The S&P 500 moved lower to start the week as investors monitored the latest developments on global trade, including another surprise set of tariffs from President Donald Trump.
The Dow Jones Industrials pushed higher 65.63 points to 41,383.06.
The much broader index skidded 19.29 points, to 5,667.38, putting the index in danger of ending its longest winning streak since November 2004.
The NASDAQ Composite faded 96.72 points to 17,881.01.
The major indexes cut losses after a data Monday from the Institute for Supply Management reflected stronger-than-expected service sector activity in April, even as company executives reported rising concern about tariffs.
At its lows, the Dow fell as much as 253.99 points, while the S&P 500 and NASDAQ lost around 1% each before rebounding.
Trump on Sunday said he authorized relevant government agencies to begin imposing a 100% tariff on films produced abroad, calling efforts from other nations to attract film productions a “national security threat.” It remains unclear if the levies would impact movies shown in theaters or movies on streaming services.
Shares of Walt Disney and Netflix — all companies that film abroad — traded 1.4% and 3.4% lower in early morning trading, respectively. Warner Bros Discovery also shed around 3%.
Trump also told reporters on Sunday that “we’re negotiating with many countries, but at the end of this, I’ll set my own deals — because I set the deal, they don’t set the deal.” Trump added that has no plans to talk to Chinese President Xi Jinping, dashing investors’ hopes that progress is being made to ease U.S.-China trade tensions.
Prices for the 10-year Treasury fell, raising yields to 4.34% from Friday’s 4.31%. Treasury prices and yields move in opposite directions
Oil prices dropped $1.56 to $56.73 U.S. a barrel.
Prices for gold jumped $80.50 to $3,223.80 U.S.