Updated from 6:48 a.m. EDT
Here are 10 things you should know for Monday, May 5:
1. -- U.S. stock futures were suggesting Wall Street would open lower Monday after a survey found that manufacturing in China shrank for the fourth month in a row in April.
Stocks in France and Germany were lower. Markets in Britain were closed for a public holiday.
Japanese markets also were closed. Hong Kong's Hang Seng fell 1.3% while the Shanghai Composite in mainland China rose 0.1%.
2. -- The economic calendar in the U.S. on Monday includes the ISM Services for April at 10 a.m. EDT.
3. -- U.S. stocks on Friday closed lower, erasing early gains after April's jobs report showed a falling work force participation rate.
The Dow Jones Industrial Average fell 0.28% to close at 16,512.89, while the S&P 500 dipped 0.13% to 1,881.14. The Nasdaq dropped 0.09% to 4,123.90. The Dow, S&P and Nasdaq for the week gained 0.93%, 0.95% and 1.19%, respectively.
4. -- Berkshire Hathaway
(BRK.A) CEO Warren Buffett gave no new hints about the company's succession plan during Berkshire's annual shareholder meeting on Saturday.
When asked by a shareholder about announcing a successor, Buffett, the 82-year-old billionaire, didn't disclose the name of Berkshire's next CEO but instead reiterated comments that the company's board already has been informed of a replacement.
Berkshire said Friday that first-quarter profit slipped nearly 4% largely because of an accounting charge in its insurance units.
5. -- Pfizer (PFE), the U.S. drugs giant, said first-quarter profit declined 15% largely because of competition from cheaper generic competition.
Net income was $2.33 billion, or 36 cents a share, down from $2.75 billion, or 38 cents, a year earlier.Excluding one-time charges, earnings were 57 cents a share. Analysts were expecting 55 cents. Revenue fell 9% to $11.35 billion. Analysts expected $12.08 billion.
The stock fell 1.1% in premarket trading to $30.41. 6. -- Bill Gates, Microsoft's (MSFT) former CEO, is no longer the company's largest individual shareholder.
Gates sold 4.6 million Microsoft shares at the end of last month, reducing his holdings in the company to 330.1 million shares, putting him second behind fellow former CEO Steve Ballmer, who owns 333 millions shares, according to CNET.com.
CNET noted that under a preset trading plan, Gates' ownership stake in Microsoft likely will vanish in four years.
7. -- JPMorgan Chase (JPM) on Friday forecast second-quarter markets revenue would be 20% lower than the second quarter of 2013. "Based on Markets revenue results to date, which reflect a continued challenging environment and lower client activity levels, expect 2Q14 Markets revenue to be down approximately 20%+/- versus 2Q13. The Markets revenue actual results will depend heavily on performance throughout the remainder of the quarter, which can be volatile," the firm stated in its 10-Q filing for the first quarter, which was released Friday after the market closed.
The bank also said higher interest rates would continue to hurt its mortgage business. It forecast "pretax production loss of approximately $100-$150 million in 2Q14" and negative pretax margins for the second half of 2014.
JPMorgan shares fell 2.6% to $54.13 in premarket trading. 8. -- American International Group (AIG) is forecast to report first-quarter earnings on Monday of $1.07 a share on revenue of $9.35 billion.
9. -- Nokia (NOK) has started a $100 million fund that will invest in firms specializing in connected and smart vehicles.
Nokia said Monday the fund is meant to support its digital-map business.
Nokia last month completed the sale of its troubled devices and services unit to Microsoft.
10. -- "The Amazing Spider-Man 2" debuted with $92 million in North American theaters over the weekend, according to studio estimates Sunday. It was a solid opening for Sony's (SNE) Columbia Pictures, which has released five Spider-Man movies in the last 14 years. -- Written by Joseph Woelfel
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