Trump Film Tariff Threat Weighs on Wall Street
Energy stocks also dragged down the market. Exxon Mobil and Chevron dropped 2.6% and 2.1% after OPEC+ announced more production.
Quick overview
- Wall Street's major indexes closed lower due to a new tariff threat from former President Donald Trump.
- Trump announced plans for a 100% tariff on foreign-produced films, raising trade concerns across sectors.
- The Dow Jones fell 0.24%, the S&P 500 dropped 0.64%, and the Nasdaq Composite decreased by 0.74%.
- Energy stocks also declined as Exxon Mobil and Chevron fell following OPEC+'s decision to increase oil production.
Wall Street’s three major indexes closed lower on Monday, as investors reacted negatively to a new tariff threat from former President Donald Trump.
On Sunday, Trump announced plans to impose a 100% tariff on foreign-produced films, rekindling trade concerns across sectors.
The Dow Jones Industrial Average fell 0.24% to 41,218.83 points, while the S&P 500 lost 0.64% to close at 5,650.38. The Nasdaq Composite, heavily weighted toward tech and media stocks, dropped 0.74% to 17,844.24.
Main Movers
Film and TV production companies that operate internationally led the losses. Netflix slid 1.94%, followed by Amazon.com (-1.65%), Walt Disney (-0.41%), Warner Bros. Discovery (-1.99%), and Paramount (-1.57%).
A standout move came from Berkshire Hathaway Class B shares, which plunged 5.12% after legendary investor Warren Buffett announced he will step down as chairman of the conglomerate. The news weighed heavily on investor sentiment.
Markets now turn their attention to Wednesday’s Federal Reserve policy announcement. No rate changes are expected, but analysts will be watching closely for any comments on the potential economic impact of tariffs.
Oil Stocks Slide on OPEC+ Decision
Energy stocks also dragged down the market. Exxon Mobil and Chevron dropped 2.6% and 2.1% respectively after OPEC+ announced plans to increase oil production starting in June. The move pressured crude prices, with Brent futures for June delivery falling 1.8% to $60.22 per barrel in late trading.
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