(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

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Indexes: Dow up 0.07%, S&P 500 down 0.37%, Nasdaq off

0.52%

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Berkshire Hathaway falls after Buffett to step down as CEO

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US service sector picks up in April

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Skechers jumps after $9 billion take-private deal

(Updates with late morning trade)

By Purvi Agarwal and Johann M Cherian

May 5 (Reuters) - The S&P 500 and the Nasdaq were lower

on Monday after U.S. President Donald Trump rekindled worries

about the fallout of a global trade war by introducing new

tariffs, while focus remained on the Federal Reserve's monetary

policy decision later this week.

On Sunday, Trump announced a 100% tariff on movies produced

outside the U.S. but offered little clarity on how the levies

would be implemented.

Several movie and television production companies took a

hit. Netflix ( NFLX ) fell 2.1% and was set to snap an

11-session winning streak, while Amazon.com ( AMZN ) was down

1.2%. Paramount Global ( PARAA ) slipped 1%.

However, the top indexes were well above their session lows,

as investors hoped for some reprieve on the trade tariff front

with negotiation talks underway.

"The market has a slight positive lean towards it right now,

believing that these trade tariffs are either going to be

reduced or they're going to come to some type of an agreement,"

said Robert Pavlik, senior portfolio manager at Dakota Wealth.

Markets were also taking a pause after the S&P 500 notched

its ninth session of gains on Friday, a streak last seen in

2004.

At 11:30 a.m. ET, the Dow Jones Industrial Average

rose 26.93 points, or 0.07%, to 41,344.36, the S&P 500

lost 21.19 points, or 0.37%, to 5,665.48 and the Nasdaq

Composite lost 93.56 points, or 0.52%, to 17,884.17.

Most megacap stocks were lower, with Tesla and

Apple ( AAPL ) down over 3% each, while gains in some financial

stocks buoyed the Dow.

Energy stocks were the biggest loser, down 1.7% as

crude prices dropped on anticipation of increased supply by

OPEC+ countries.

Class B shares of Berkshire Hathaway were down 4.4%

after Warren Buffett said he will step down as CEO of the

conglomerate. The stock pressured the S&P 500 financials sector

.

Meanwhile, an ISM survey showed services sector's growth

picked up in April as orders increased and indicated a buildup

in inflation pressures.

The spotlight will be on the Fed this week, which is widely

expected to keep interest rates on hold. Investors will closely

monitor the commentary from central bank policymakers to gauge

their approach to monetary policy easing this year amid tariff

impacts.

Traders are pricing in 25 basis points of easing by the Fed

by July, and see a total of 80 points of cuts by the end of the

year, according to data compiled by LSEG.

On the earnings front, investor attention is on how

companies are navigating tariff-induced uncertainty.

Tyson Foods ( TSN ) dropped 9.2% after the meat packer

missed quarterly revenue expectations.

U.S.-listed shares of gold miners Gold Fields Ltd

and Anglogold Ashanti ( AU ) gained 8% and 4.5%, respectively,

tracking higher gold prices.

Skechers jumped about 25% after the footwear maker

agreed to be taken private by 3G Capital in a $9.4 billion deal.

Declining issues outnumbered advancers by a 1.17-to-1 ratio

on the NYSE and by a 1.23-to-1 ratio on the Nasdaq.

The S&P 500 posted seven new 52-week highs and three new

lows, while the Nasdaq Composite recorded 40 new highs and 39

new lows.