater China. Apple shares were down 1.1% in premarket trading.

Tyson fell 2% after the meat producer topped earnings estimates in its fiscal second quarter but revenue missed forecasts. The company said it expects fiscal-year sales flat or up 1% from a year earlier.

Palantir Technologies Inc. fell slightly in premarket trading. Analysts expect the data analytics company to report first-quarter adjusted earnings of 13 cents a share on revenue of $862.3 million, up 36% from a year earlier. Palantir shares, coming into Monday, have risen 64% this year.

Market News

US Lawmaker Targets Nvidia Chip Smuggling to China with New Bill

A U.S. lawmaker plans to introduce legislation in coming weeks to verify the location of artificial-intelligence chips like those made by NVIDIA after they are sold.

The effort to keep tabs on the chips, which drew bipartisan support from U.S. lawmakers, aims to address reports of widespread smuggling of Nvidia's chips into China in violation of U.S. export control laws.

Apple Selling Corporate Bonds For the First Time Since 2023

Apple Inc. is planning to sell investment-grade bonds on Monday, according to a person familiar with the matter.

The iPhone maker is looking to issue debt in as many as four parts, with initial price discussions for the deal’s longest portion, a 10-year note, in the area of 0.7 percentage point above Treasuries, said the person. It is Apple’s first time selling corporate bonds in two years, according to data compiled by Bloomberg.

The deal comes in a week where bankers are expecting to see $35 billion to $40 billion in new issuance, with industrial and technology firms like Apple potentially accounting for the bulk of sales.

US Media Stocks Fall as Trump Threatens 100% Tariff on Foreign-Made Films

American media stocks tumbled on Monday after President Donald Trump unveiled a 100% tariff on all movies produced outside the U.S., a move that could sharply raise costs for Hollywood studios and rattle the global entertainment industry.

Trump's announcement was short on details. It did not say whether the levies will target films on streaming platforms and those shown in theaters, nor did it specify if the tariffs will be calculated based on production costs or box office revenue.

Streaming pioneer Netflix could particularly be at risk, analysts said, as it relies on its global production network to produce content for international audiences. Its shares fell 6% in premarket action, leading a slide in media stocks.

Walt Disney, Warner Bros. Discovery and Comcast were down between 0.8% and 2.7%.

Warren Buffett to Remain Berkshire Hathaway Chairman, Greg Abel to Become CEO at Year-End, Board Votes

The Berkshire Hathaway board voted unanimously on Sunday to make Greg Abel president and CEO on January 1, 2026 and for Warren Buffett, 94, to remain as chairman, the company said.

Buffett shocked Berkshire shareholders and Abel by announcing in the final minutes of the annual shareholder meeting Saturday that he would be asking the board to replace him as CEO at year-end with the current vice chairman of non-insurance operations for Berkshire.