Updates with morning prices

By Sanchayaita Roy and Sukriti Gupta

May 5 (Reuters) - Canada's main stock index slipped on Monday, as U.S. President Donald Trump's new tariffs sparked fresh investor concerns, ahead of the Federal Reserve's monetary policy decision this week.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 0.4% at 24,942.81 points.

Trump on Sunday announced a 100% tariff on movies produced outside the U.S., but offered little clarity on how the levies would be implemented.

Shares of U.S. media firms tumbled amid concern that the latest tariffs could increase the cost for Hollywood studios and disrupt the global entertainment industry.

"A lot of movies are made in Canada...it makes it very economical for the U.S. companies to come up and film a movie here versus down in the U.S. So, not a good announcement for us here in Canada", said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.

Meanwhile, data showed that Canada's services economy contracted for a fifth straight month in April as uncertainty around trade policy and the country's general election weighed on activity.

The spotlight this week will be on the Federal Reserve, which is widely expected to leave interest rates steady on Wednesday.

On the TSX, energy shares .SPTTEN led sectoral losses with a 1.9% fall, tracking a drop in oil prices.

Conversely, mining stocks .GSPTTMT were up 0.8% after gold prices gained more than 2%.

Canadian fuel refiner and retailer Parkland PKI.TO rose 7.6% after U.S.-based Sunoco LP SUN.N said it will buy the company in a deal valued at about $9.1 billion, including debt.

(Reporting by Sanchayaita Roy and Sukriti Gupta in Bengaluru; Editing by Shreya Biswas)

((Sanchayaita.Roy@thomsonreuters.com;))