Nasdaq 100 and S&P500: Media and Tech Drag Today, Chips and REITs Outperform

Tech and Media Weigh on US Stocks as Midday Trade Cools Earlier Momentum

U.S. stocks are trading slightly lower late Monday morning, with theS&P 500 pulling back from a nine-session winning streak. Weakness in streaming and mega-cap tech names is leading the decline, while semiconductors and select industrials are offering some support.

Media stocks drop as Trump tariff post rattles sentiment

The media sector is under pressure after former President Donald Trump proposed a 100% tariff on foreign-produced movies. Netflix is down 5%, while Disney is off 3%. Warner Bros. Discovery, Paramount, and Amazon have posted losses between 1% and 2%. The lack of clarity around the policy has injected uncertainty into studio cost structures, especially for firms reliant on offshore production hubs. The tariff talk has introduced a new headline risk into a sector already facing margin pressure.

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

Howard Hughes Holdings is up 8% after Pershing Square agreed to buy 9 million new shares at $100 each—a 48% premium to Friday’s close. The deal signals strong institutional backing and has pushed the stock to lead real estate gains today. On the downside, Tyson Foods is off 1.3% after reporting flat sales and lower profits, dragged by weak beef and pork volumes and a $343 million legal contingency.

Market outlook for the remainder of the session

The S&P 500 is struggling to extend its recent rally as sector rotation and earnings developments dominate the session. With no major economic releases today, traders are focused on stock-specific catalysts and intraday technical levels. Media and tech remain under pressure, while chips and select industrials are offering relative strength. Broader sentiment remains constructive, but headline sensitivity is elevated.

More Information in our Economic Calendar.