Stock Market Live May 6: Spooked Investors Continue to Sell S&P 500 (VOO) After Win Streak Snaps

This article will be updated throughout the day, so check back often for more daily updates.

The S&P 500 snapped an historic 9-day win-streak yesterday, closing down 0.6%, after investors were spooked by Warren Buffett’s announcement he will retire as CEO of Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) at the end of the year. In pre-market trading Tuesday, it appears we’re now beginning a new streak of the S&P 500 losing value.

In pre-market trading, both the S&P 500 index and the Vanguard S&P 500 ETF (NYSEMKT: VOO) that tracks it are down 0.8%.

In upcoming news, President Trump meets Canadian Prime Minister Mark Carney later today to discuss tariffs, and the Federal Reserve meets to discuss an interest rate cut Wednesday. Experts aren’t optimistic on either event, however, expecting no immediate tariffs relief for Canada, and predicting the Fed will hold rates steady.

Earnings

Earnings season continues to roll, with roughly 100 companies reporting earnings this morning.

S&P components Leidos (NYSE: LDOS) and Ball Corporation (NYSE: BALL) both reported earnings beats this morning, as did chemical diagnostics company Waters Corporation (NYSE: WAT), and hotel operator Marriott (Nasdaq: MAR). Nuclear power utility Constellation Energy Group (Nasdaq: CEG), however, barely missed its earnings number.

Analyst Calls

Despite the wins, analysts seem downbeat this morning. DZ Bank downgraded Chevron (NYSE: CVX) from “buy” to “sell” after yesterday’s report that OPEC is increasing oil production in June. Northcoast Research cut McDonalds (NYSE: MCD) to neutral. And CFRA downgraded insurer Cigna (NYSE: CI) to hold on concerns over “higher medical utilization including deferred pandemic care.”

Susquehanna, however, upgraded Canadian National Railway (NYSE: CNI) stock to positive.

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