Stock market eyes Fed decision, Trump’s trade deals, Buffett's Berkshire Hathaway: Live Updates

Traders work on the floor of the New York Stock Exchange in New York City. (Reuters)

Stocks fell on Monday as investors await the Federal Reserve's two-day policy meeting and trade concerns rise following President Donald Trump's latest tariff proposal.

The Dow Jones Industrial Average fell 98.60 points, or 0.24%, while the Nasdaq Composite declined 0.74%. The S&P 500 slid 0.64%, ending its nine-day winning streak.

The Fed kicks off a two-day policy meeting on Tuesday, with no move on interest rates expected on Wednesday.

Meanwhile, Trump on Sunday proposed a 100% tariff on movies made outside the U.S.

"I am authorizing the Department of Commerce, and the United States 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. WE WANT MOVIES MADE IN AMERICA, AGAIN!" Trump said in a post on Truth Social.

Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska May 3, 2015. REUTERS/Rick Wilking

Warren Buffett will remain chairman of the board of directors at Berkshire Hathaway when Greg Abel succeeds the billionaire investor as the company’s CEO at the end of the year.

Berkshire’s board of directors voted unanimously on Sunday to appoint Abel as CEO effective on Jan. 1, 2026, Berkshire Hathaway said in a news release on Monday. The release stated that Buffett would remain as chairman.

Buffett, 94, announced his plans to step down as CEO on Saturday at Berkshire's annual shareholders meeting in Omaha, Nebraska.

"I think the time has arrived where Greg should become the chief executive of the company at year end," Buffett said before receiving a several-minute standing ovation in honor of his decades of service.

Abel, 62, has been vice chair of Berkshire since 2018.

Fox Business’ Chrystopher Mulligan and Brie Stimson contributed to this report.

Australian Prime Minister Anthony Albanese, who was re-elected over the weekend, said on Monday he had a "warm conversation" with President Donald Trump about tariffs and the AUKUS defense pact.

"I had a warm and positive conversation with President Trump ... and I thank him for his very warm message of congratulations," Albanese said Monday during a media briefing.

He continued: "We talked about how AUKUS and tariffs will continue to engage. We will engage with each other on a face-to-face basis at some time in the future, and I thank him for reaching out in such a positive way."

Trump imposed a 10% tariff on the country in April, which led Albanese to describe the decision as "not the act of a friend."

This is an excerpt from a story by FOX Business' Landon Mion.

President Donald Trump hit the motion picture industry hard on Sunday by announcing a 100% tariff on "any and all movies" produced outside of the United States

In a Truth Social post, Trump said the "movie Industry in America is DYING a very fast death."

"Other Countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States," the president wrote on the platform. "Hollywood, and many other areas within the U.S.A., are being devastated."

The Republican said that his plans to institute a tariff are in the works, and he authorized the Department of Commerce and the United States 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."

"WE WANT MOVIES MADE IN AMERICA, AGAIN!" Trump concluded.

This is an excerpt from a story by Fox News Digital's Andrea Margolis.