Investing.com - U.S. stock opened lower on Monday, as investors eyed a barrage of trade-related headlines from U.S. President Donald Trump and focused in on a slate of corporate earnings and central bank announcements this week.
By 09:31 ET (13:31 GMT), the blue-chip Dow Jones Industrial Average had fallen by 211 points, or 0.5%, the benchmark S&P 500 had dropped by 46 points, or 0.9%, and the tech-heavy Nasdaq Composite had declined by 151 points, or 0.8%.
The main averages rose in the prior session, bolstered by data showing stronger-than-anticipated job growth in April, while the unemployment rate was unchanged at 4.2%. The figures came after an advance reading from the Commerce Department found that the U.S. economy shrank in the first quarter largely because of a tariff-related surge in imports.
Meanwhile, China said that it was mulling an offer to discuss Trump’s steep 145% levies. Beijing has responded to the measure with 125% duties of its own on U.S. imports.
Analysts will be pouring through a tracker of services sector activity on Monday, as well as interest rate decisions from the Federal Reserve, the Bank of England and others later this week.
Results are also due out from a plethora of companies in the coming days, including carmaker Ford Motor (NYSE: F ), semiconductor group Advanced Micro Devices (NASDAQ: AMD ), entertainment behemoth Walt Disney (NYSE: DIS ), energy firm ConocoPhillips (NYSE: COP ), and cryptocurrency exchange Coinbase (NASDAQ: COIN ).
In individual stocks, Trump’s announcement of new 100% tariffs on movies produced outside the U.S. weighed on shares in Netflix (NASDAQ: NFLX ), Disney and Warner Bros Discovery (NASDAQ: WBD ).
Meanwhile, Class B shares in Berkshire Hathaway (NYSE: BRKb ) (NYSE: BRKa ) dipped after the investment conglomerate posted a 14% drop in first-quarter operating earnings versus the prior year to $9.64 billion, due in large part to insurance losses linked to devastating wildfires in California.
Elsewhere, shares in oil majors like Phillips 66 (NYSE: PSX ), Exxon Mobil (NYSE: XOM ), and Chevron (NYSE: CVX ) inched lower. The decreases come after the Organization of the Petroleum Exporting Countries and its allies -- a group known as OPEC+ that makes up a bulk of global oil production -- agreed to raise output by 411,000 barrels per day from June during a meeting over the weekend.
The announcement sent oil prices down on Monday. Brent oil futures for June fell 1.1% to $60.59 a barrel, while West Texas Intermediate crude futures slipped by 1.2% to $57.58 per barrel by 09:34 ET.