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Stocks fell to start the week as investors hoping for news of trade deals instead had to grapple with another set of tariffs after President Donald Trump announced surprise levies on movies made outside the U.S.
The Dow Jones Industrials gave back 96.5 points to 41,220.93.
The much broader index skidded 37.47 points to 5,649.20, putting the index in danger of ending its longest winning streak since November 2004.
The NASDAQ Composite faded 136.16 points to 17,841.57.
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 4.35% from Friday’s 4.31%. Treasury prices and yields move in opposite directions
Oil prices dropped $1.12 to $57.17 U.S. a barrel.
Prices for gold jumped $86.20 to $3,229.50 U.S.
