CNBC Business News Update - Market Open: Trump Proposes Tariffs On Films, Buffett Surprises Shareholders, Stocks Move Lower 5/5/25

Episode Date: May 5, 2025

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jill Schneider.

I'm Jill Schneider, CNBC. Stocks lower at the open as investors hoping for news of trade deals instead had to grapple with another set of tariffs after President Trump announced surprise levies on movies made outside the U.S. On Sunday, Trump said he authorized relevant government agencies to begin imposing a 100 percent tariff on films produced abroad, calling efforts from other nations to attract film productions, quote, a national security threat.

That's sending shares of streaming companies lower. Netflix, Disney, and Warner Brothers Discovery, all sliding. Paramount and Amazon also pulling back. Berkshire Hathaway Chairman and CEO Warren Buffett shocked shareholders at the company's annual meeting Saturday by announcing his intention to step down as CEO by the end of the year. Greg should become the chief executive officer of the company at year end.

And I want to spring that on the directors effectively and then give that as my recommendation. The board voted unanimously Sunday to make Greg Able president and CEO on January 1st, 2026 and for the 94 year old Buffett to remain as chairman. At that meeting, the company warned about the uncertainty to its outlook the tariffs could bring. Still, Berkshire shares closed at a record Friday with a market value of more than $1.1 trillion, bucking the recent stock market downturn.

Shares were down about 2 percent in early trading. United Airlines down about a percent, giving back some of its 7 percent gain from Friday. United announced last week it was cutting some of its flights out of Newark, New Jersey, citing staffing and technology issues at the airport. Footwear giant Sketchers has agreed to be acquired by 3 G capital. The company firm will pay $63 a share a 30% premium to the comp The Dow is down 165 point Nasdaq down 125 Jill Schne

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