Wall Street’s key stock indices edged lower on Monday after President Donald Trump rekindled worries about the global trade war by imposing new tariffs.
At 10:03 a.m. ET, the Dow Jones Industrial Average fell 73.36 points, or 0.17%, to 41,245.64, the S&P 500 lost 30.24 points, or 0.54%, to 5,656.43, and the Nasdaq Composite lost 94.25 points, or 0.52%, to 17,883.48.
At the opening bell, the Dow Jones Industrial Average fell 144.1 points, or 0.35%, to 41,173.38. The S&P 500 fell 31.4 points, or 0.55%, to 5,655.32, while the Nasdaq Composite dropped 160.7 points, or 0.89%, to 17,817.014.
US President Donald Trump on Sunday announced a 100% tariff on movies produced overseas, reigniting concerns about the potential fallout of a global trade war.
Amid the uncertainty over the tariffs war, market participants are keenly awaiting a monetary policy decision from the US Federal Reserve later this week. It is expected to keep interest rates on hold.
Fed Chair Jerome Powell’s comments due on Wednesday could provide clues on the central bank’s rate path.
On the economic data front, an ISM survey showed on Monday services sector activity improved in April. It stood at 51.6.
In the bond market, the yield on the 10-year Treasury rose to 4.35% from 4.31% late on Friday.
Reacting to Trump’s announcement of 100% tariff on movies produced outside the US, stocks of Netflix dropped 2.2%, Amazon.com fell 1.9%, Warner Bros. Discovery lost 1.3%, and Paramount slipped 1.4%.
Warren Buffett’s Berkshire Hathaway shed 6.2% after the investor said he will step down as CEO of the conglomerate.
Tyson Foods shares plunged 8.1% after the company missed quarterly revenue estimates.
Skechers stock rallied 24% after the footwear maker agreed to be taken private by 3G Capital in a $9.4 billion deal.
Gold prices edged higher over 2% on Monday on weaker US dollar and safe-haven demand.
Spot gold rose 2.3% to $3,315.62 an ounce at 9:44 ET (1344 GMT). US gold futures were up 2.5% to $3,324.50.
Spot silver rose 1.3% to $32.39 an ounce. Platinum added 0.4% to $963.76. Palladium shed 0.7% to $947.15.
Oil prices slumped on Monday after OPEC members announced a production hike despite oversupply concerns.
Brent crude briefly declined below $60 per barrel for the first time since 2020.
Brent North Sea Crude was down 1.5% at $60.37 per barrel. West Texas Intermediate edged down 1.7% at $57.29 per barrel.
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