The S&P 500 fell to snap its longest streak of gains in 20 years on Monday as investors assessed U.S. President Donald Trump's latest tariff announcement ahead of the Federal Reserve's monetary policy decision later this week.

On Sunday, Trump announced a 100% tariff on movies produced outside the U.S. but provided no details on how such levies would be implemented.

Market Snapshot

The Dow Jones Industrial Average fell 98.60 points, or 0.24%, to 41,218.83, the S&P 500 lost 36.29 points, or 0.64%, to 5,650.38 and the Nasdaq Composite lost 133.49 points, or 0.74%, to 17,844.24.

Market Movers

Apple - Apple shares were down 3.2% on Monday, extending losses from last week. Apple's market cap declined by $58.7 billion last week. While the iPhone maker's quarterly earnings topped analysts' estimates, the stock slumped following services revenue that missed expectations and weakness in Greater China.

Tesla - Tesla shares dropped 2.4% on Monday in response to a Reuters report suggesting that the company's sales struggles are continuing in Europe.

Berkshire Hathaway - Berkshire Hathaway's Class B shares were down 5.1% after Warren Buffett said he would be stepping down as CEO of the conglomerate at the end of the year, with his handpicked successor, Greg Abel, taking the helm. Buffett's bombshell announcement at the company's annual meeting Saturday followed the release of Berkshire's earnings report, in which the company reported first-quarter operating profit of $9.6 billion, down 14% from a year earlier, on reduced insurance underwriting profits and currency losses related to the company's nondollar debt.

Berkshire's cash pile grew to $348 billion at the end of the first quarter, but Buffett, when asked at the annual meeting why he hasn't deployed it yet, suggested the right opportunities haven't come along.

Regarding tariffs, Buffett said the main thing was to "not use trade as a weapon. There's no question that trade can be an act of war and I think it's led to bad things, just the attitudes that's brought out in the United States. We should be looking to trade with the rest of the world, and we should do what we do best, and they should do what they do best."

Microsoft - Microsoft was up 0.2%. The software giant kicked off Monday as the largest U.S. company by market capitalization, surpassing Apple on Friday. Microsoft's market cap of $3.24 trillion is now ahead of Apple's $2.97 trillion. Microsoft gained $322.8 billion in market cap last week following strong fiscal third-quarter earnings. Among the highlights were growth in Microsoft's Azure cloud-computing business.

Netflix, Walt Disney, Comcast, Paramount Global, Warner Bros. Discovery - Netflix fell 1.9%, Walt Disney fell 0.4%, Comcast was flat, Paramount Global dropped 1.6%, and Warner Bros. Discovery was down 2% after President Donald Trump, in a Truth Social post Sunday, said he would authorize a 100% tariff on films produced overseas.

"I am authorizing the Department of Commerce, and the United States Trade Representative, to immediately begin the process of instituting a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands," Trump wrote in his post. He also referred to efforts by other countries to incentivize domestic production as a national security threat.

Skechers - Skechers surged 24.4% to $61.39 after the footwear company said it would be going private in a $9.42 billion deal with 3G Capital. Skechers will be bought for $63 a share in cash.

ON Semiconductor - On Semiconductor reported first-quarter adjusted earnings of 55 cents a share, beating analysts' estimates of 50 cents. Revenue of $1.45 billion also topped forecasts of $1.4 billion. On Semi also issued a second-quarter outlook, saying it expects adjusted earnings in the range of 48 cents to 58 cents a share and revenue between $1.4 billion and $1.5 billion. The stock fell 8.4%, however, as the chip company continued to see weak demand across all of its business segments.

Tyson - Tyson Foods fell 7.8% after the meat producer topped earnings estimates in its fiscal second quarter but revenue missed forecasts. The company said it expects fiscal-year sales flat or up 1% from a year earlier.

Howard Hughes Holding - Howard Hughes Holdings rose 2.9%. Bill Ackman's Pershing Square Capital Management plans to invest $900 million in the real estate company, boosting its stake up to 46.9%.

Market News

Trump Announces 100% Tariff for Movies Produced Outside US

U.S. President Donald Trump announced on Sunday a 100% tariff on movies produced outside of the United States, saying the U.S. movie industry was dying a "very fast death" due to the incentives that other countries were offering to draw American filmmakers.

"This is a concerted effort by other Nations and, therefore, a National Security threat. It is, in addition to everything else, messaging and propaganda," Trump said in a post on Truth Social.

Trump said he was authorizing the relevant U.S. government agencies such as the Department of Commerce to immediately begin the process of imposing a 100% tariff on all films produced abroad that are then sent into the United States.

Palantir Raises Annual Revenue Forecast on AI Demand but Investors Unimpressed

Palantir Technologies raised its annual sales forecast on Monday, although its inline profit and a modest revenue beat disappointed investors who were expecting more from the AI-focused data and analytics firm, driving its shares down 8.8% in extended trading.

The stock has been one of the biggest gainers of a rally in AI-linked shares, rising more than 60% this year, as investors placed huge bets on its ability to benefit from widescale AI deployments and increased government spending on defense-related tech.

"The only thing that's higher than the results reported were expectations, and that's why the stock is down," said D.A. Davidson analyst Gil Luria. "Investors expected even more."