US stocks end in the red as trade deal uncertainty continues

By Mucahithan Avcioglu

ISTANBUL (AA) - US stocks closed the first trading day of the week with losses as uncertainty over possible trade deals continued and US President Donald Trump announced a 100% tariff for movies produced outside US soil..

The S&P 500 fell 0.63%, or 36.08 points, to close at 5,650.59, snapping a nine-day winning streak.

The Nasdaq composite was down 0.74% to finish at 17,844.24 points while the Dow Jones Industrial Average lost 0.24% to close at 41,218.83 points.

The loss in stocks came after Trump's remarks about tariff deals on Sunday.

"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 told reporters. He also dashed expectations that progress was being made to reduce trade tensions between the US and China by saying he has no plans to speak with Chinese President Xi Jinping.

Media firms' shares fell after Trump announced a 100% tariff on all movies produced outside the US.

Trump said on X on Sunday that the movie industry in America is dying "a very fast death,” adding: "Other Countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States."

Following that, shares of Netflix fell 1.94%, Paramount dove 1.57%, and Warner Bros. lost 1.99%.

Later, Trump said Monday: “I’m not looking to hurt the industry, I want to help.”

Shares of US shoe and clothing company Skechers gained 24.4% after it announced that the company would be acquired by 3G Capital for $63 per share.

Berkshire Hathaway shares fell 5.1% after investor doyen Warren Buffett announced plans to leave his CEO position at the end of the year.

On the macroeconomic data side, ISM's non-manufacturing sector purchasing managers' index (PMI) rose to 51.6 in April, beating expectations.

On the other hand, S&P Global's services PMI fell to 50.8, below market forecasts.

The VIX Index, also known as the “fear index," rose 4.23% to 23.64.