Trade Tensions and Leadership Shakeups Rattle Wall Street

Wall Street's main indices took a hit on Monday following President Donald Trump's announcement of new tariffs, reviving fears of a global trade war. Concurrently, attention centers on the Federal Reserve's upcoming monetary policy decision this week. These actions stirred uncertainties across the financial markets.

On Sunday, Trump introduced a 100% tariff on movies produced outside the United States, though specifics of implementation remain unclear. This led to a drop for overseas production companies, with shares of Netflix and Amazon.com falling by 2.2% and 1.9%, respectively. Other major companies like Warner Bros. Discovery and Paramount also saw declines.

Separately, Warren Buffett's announcement to step down as CEO of Berkshire Hathaway led to a 6.2% drop in its class B shares, impacting the S&P 500's financial sector. As of 10:03 a.m. ET, notable declines were observed in major indexes, contributing to market instability.

(With inputs from agencies.)