• U.S. stock futures dipped Monday as equities come off a strong run.
• Berkshire Hathaway's board voted to replace Warren Buffett as CEO with Greg Abel, Berkshire's vice chairman of non-insurance operations.
• A range of retailers are using tariffs as a marketing strategy, pushing consumers to buy before the duties raise prices or lead to potential shortages.

Here are the most important news items that investors need to start their trading day:

1. On a tear

U.S. stock futures dipped Monday as equities come off a strong run. The S&P 500 notched its ninth straight positive day Friday, its longest win streak since 2004. The broad market index has now regained all the ground it lost after President Donald Trump announced steep tariffs on dozens of countries on April 2. The Dow Jones Industrial Average and Nasdaq Composite gained about 1.4% and 1.5%, respectively, on Friday. Investors have become more hopeful about the possibility of U.S. trade agreements or negotiations with key partners, particularly China. Traders will also be watching the Federal Reserve's two-day policy meeting on Tuesday and Wednesday for any commentary on the state of the economy and the effects of tariffs after Friday's solid jobs report for April. Follow live market updates.

2. Buffett bows out

Warren Buffett is calling it quits. Berkshire Hathaway's board voted to replace the 94-year-old CEO with Greg Abel, Berkshire's vice chairman of non-insurance operations. Abel will take over the post at the end of the year, and Buffett will remain as chairman. Buffett has grown the company into a sprawling conglomerate with a market cap of $1.2 trillion and become one of the most trusted and steady voices in investing over the last six decades. Buffett said he will "hang around" to help at the company but leave the final word on company operations and investment decisions with Abel. He also said he would not sell any of his more than $160 billion in Berkshire Hathaway stock. "I would add this, the decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg's management than mine," he said at the company's annual meeting.

3. Warren's piece

Buffett's shocking announcement came as Berkshire Hathaway posted a bigger-than-expected drop in operating earnings for the first quarter. Operating earnings fell 14% to $9.64 billion as insurance underwriting profit plummeted 48.6%, driven in large part by the California wildfires. Berkshire Hathaway said it is "unable to reliably predict the potential impact on our businesses" from Trump's tariffs. Buffett also criticized tariffs without mentioning Trump by name, saying, "Trade should not be a weapon."

4. Take the good without the bad

As his tariffs cause businesses and consumers to scramble, Trump is trying to distance himself from any economic weakness. Trump said he would take credit for the "good parts" of the economy but claimed the "bad parts" are former President Joe Biden's doing – echoing an assertion he made after a preliminary reading showed U.S. GDP fell in the first quarter largely due to tariff-related imports. "Ultimately, I take responsibility for everything, but I've only just been here for a little more than three months," he told NBC News in an exclusive interview. He also claimed the tariffs "are going to make us rich."

5. A tariffic deal

A range of retailers are using tariffs as a marketing strategy, pushing consumers to buy before the duties raise prices or lead to potential shortages. Private and direct-to-consumer brands including Beis, Bare Necessities, Fashion Nova and Knix have either done pre-tariff sales or urged people to purchase what they want now because the companies and shoppers don't know how tariff policy will play out. "You're probably wondering what this means for your cart. Unfortunately, so are we," luggage company Beis told customers.

– CNBC's Hakyung Kim, John Melloy, Fred Imbert, Yun Li, Erin Doherty and Gabrielle Fonrouge contributed to this report.