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3h ago

Markets Pull Back After Record Streak as Tariff Tensions Resurface

U.S. stock futures decline following President Trump's new tariff announcement, with investors focusing on the Federal Reserve's upcoming policy decision and key corporate earnings.

Trader Edward Curran works on the floor of the New York Stock Exchange, Monday, May 5. The S&P 500 snapped its longest winning streak in two decades.
A Taiwan dollar note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo
An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Picture taken May 21, 2018. REUTERS/Ahmed Jadallah/File Photo

Overview

  • The S&P 500's nine-day winning streak, its longest since 2004, ended Monday as stock futures dropped 0.7%.
  • President Trump announced a 100% tariff on foreign-produced movies, raising uncertainty about trade policies and their economic impact.
  • Oil prices fell below $60 per barrel for the first time in four years after OPEC+ agreed to increase production levels.
  • Warren Buffett confirmed he will step down as Berkshire Hathaway CEO by the end of 2025, naming Greg Abel as his successor.
  • Investors are closely watching the Federal Reserve's two-day meeting, where interest rates are expected to remain unchanged.