5 Things to Know: Buffett Steps Down, Wall Street Bounces Back, 2027 ‘Truck Wars’ and More

 

5 Things to Know: Buffett Steps Down, Wall Street Bounces Back, 2027 ‘Truck Wars’ and More

**Morning Squawk: The stories moving markets before the opening bell on Friday, September 18, 2026.**

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Good morning, America. Let’s get you caught up on the five stories that matter most before the bell rings.

## 1. The Oracle Has Left the Building

Warren Buffett stepped down as chairman of Berkshire Hathaway, effective immediately, ending a six-decade run at the helm of the $1 trillion conglomerate .

The 96-year-old will become chairman emeritus and remain on the board. His son, Howard Buffett, a director since 1993, will take over as chairman. Greg Abel, who became CEO last year, continues running the company .

“Father Time always wins,” Buffett wrote in his letter to shareholders. “He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead” .

The division of labor is clear: “Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet,” Buffett wrote. “Think of Howard as a policy the shareholders own and hope never to claim against” .

Buffett took control of Berkshire in 1965 when it was a struggling textile mill. Over 60 years, he transformed it into a conglomerate owning Geico, Duracell, Dairy Queen, and significant stakes in Apple, American Express, and Coca-Cola. The company delivered a **19.7% compounded annual return** during his tenure, nearly double the S&P 500 .

Berkshire shares are up just 1% this year, lagging the S&P 500’s 11% gain .

**Why it matters:** This is the final chapter of the greatest investment career in American history. Buffett is no longer making the calls. Howard guards the culture. Greg runs the business. The question for shareholders: does Berkshire still deserve the premium it’s always commanded?

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## 2. Wall Street Bounces Back

After a brutal stretch that saw the S&P 500 fall in seven of eight sessions, stocks rallied hard on Thursday .

The **S&P 500 climbed 1.1%** to 7,637.76. The **Dow rose 316 points** (0.6%) to 51,778.04. The **Nasdaq jumped 1.7%** to 26,418.30 .

Two things drove the rebound:

**Oil retreated.** WTI crude fell below $100 a barrel at one point, down 3% on the day, after Saudi Arabia signaled increased supply through Oman. Brent settled at $104.82, down 0.95% . President Trump told reporters he hopes the war with Iran is “coming to an end” .

**Bond yields eased.** The 10-year Treasury yield fell back below 5%, settling at **4.937%**, down 8.6 basis points. The 30-year also pulled back .

Tech led the charge. **Nvidia rose 2.54%, Amazon gained 2.13%, and Microsoft added 1.52%** . Semiconductor stocks were especially strong: **GlobalFoundries jumped 9%** on news it would expand production for Marvell Technology. **Intel surged 7.67%** .

The Fed’s rate hike on Wednesday—the first in three years—was met with relief rather than panic. “Investors are relieved that the Fed is taking action to address sticky inflation,” said Robert Conzo, CEO of The Wealth Alliance .

**Why it matters:** The market’s reaction suggests investors believe the Fed is serious about fighting inflation. If oil keeps falling, the pressure on the Fed to hike again eases. If it doesn’t, expect more volatility.

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## 3. The 2027 ‘Truck Wars’ Are Heating Up

For the first time in six years, **Ford won’t win North American Truck of the Year**. In fact, no Ford truck even made the shortlist .

The four contenders for the 2027 award are:

- **Chevrolet Silverado 1500**

- **GMC Sierra 1500**

- **Ram 1500 TRX SRT** (supercharged 6.2L Hemi V8, 777 horsepower, ~$103,000)

- **Slate Truck** (stripped-down electric pickup, crank windows, no factory audio, starting at $24,950) 

The Ford F-150’s last NACTOY win came in 2023 with the Lightning. Since then, Ford won with the Super Duty, Ranger, and Maverick. The current F-150 generation launched in 2021, and nothing in Ford’s lineup qualifies as new or substantially changed for 2027 .

Meanwhile, **GM is touting new V-8 engines** as it revives the truck wars with Ford and Ram. The focus is on gas-powered engines and a class-exclusive diesel option, reflecting the reality that EV truck sales have been lackluster .

Ford killed the F-150 Lightning in December 2025, pivoting to extended-range electric vehicles (EREVs) instead. Ram canceled its 1500 REV in favor of the Ramcharger EREV . GM is expected to follow with EREV pickups for 2028 .

**Why it matters:** The truck wars are back, but the weapons have changed. V-8s, diesels, and EREVs are the new battleground. Pure EVs are on the back burner. For investors in Ford, GM, and Stellantis, this is the segment that drives profits. Watch the October NACTOY testing closely.

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## 4. Microsoft’s AI Chief Takes the Stage

**Mustafa Suleyman, Microsoft’s AI CEO**, joins “Squawk Box” at 8:45 a.m. ET for a “First on CNBC” interview .

The timing is notable. Microsoft stock has been on a tear—**up 31% in the last three months**, making it the best-performing Mag 7 name in that period. It’s still up just under 3% for the year, but it’s recovered 42% from its June low of $349.20 .

The AI trade has been volatile. OpenAI just delayed its IPO over safety concerns. Anthropic is racing toward a $2 trillion listing. Nvidia is at the center of a global debate about whether AI spending is sustainable.

Suleyman’s comments could move the stock—and the broader AI narrative.

**Why it matters:** Microsoft is the enterprise AI play. If Suleyman sounds bullish on Copilot adoption and Azure AI demand, it could reignite confidence in the sector. If he sounds cautious, expect ripple effects across tech.

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## 5. Apple’s Big Day Under New Leadership

The **iPhone 18 Pro and Pro Max go on sale Friday**, marking the first major product launch under new CEO **John Ternus** .

Ternus took over from Tim Cook on September 1. The stock is up **6.4%** in the early days of his tenure and **24% year-to-date**, making it the top performer among the Magnificent Seven this year. Shares are just 2% off their July high of $344.57 .

CNBC will have cameras at Apple’s flagship Fifth Avenue store at 8 a.m. to gauge demand and buzz. MacKenzie Sigalos will be covering throughout the day, assessing what Apple’s premium-pricing strategy means for the company’s outlook .

**Why it matters:** Ternus’s first product launch is a test of whether Apple can maintain its pricing power in a tough consumer environment. If demand is strong, it validates the new CEO’s strategy. If it’s weak, expect questions about whether Apple has lost its edge.

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## Quick Hits: What Else to Watch

**Financials are struggling.** Through Thursday’s close, financials are the worst-performing sector this week, down **2.4%**. Bank of America is down 7% for the week after CEO Brian Moynihan warned that third-quarter investment banking fees would fall more than 10%. Goldman Sachs is down 7.6% after CEO David Solomon said its FICC business would be slightly softer .

**S&P 500 rebalance takes effect after Friday’s close.** **Bloom Energy**, **Everpure**, and **Illumina** join the index. Bloom Energy is up 233% year-to-date. Illumina is up 87%. Everpure is up 55% .

**Jobless claims came in strong.** Initial claims fell to **196,000**, below the 208,000 expected, signaling continued labor market resilience .

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## The Bottom Line

This morning’s Squawk is about transition. Buffett handing off the chair. Ternus launching his first iPhone. Microsoft’s AI chief facing the cameras. And the truck wars entering a new phase.

The market’s rebound on Thursday was a relief, but it doesn’t erase the week’s losses. The Fed has hiked. Oil is still above $100. And the AI safety debate is intensifying.

Stay sharp. The next few weeks will be telling.

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## Frequently Asked Questions (FAQs)

**1. Why did Warren Buffett step down as chairman?**

Buffett, 96, said the timing was right to complete the transition. Greg Abel has been running the company as CEO, and Howard Buffett will guard Berkshire’s culture and values. Buffett will remain on the board as chairman emeritus .

**2. Who is Howard Buffett?**

Howard G. Buffett, 71, is Warren Buffett’s son and has been a Berkshire director since 1993. His role as chairman is focused on preserving the company’s culture, not running day-to-day operations .

**3. Why did stocks rally on Thursday?**

Two reasons: oil prices fell (WTI dropped below $100 at one point) and Treasury yields eased (the 10-year fell back below 5%). Tech stocks led the rebound, with Nvidia, Amazon, and Microsoft all gaining .

**4. What is the 2027 NACTOY truck shortlist?**

The four contenders are the **Chevrolet Silverado 1500**, **GMC Sierra 1500**, **Ram 1500 TRX SRT**, and **Slate Truck**. No Ford truck made the list for the first time in six years .

**5. Why is Ford missing from the NACTOY list?**

It’s an eligibility gap, not a quality issue. The current F-150 generation launched in 2021, and nothing in Ford’s lineup qualifies as new or substantially changed under NACTOY’s rules .

**6. What is an EREV?**

An Extended-Range Electric Vehicle is essentially an EV with a gas-powered generator onboard. It runs on electricity for a certain range, then uses the generator to extend total range. Ford and Ram are pivoting to EREVs as pure EV truck sales have been weak .

**7. What’s happening with the S&P 500 rebalance?**

After Friday’s close, **Bloom Energy**, **Everpure**, and **Illumina** will join the S&P 500. The changes take effect Monday .

**8. What should I watch on Friday?**

**Mustafa Suleyman** on Squawk Box at 8:45 a.m. **iPhone 18 Pro sales** at Apple’s Fifth Avenue store. **Financial sector weakness** continuing or reversing. And any **oil price moves** tied to Middle East headlines .

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## Disclaimer

*This article is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. The views expressed are based on publicly available information as of September 18, 2026. Market conditions, company performance, and economic data are subject to rapid change. The author does not endorse any specific investment strategies or products. Past performance is not indicative of future results. Before making any financial or investment decisions based on the content of this article, please consult with qualified professionals who can evaluate your specific situation.*