The three major stock indexes on the New York Stock Exchange show mixed patterns. With no signs of further progress in tariff negotiations, there is a mood of taking a break after a short-term surge.
On the 5th (Eastern Time), as of 11:15 a.m. at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average was trading at 41,337.95, up 20.52 points (0.05%) from the previous session.
The Standard and Poor's (S&P) 500 index is trading at 5,662.39, down 24.28 points (0.43%), while the Nasdaq Composite Index is down 110.70 points (0.62%) at 17,867.03.
U.S. President Donald Trump noted that negotiations are ongoing with countries, including China, and that some sort of trade agreement could be possible this week.
While expectations for trade negotiations have somewhat calmed, projections indicate that they will not worsen, leading to stock indexes experiencing adjustments. Trump's proposal to impose a 100% tariff on all films produced overseas is suppressing investor sentiment.
David Kelly, chief global strategist at JP Morgan Asset Management, said, "While a market rebound is welcome, we should not be complacent," and pointed out that "despite the positive April employment data, the economy is losing momentum, and without substantial progress in trade or short-term fiscal stimulus, the U.S. faces a high likelihood of recession."
Stock prices of streaming companies are falling due to Trump's 100% tariff on foreign films. Netflix is down over 2% compared to the previous session, while Walt Disney and Warner Bros. Discovery are slightly lower. Warner Bros. saw its stock price drop more than 5% before the opening.
The U.S. service industry continued its expansion in April, though the pace of expansion varied depending on the reporting agencies.
The Institute for Supply Management (ISM) announced that the Purchasing Managers' Index (PMI) for the service industry in April recorded 51.6, an increase of 0.8 points from March's 50.8.
The confirmed PMI for the service industry in April from Standard and Poor's (S&P) Global was recorded at 50.8, a deterioration from the previously announced preliminary figure of 51.4.