May 5 Premarket Briefing: 10 Things You Should Know

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.

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