Wall Street loses ground and oil prices tumble after OPEC+ says it will step up production

By DAMIAN J TROISE Associated Press Business Writer NEW YORK AP Stocks fell in morning trading on Wall Street Monday and oil prices fell to a four-year low as the OPEC group stated plans to boost output The S P fell The benchmark index is coming off of its ninth straight gain The Dow Jones Industrial Average fell points or as of a m Eastern time The Nasdaq composite fell The losses were broad Roughly percent of stocks and every sector within the S P lost ground Berkshire Hathaway fell for one of the industry s bigger losses Legendary investor Warren Buffett communicated over the weekend that he would step down as CEO by the end of the year after six decades at the helm He will remain chairman of the board of directors The OPEC group of eight oil producing nations publicized over the weekend that it will raise its output by barrels per day as of June U S benchmark crude oil fell as much as overnight before moderating U S crude oil prices fell to per barrel Several producers can no longer turn a profit once oil falls below Prices are down sharply for the year over worries about an economic slowdown Potential companies fell Exxon Mobil lost Markets are coming off another winning week as they absorb the shock of tariffs and a growing commerce war President Donald Trump has imposed tariffs on a wide range of imports sparking global retaliation A multitude of of the more severe tariffs that were supposed to go into effect in April were delayed by three months with the notable exception of tariffs against China The delays have provided various relief to Wall Street though uncertainty about the impact from current and future tariffs continues to hang over markets and the business activity That uncertainty will overshadow the Federal Reserve s meeting this week The Fed is expected to hold its benchmark interest rate steady on Wednesday It cut the rate three times in before taking a more cautious stance The central bank was concerned that inflation while easing was still stubbornly hovering just above its target rate of Concerns about inflation reigniting have only grown amid the global arrangement war sparked by Trump s tariff strategy Trump s rapidly shifting policies on commerce have kept the central bank and markets on edge Tariffs have been imposed only to be pulled or delayed sometimes on a daily basis The on-again-off-again approach has left businesses households and economists at a loss in trying to forecast where the business activity might be headed and to plan accordingly Treasury yields were relatively stable The yield on the -year Treasury rose to from late Friday AP business writers Jiang Junzhe and Matt Ott contributed to this story