Buffett Steps Down as Stocks Open Mixed on Friday
US stocks opened mixed on Friday morning, following Thursday's best session since early August. The Dow Jones Industrial Average fell 93 points, or 0.18%, to open at 51,785.11.
The S&P 500 was little changed, up about 0.1%, while the Nasdaq Composite ticked up 0.33%. This comes after Thursday's rebound, which saw stocks bounce back hard from the Fed's first rate hike in three years.
Falling Treasury yields and cooling oil prices helped drive the rebound on Thursday, alongside gains in Nvidia, Amazon, and Microsoft. However, elevated yields are weighing on stocks again this morning, even after Thursday's relief rally.
Berkshire Hathaway announced that Warren Buffett is stepping down as chairman, a position he has held since 1965. He will become chairman emeritus and remain on the board, continuing to advise the company. His son, Howard Buffett, will take over as chairman.