US close: Dow snaps nine-day winning streak
By Iain Gilbert
Date: Monday 05 May 2025
(Sharecast News) - Major indices closed lower on Monday as potential trade talks were firmly in focus throughout the session.
At the close, the Dow Jones Industrial Average was down 0.24% at 41,218.83, while S&P 500 lost 0.64% to 5,650.55 and the Nasdaq composite saw out the session 0.74% softer at 17,844.24.
The Dow closed 98.60 points lower on Monday, taking a small bite out of gains recorded in the previous session.
Heightened hopes that the US would be able to strike a trade deal with major trading partners were in focus on Monday after Beijing stated it was currently evaluating the possibility of starting negotiations with the Trump Administration. Trump, however, later said he has no plans to talk to Chinese President Xi Jinping.
Sentiment also got a lift from a Bloomberg report that alleged the White House was nearing a deal with India after the South Asian nation proposed zero tariffs on steel, auto components and pharmaceuticals on a reciprocal basis, up to a certain amount of imports. However, despite the speculation, the US has yet to announce that it has struck any trade deals with other countries. Trump claimed: "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."
The president also authorised government agencies to slap a 100% tariff on films produced abroad, stating that efforts from other nations to attract US film productions was a "national security threat".
Oil prices were also drawing an amount of investor attention on Monday, with West Texas Intermediate was down 1.97% at $57.14 a barrel after OPEC+ announced that it had agreed to surge production for a second month, hiking output by another 411,000 barrels a day in June. Brent crude futures were down 1.65% at $60.28 per barrel.
On the macro front, S&P Global's services purchasing managers index was revised lower in April, down from a preliminary reading of 51.4 to a final print of 50.8, the slowest rate of expansion seen in 17 months.
Elsewhere, the Institute for Supply Management's services PMI unexpectedly jumped to 51.6 in April, up from a nine-month low of 50.8 in March and beating market forecasts for a further decline to 50.6.
Looking ahead, the Federal Reserve will kick off its two-day policy meeting on Tuesday, with the central bank expected to make a decision on benchmark interest rates on Wednesday.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
International Business Machines Corporation (CDI) (IBM) $249.18 1.48%
Unitedhealth Group Inc. (UNH) $404.81 1.22%
McDonald's Corp. (MCD) $315.87 1.21%
Cisco Systems Inc. (CSCO) $59.32 0.82%
Microsoft Corp. (MSFT) $436.17 0.75%
Walmart Inc. (WMT) $99.33 0.59%
Boeing Co. (BA) $186.46 0.54%
American Express Co. (AXP) $278.03 0.43%
Walgreens Boots Alliance, Inc. (WBA) $11.00 0.36%
Visa Inc. (V) $348.64 0.30%
Dow Jones - Fallers
Dow Chemical Co. (DOW) $28.95 -4.83%
Apple Inc. (AAPL) $198.89 -2.52%
Chevron Corp. (CVX) $135.50 -2.17%
Nike Inc. (NKE) $57.35 -2.12%
Goldman Sachs Group Inc. (GS) $559.56 -1.16%
Procter & Gamble Co. (PG) $158.83 -1.05%
3M Co. (MMM) $140.73 -0.90%
Amgen Inc. (AMGN) $280.06 -0.90%
Salesforce.Com Inc. (CRM) $272.63 -0.89%
Intel Corp. (INTC) $20.27 -0.78%
S&P 500 - Risers
CenturyLink Inc. (LUMN) $4.23 11.90%
Take-Two Interactive Software Inc. (TTWO) $225.32 4.28%
Expedia Group Inc. (EXPE) $165.62 4.24%
Alaska Air Group Inc. (ALK) $48.65 3.53%
Fortinet Inc. (FTNT) $108.69 3.14%
Paypal Holdings Inc (PYPL) $68.54 3.01%
Meta Platforms Inc. (META) $599.27 3.01%
Delta Airlines Inc. (DAL) $45.51 2.96%
eBay Inc. (EBAY) $70.31 2.94%
United Airlines Holdings Inc (UAL) $74.86 2.94%
S&P 500 - Fallers
Zimmer Biomet Holdings Inc (ZBH) $90.48 -11.62%
Nektar Therapeutics (NKTR) $0.69 -11.44%
Tyson Foods Inc. (TSN) $56.08 -7.75%
Foot Locker Inc. (FL) $12.04 -7.38%
Kohls Corp. (KSS) $7.06 -5.87%
Apache Corp. (APA) $15.50 -5.49%
Berkshire Hathaway Inc. Class B (BRK.B) $512.15 -5.12%
FMC Corp. (FMC) $35.91 -4.95%
Advance Auto Parts (AAP) $31.81 -4.79%
Occidental Petroleum Corp. (OXY) $38.81 -4.43%
Nasdaq 100 - Risers
Qvc Group Inc Series A (QVCGA) $0.17 9.37%
Sirius XM Holdings Inc (SIRI) $21.29 5.45%
Take-Two Interactive Software Inc. (TTWO) $225.32 4.28%
Expedia Group Inc. (EXPE) $165.62 4.24%
Paypal Holdings Inc (PYPL) $68.54 3.01%
Meta Platforms Inc. (META) $599.27 3.01%
eBay Inc. (EBAY) $70.31 2.94%
Henry Schein Inc. (HSIC) $66.58 2.64%
Monster Beverage Corp (MNST) $60.91 2.40%
Charter Communications Inc. (CHTR) $394.24 2.30%
Nasdaq 100 - Fallers
Liberty Global plc Series A (LBTYA) $9.59 -3.13%
Mercadolibre Inc. (MELI) $2,246.54 -3.11%
Biomarin Pharmaceutical Inc. (BMRN) $62.06 -3.08%
Align Technology Inc. (ALGN) $177.61 -3.04%
PACCAR Inc. (PCAR) $89.45 -2.57%
Apple Inc. (AAPL) $198.89 -2.52%
O'Reilly Automotive Inc. (ORLY) $1,387.14 -2.22%
DENTSPLY Sirona Inc. (XRAY) $13.84 -2.16%
Gilead Sciences Inc. (GILD) $102.81 -1.62%
Starbucks Corp. (SBUX) $81.66 -1.61%
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