S & P 500 weakened on Monday, while investors followed the latest events in global trade.
The wide market index fell by 0.6%, while Nasdaq Composite fell by about 0.8%. Dow Jones Industrial Average fell for 100 points, ie 0.2%. S & P 500 entered the session with a nine-day line of victories, longest since 2004. If the reference index will achieve the tenth consecutive growth, it would be his best wins of 12-day array 1995.
At its lowest levels, Dow fell by as much as 253.99 points, while S & P 500 and Nasdaq lost about 1% before they recovered. However, the main indices reduced losses after the data of the Institute for Monday Management Affairs made a stronger than the expected activities of the service sector in April, even while the company’s executives reported growing concerns due to tariffs.
The mood also improved after Bloomberg, referring to sources, reported that India proposed zero tariffs on steel, automotive components and pharmaceutical products on reciprocal grounds and to a certain amount of imports.
In addition, investors are still insecure about the time frame of customs agreements between the United States and other countries.
Finance Minister Scott Bessent said on Monday for CNBC that we were “very close to some agreements”, repeating Trump’s comments on Sunday that agreements could come this week.
Trump told reporters on Sunday that “we negotiate with many countries, but at the end of this, I will set my own agreements – because I am setting up an agreement, they don’t ask him.” Trump added that there are no plans to talk to the Chinese President Xi Jinping, destroying hope to achieve progress in mitigating trade tensions between the United States and China.
Trump also authorized the relevant government agencies on Sunday to begin to impose 100% tariff on films produced abroad, calling other countries to attract film productions “threat to national security.” It remains unclear whether the levies affect movies that are displayed in cinemas or movies on streaming services. The Netflix and Paramount shares lost more than 1% on Monday.
