US Stock Market Highlights: S&P 500 snaps nine-day winning run as uncertainty on tariff deals weighs on markets

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The S&P 500 fell Monday, ending a nine-day rally as investors monitored the latest developments on global trade. The broad-market index shed 0.64% to close at 5,650.38, while the Nasdaq Composite dipped 0.74% to end at 17,844.24. The Dow Jones Industrial Average dropped 98.60 points, or 0.24%, to settle at 41,218.83. The S&P 500 came into the session riding a nine-day winning streak, its longest since 2004.

At its lows, the Dow fell as much as 253.99 points, while the S&P 500 and Nasdaq lost around 1% each before rebounding. But the major indexes cut losses after data Monday from the Institute for Supply Management reflected stronger-than-expected service sector activity in April, even as company executives reported rising concern about tariffs.

General Atlantic is in advanced talks to buy a minority stake in Blackstone Inc.-backed Liftoff in a deal that would value the mobile app marketing platform at more than $4 billion, according to people familiar with the matter.

A deal for the Redwood, California-based company could be announced as soon as Monday, said the people, who asked not to be identified because the details aren’t public. No final decision has been made and the timing could change or talks could fall through, the people added.

Representatives for General Atlantic and Blackstone declined to comment. A representative for Liftoff couldn’t immediately be reached for comment.

Another report showing the US economy entered the trade war on solid footing pushed stocks away from session lows, while Donald Trump suggested his administration could strike trade deals as soon as this week.

A rebound in industrial shares helped the S&P 500 trim most of a slide that earlier approached 1%. Data showing a pick-up in growth at US service providers helped assuage concerns of a recession even as the outcome of the US trade war has yet to be felt. While Trump signaled no imminent accord with China, the president said the Asian nation wants to make a deal “very badly.”

Better-than-expected results late last month from some of the biggest technology companies using artificial intelligence signal an opportunity for investors to pick up shares in the cohort after the recent slump, according to a group of analysts at Goldman Sachs.

The once-hot trade that boosted the broader market over the last two years hit multiple snarls in 2025. Chipmakers and AI-linked stocks saw a major hit in January on the news of China’s DeepSeek, which threw into question the necessity for the billions of dollars in spending pledged to building out AI systems.

More recently, President Donald Trump’s trade war sparked concern over an economic slowdown, again stoking fears that big tech companies will trim spending on AI, while putting large levies on China has stoked fears of disrupting supply chains for chipmakers.

The messaging app that President Donald Trump’s former national security advisor was seen using during a Cabinet meeting last week is temporarily suspending services following reports it was hacked, the app’s parent company said Monday.

“TeleMessage is investigating a potential security incident,” a spokesperson for Smarsh, which runs the app, told CNBC in a statement. “Upon detection, we acted quickly to contain it and engaged an external cybersecurity firm to support our investigation.

General Fusion Inc., a Canadian startup backed by Jeff Bezos, is making a plea to investors after raising more than $300 million to develop a system that would harness the power of the stars.

“We are ready to execute our plan but are caught in an economic and geopolitical environment that is forcing us to wait,” Chief Executive Officer Greg Twinney wrote in a open letter Monday. “All we need now is the capital to finish the job.”

General Fusion is actively seeking strategic options with investors, buyers and governments, according to the letter.

Conflicting economic signals including strong payrolls and weak consumer sentiment are making the job of Federal Reserve policymakers especially tricky, according to Citigroup Inc. Chief Executive Officer Jane Fraser.

“It is very hard for the Fed right now because of this disconnect between hard data and soft data,” Fraser said in a Bloomberg TV interview Monday at the Milken Institute Global Conference in Los Angeles, adding that the final breakdown of the Trump administration’s tariff policy will be key to determining how extensive the fallout will be.

“If it’s a 10% tariff, easier to absorb,” Fraser said. “If it is 25% or higher, then that will have more material ramifications.”

Wall Street stock market strategists have largely abandoned the lofty expectations they took into 2025, but one bull isn’t budging: Wells Fargo Securities LLC’s Christopher Harvey.

He projects that the S&P 500 Index will end the year at 7,007, the same number he had at the start of 2025. It’s currently at 5,672, and that’s after the index climbed more than 10% in the previous nine sessions, its longest winning streak in over two decades. Harvey’s estimate assumes the US equity benchmark will rise another 24% over the next eight months.

Obviously, the potential impact of President Donald Trump’s trade war on the economy looms over all of this, as do the promises of tax cuts and the possibility of rate cuts by the Federal Reserve. But Harvey sees a change of tone coming from the White House.

President Donald Trump said Monday that he will ask Hollywood studios if “they’re happy” with his proposal to impose tariffs of 100% percent on foreign-made films. “I’m not looking to hurt the industry, I want to help the industry,” Trump said.

“So we’re going to meet with the industry,” he said. “I want to make sure they’re happy with it because we’re all about jobs.”

Trump’s comments came a day after he said in a social media post that he was authorising the Commerce Department and the U.S. 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.”

The US dollar got a fresh jolt to start the week as speculation around potential trade deals sparked an extraordinary spike in Taiwan’s currency and reverberated across global foreign exchange markets.

Already under pressure as President Donald Trump’s economic agenda dents attitudes around American assets, the greenback weakened further on Monday against most major currencies, with a Bloomberg gauge of the dollar falling about 0.2% as of 1:20 p.m. in New York.

Taiwan’s dollar led gains among the 16 major peers tracked by Bloomberg, earlier jumping the most in more than three decades on an intraday basis. The yen rallied some 0.6%, leading gains among the Group-of-10, while the euro pushed above the $1.13 mark. China’s markets were closed for a public holiday.

Apple’s Tim Cook called him inspiring. Oaktree’s Howard Marks dubbed him “the Isaac Newton of investing.” JPMorgan’s Jamie Dimon said he’s “everything that is good about American capitalism.”

As Warren Buffett called an end to his historic run atop Berkshire Hathaway Inc., luminaries from the technology and banking worlds rushed to praise the man whose lessons they partially credit for their success.

The famed investor delivered a return of more than 5,500,000% on Berkshire’s stock as he turned a once-failing textile firm into the most valuable company in the world that isn’t either a tech giant or state oil producer. In the process, he became the rare investor who crossed over into public consciousness through his folksy wisdom and witticisms.

JPMorgan Chase & Co. is set to lead about $5 billion in debt financing to support private equity firm 3G Capital’s purchase of footwear maker Skechers, according to a person with knowledge of the matter.

The debt sale is expected to launch after the Memorial Day holiday, which occurs on May 26, said the person, who was not authorised to discuss the transaction publicly. 3G Capital expects its $9.4 billion Skechers buyout, which also includes an equity component, to close during the third quarter, according to a company statement.

A JPMorgan representative declined to comment. Representatives for 3G Capital and Skechers did not immediately respond to requests for comment.

Another report showing the US economy entered the trade war on solid footing pushed stocks away from session lows, while bond yields rose amid speculation the Federal Reserve will stay on hold this week.

A rebound in industrial shares helped the S&P 500 erase most of a slide that earlier approached 1%. Data showing a pick-up in growth at US service providers helped assuage concerns of a recession, even as the outcome of President Donald Trump’s trade war has yet to be felt. In fact, the same report showed a jump in materials prices – signalling potential inflation pressures.

The Trump administration is offering undocumented migrants $1,000 and paid travel if they agree to leave the US voluntarily, the latest effort to ramp up mass deportations and slash enforcement costs.

The Department of Homeland Security said migrants who self-deport using the CBP Home app will receive the stipend once it’s verified that they’ve returned to their home country. Officials called the program a more efficient alternative to costly arrests and removals.

“If you are here illegally, self-deportation is the best, safest and most cost-effective way to leave the United States to avoid arrest,” Homeland Security Secretary Kristi Noem said in a statement.

Tyson Foods Inc. slumped the most since 2023 as investors shrugged off stronger-than-expected quarterly earnings to focus on deepening losses at the company’s beef business.

The meat processor lost money on beef sales for a sixth straight quarter as the company weathers a severe cattle shortage in the US that is not expected to ease anytime soon. Shares lost as much as 10% in New York on Monday, erasing gains for the year.

Tyson is “managing through the most challenging beef environment we’ve ever seen,” Chief Executive Officer Donnie King said in a conference call with analysts. While company executives flagged early signs that ranchers are retaining more cows for procreation, a rebound in supplies may still take years to materialise.

Already under pressure as President Donald Trump’s economic agenda dents attitudes around American assets, the greenback weakened further on Monday against nearly all major currencies, with a Bloomberg gauge of the dollar falling almost 0.3% as of 11:20 a.m. in New York.

Taiwan’s dollar led gains among the 16 major peers tracked by Bloomberg, earlier jumping the most in more than three decades on an intraday basis. The yen rallied some 0.9%, leading gains among the Group-of-10, while the euro pushed above the $1.13 mark.

Citigroup Inc. is ramping up lending to private equity and private credit groups, working to catch up with peers like JPMorgan Chase & Co. and Goldman Sachs Group Inc. after the bank spent years on the sidelines.

The bank told clients that it wants to get back into a lending business it retreated from several years ago. Citigroup in the past year returned to offering loans backed by the cash that investors pledge to funds, according to people familiar with the situation, granted anonymity to discuss private matters. Citigroup declined to comment.

As the bank pulled back on this kind of funding, known as subscription line financing, rivals moved to pick up more business. Goldman Sachs, JPMorgan and PNC Financial Services Group scooped up large amounts of the debt from First Republic Bank and Signature Bank, which were big providers of the revolving loans before they failed or were rescued in 2023.

Apollo Global Management Inc. Chief Executive Officer Marc Rowan said the Trump administration “is not wrong” in the goals it’s seeking through tariffs, but that it risks slowing the economy if it doesn’t resolve uncertainty around trade.

“We are the freest-trading country in the world,” Rowan said Monday in a Bloomberg interview from the Milken Institute Global Conference in Beverly Hills. “It is not clear to me that we have to be, or that we should allow allies and strategic competitors to inhibit our access to their markets.”

Rowan, Apollo CEO since 2021, was a top contender for Treasury secretary before the role was given to hedge fund manager Scott Bessent.

Treasury Secretary Scott Bessent touted the US as the “premier destination” for global capital and argued that the Trump administration’s policies will solidify that position, countering the so-called sell America theme that materialised last month.

“The United States is the premier destination for international capital,” Bessent said in remarks prepared for delivery at the Milken Institute Global Conference in Beverly Hills Monday. President Donald Trump’s trade, tax and deregulation agenda “push toward the same goal — to solidify our position as the home of global capital.”

India has proposed removing tariffs up to a certain limit for steel, auto components and pharmaceuticals as it seeks to strike a trade deal with the U.S. ahead of the July deadline for reciprocal tariffs, according to a report.

The deal would apply to a set threshold, after which normal tariffs could apply, according to the report from Bloomberg News, which cited people familiar with the matter.

In recent days, U.S. officials have said they are near a deal with several nations, citing India as one potential agreement that could be reached soon. The report said Indian officials floated the proposal when they visited Washington in late April.

Gold has surged 26% this year, hitting a record above $3,500 an ounce in April before losing some ground in the last couple of weeks. The ascent has been driven by haven buying due to Trump’s highly disruptive trade and geopolitical policies, as well as speculative demand in China and global central-bank buying.

Spot gold rose 2.3% to $3,316.04 an ounce as of 10:21 a.m. in New York. The Bloomberg Dollar Spot Index was down 0.4%. Silver gained while platinum and palladium slipped. In base metals markets, the London Metal Exchange is closed for a UK holiday. Copper prices on the Comex rose 0.4% to $4.691 a pound in New York.

Shares in US media and entertainment companies fell on Monday after President Donald Trump announced that he plans to impose a 100% tariff on films produced overseas.

In a post on Truth Social, the American leader said he was directing the Commerce Department and his trade representative to “immediately begin the process of instituting” the levy on foreign movies. “WE WANT MOVIES MADE IN AMERICA, AGAIN!” Trump continued.

The president also positioned foreign productions as a national security threat, saying other nations were using films for messaging and propaganda.

Activity at US service providers accelerated in April after a slump in the prior month, while materials prices increased in response to escalating tariffs.

The Institute for Supply Management’s index of services increased 0.8 point to 51.6 last month, the group said Monday. Readings above 50 indicate expansion. The prices-paid gauge jumped by 4.2 points to a more than two-year high of 65.1.

The group’s new orders gauge increased 1.9 points to 52.3, the highest this year, and employment contracted at a slower pace. At the same time, a measure of business activity, which parallels the ISM’s factory output gauge, fell to the lowest level since June.

US stocks fell Monday with the S&P 500 on track to snap its longest winning streak in two decades as mixed messages on trade policy clouded the market outlook.

The S&P 500 fell 0.7% as of 9:33 a.m. in New York, the Nasdaq 100 declined 0.8% and the Dow Jones Industrial Average lost 0.5%.

Investors’ attention is also shifting to the Federal Reserve meeting on Wednesday as President Donald Trump insists he doesn’t plan to fire Jerome Powell, but continues to push him to cut rates.

BP Plc rose on Monday after Bloomberg reported that Shell Plc is working with advisers to evaluate a potential acquisition of its UK rival.

BP’s American depositary receipts climbed 1.9% to $28.64 at 9:33 a.m. in New York. The London Stock Exchange is closed on Monday due to a bank holiday. Other major US-listed oil producers fell, tracking lower crude prices.

Shell has discussed the feasibility and merits of a takeover with its advisers in recent weeks, although it’s waiting for further stock and oil price declines before deciding whether to pursue a bid, people familiar with the matter told Bloomberg, asking not be identified because the information is private.

A bipartisan alliance backing stablecoin legislation shattered in the US Senate as a key group of Democrats threatened to filibuster a bill that Republicans had hoped to pass this month — unless “numerous” fixes are made.

Senator Ruben Gallego of Arizona, a crypto-friendly freshman who backed the bipartisan bill regulating dollar-pegged cryptocurrencies in the Senate Banking Committee, led a statement Saturday from nine Democrats in the chamber warning they would filibuster the latest draft.

“The bill as it currently stands still has numerous issues that must be addressed, including adding stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system and accountability for those who don’t meet the act’s requirements,” the senators said.

French President Emmanuel Macron made a plea to US-based researchers who have been affected by Donald Trump’s policies to choose Europe.

“If you love freedom, come and do research here,” Macron said Monday at the Sorbonne University in Paris as he attacked US decisions to shut down university programs. “No one could have thought that this great democracy, whose economic model relies so heavily on free science, innovation, and its ability over the past three decades to innovate more than the Europeans and to spread this innovation more widely, would make such a mistake.”

European Commission President Ursula von der Leyen, who spoke just before Macron, put forward a new €500 million ($567 million) incentives package for 2025-2027 aimed at making Europe a “magnet for researchers.” France will separately allocate €100 million, Macron said, within an existing program known as France 2030 aimed at creating high-tech champions and reversing years of industrial decline.

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 authorised 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%.

French President Emmanuel Macron made a plea to US-based researchers who have been affected by Donald Trump’s policies to choose Europe.