By Caitlin McCabe and Hannah Erin Lang

Stocks are threatening to break a historic winning streak.

The S&P 500 and the Nasdaq Composite each edged lower in Monday trading. The Dow Jones Industrial Average rose, boosted by gains in heavyweight constituents American Express and UnitedHealth Group.

Trade policy is still looming large over markets. Over the weekend, President Trump's trade war spread from physical goods to the silver screen. On Sunday, Trump said he had authorized a 100% tariff on films produced overseas, saying he was responding to tax incentives that have lured some productions abroad.

Movie executives were blindsided, and scrambled to determine the potential impact. Shares in Netflix and others dropped. It wasn't clear how such tariffs would work, but such a move would extend the trade war to an industry where the U.S. runs large surpluses.

In an interview that aired Sunday, the president downplayed concerns about further economic turmoil due to his trade policies, and said he planned to lower tariffs on China "at some point."

Also over the weekend, Warren Buffett weighed in on tariffs, saying trade "should not be a weapon." The 94-year-old investor was speaking at a Berkshire Hathaway shareholder meeting, where he told attendees he would step down as CEO at year-end.

A key event for markets this week is the Federal Reserve's interest-rate decision, due Wednesday. The Fed is widely expected to hold borrowing costs steady. Trump has repeatedly called on Fed Chair Jerome Powell to cut rates, including in the interview aired Sunday, but has backed off an earlier implied threat to fire him.

In recent trading:

The S&P 500 and Nasdaq Composite fell. The S&P 500 dropped roughly 0.2%. The index notched a nine-session winning streak Friday, its longest since 2004.

The WSJ Dollar Index retreated, on track for a second straight decline. In Taipei, the Taiwanese central bank convened an emergency meeting and denied the U.S. had demanded Taiwan boost the value of its currency.

Oil prices declined, after the OPEC cartel and its allies agreed to a further boost to output. Brent crude futures fell to roughly $60.30 a barrel.

Gold futures climbed above $3,300 a troy ounce. They had hit an all-time high above $3,500 last month.

Overseas, the Stoxx Europe 600 rose slightly. Markets in China, Japan, South Korea and the U.K. were closed.

Up ahead:

Earnings: Palantir and Ford will report after the close.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

May 05, 2025 14:11 ET (18:11 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.