WASHINGTON (dpa-AFX) - Stocks have moved mostly lower during trading on Monday, giving back ground after trending higher over the past couple weeks. The major averages have all moved to the downside, although the Dow has climbed well off its worst levels after an initial pullback.
Currently, the Nasdaq is down 126.75 points or 0.7 percent at 17,850.98 and the S&P 500 is down 27.86 points or 0.5 percent at 5,658.81. The narrower Dow is posting a more modest loss, down 10.44 points or less than a tenth of a percent at 41,306.99.
The weakness on Wall Street comes as some traders look to cash in on the recent strength in the markets, which lifted the major averages to their best levels in month.
The S&P 500 closed higher for the ninth consecutive session last Friday, marking its longest winning streak in over twenty years.
Renewed trade concerns are also weighing on stocks after President Donald Trump announced plans to impose a 100 percent tariff on movies produced in foreign countries.
'The Movie Industry in America is DYING a very fast death,' Trump said in a post on Truth Social. 'Other Countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States. Hollywood, and many other areas within the U.S.A., are being devastated.'
'This is a concerted effort by other Nations and, therefore, a National Security threat. It is, in addition to everything else, messaging and propaganda!' he added. 'WE WANT MOVIES MADE IN AMERICA, AGAIN!'
Trump also told reporters on Sunday that he has no plans to talk to his Chinese counterpart Xi Jinping this week, offsetting recent optimism about a potential U.S.-China trade deal.
Early selling pressure was partly offset by a report from the Institute for Supply Management showing an unexpected increase by its reading on U.S. service sector activity in the month of April.
The ISM said its services PMI rose to 51.6 in April from 50.8 in March, with a reading above 50 indicating growth. Economists had expected the index to edge down to 50.6.
Sector News
Energy stocks are seeing notable weakness amid a steep drop by the price of crude oil, with the Philadelphia Oil Service Index and the NYSE Arca Oil Index falling by 1.1 percent and 1.0 percent, respectively.
Crude for June delivery is plunging $1.55 to $56.74 a barrel after members of OPEC+ agreed to increase output by another 411,000 barrels per day in June.
Weakness is also visible among telecom stocks, as reflected by the 1.0 percent loss being posted by the NYSE Arca North American Telecom Index.
On the other hand, airline stocks have moved sharply higher on the day, resulting in a 2.1 percent surge by the NYSE Arca Airline Index.
Gold stocks are also turning in a strong performance amid a spike by the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 2.0 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance in light trading on Monday, as several major markets were closed for holidays. Australia's S&P/ASX 200 Index slumped by 1.0 percent, while India's Nifty 50 Index climbed by 0.5 percent.
The major European markets have also turned mixed, with the U.K. closed for a holiday. While the German DAX Index is up by 1.0 percent, the French CAC 40 Index is down by 0.5 percent.
In the bond market, treasuries are extending the notable downward move seen over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.9 basis points at 4.349 percent.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News