The premarket session on Wall Street started with negative trends because S&P 500 futures declined by 0.9% while Dow futures dropped 0.7% and Nasdaq futures decreased by 1.1%. The price of U.S. crude oil decreased by 94 cents to $57.35 per barrel while Brent oil prices dropped 83 cents to $60.46 following OPEC+ decision to boost production by 411,000 barrels per day starting June 1.
The OPEC+ organization based its decision on positive market conditions but experts believe the move serves to please President Trump before his Middle East visit while supporting his goal of lowering gasoline prices to $3.17 per gallon (according to AAA). According to Stephen Innes of SPI Asset Management the White House maintains pressure on its decisions. The 2025 decline of 17% in U.S. crude oil prices has negatively affected the profits of producers.
The stock price of Berkshire Hathaway decreased by 3% following Warren Buffett’s departure as CEO even though he maintained his position as chairman. The 100% foreign film tariff imposed by Trump caused Disney shares to drop by 2% while Warner Bros. Discovery shares declined by 2% and Netflix shares lost 4.5%. The Q1 economic contraction together with tariff uncertainty led to forecast withdrawals which outshined the nine-day S&P 500 rally that left the index 7.4% below its February peak.
