Stock market today live updates

Stocks fell to start the week as investors hoping for news of trade deals instead had to grapple with another set of tariffs after President Donald Trump announced surprise levies on movies made outside the U.S.

Trump on Sunday said he authorized relevant government agencies to begin imposing a 100% tariff on films produced abroad, calling efforts from other nations to attract film productions a “national security threat.” It remains unclear if the levies would impact movies shown in theaters or movies on streaming services.

Shares of Walt Disney and Netflix — all companies that film abroad — traded 2.5% and 5% lower in early morning trading, respectively. Warner Bros Discovery also shed nearly 4%.

Trump also told reporters on Sunday that “we’re negotiating with many countries, but at the end of this, I’ll set my own deals — because I set the deal, they don’t set the deal.” Trump added that has no plans to talk to Chinese President Xi Jinping, dashing investors’ hopes that progress is being made to ease U.S.-China trade tensions.

“I am worried, I was hoping trade deals would be announced by now. They’re not. I don’t think the impact has hit us yet,” said Jeremy Siegel, finance professor at University of Pennsylvania’s Wharton School of Business and Wisdom Tree chief economist.

Wall Street is also looking ahead to the Federal Reserve’s two-day policy meeting beginning on Tuesday, with a rate decision expected Wednesday.

Fed funds futures trading points to just a 3.2% chance of a rate cut, according to the CME Group’s FedWatch tool. Still, traders are keeping a close eye on any commentary from the central bank or Fed Chair Jerome Powell on the outlook for the economy amid heightened uncertainty stemming from the trade war. 

Last week, sentiment ran higher on hopes for a U.S. trade deal with major trading partners. The S&P 500 advanced nearly 1.5% on Friday, its ninth straight day of gains — its longest winning run since November 2004 — and managed to recover all losses incurred since April 2, when Trump announced sweeping retaliatory tariffs on goods from many countries. The tech-heavy Nasdaq Composite gained 1.5% Friday, while the Dow industrials rose nearly 1.4%.