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Berkshire Hathaway drags after earnings and leadership update
Berkshire Hathaway is down more than 1% after reporting a 14% drop in Q1 operating earnings, led by a 49% decline in insurance underwriting profits. The stock is also digesting Warren Buffett’s announcement that he will step down as CEO at year-end, with Greg Abel set to take over in 2026. While the long-expected succession plan brings clarity, the timing alongside an earnings miss has sparked a mild sell-off, with traders reassessing near-term upside following record highs last week.
Which sectors are leading or lagging today?
Communication services is the session’s worst-performing sector, dragged down by sharp losses in Netflix, Disney, and other streaming names. Technology is under pressure as well, weighed by mega-cap stocks and ongoing policy concerns. Consumer discretionary is mixed, with Amazon under pressure but gains seen in travel and retail components.
On the positive side, semiconductors are helping support the broader tech space. Wolfspeed and ON Semiconductor are leading gains, lifting the Philadelphia Semiconductor Index. Real estate is also stronger, buoyed by Howard Hughes’ surge following news of Pershing Square’s equity commitment. Industrials are holding firm, with defense and logistics names showing relative strength.
Individual names on the move: Howard Hughes and Tyson Foods
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