(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 down: Dow 0.17%, S&P 500 0.54%, Nasdaq 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 after markets open)

By Purvi Agarwal and Johann M Cherian

May 5 (Reuters) - Wall Street's main indexes fell 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.

Movie and television production companies that film overseas

fell. Netflix ( NFLX ) was down 2.2% and Amazon.com ( AMZN )

fell 1.9%, while Warner Bros. Discovery and Paramount

fell 1.3% and 1.4%, respectively.

Separately, class B shares of Warren Buffett's Berkshire

Hathaway were down 6.2% after the investor said he will

step down as CEO of the conglomerate, with the stock weighing on

the S&P 500 financials sector.

At 10:03 a.m. ET, the Dow Jones Industrial Average

fell 73.36 points, or 0.17%, to 41,245.64, the S&P 500

lost 30.24 points, or 0.54%, to 5,656.43, and the Nasdaq

Composite lost 94.25 points, or 0.52%, to 17,883.48.

Nine of the S&P 500's 11 sectors fell, with energy stocks

down 1.9% as crude prices dropped on anticipation of

increased supply by OPEC+ countries.

In a bright spot, an ISM survey showed services sector

activity picked up in April, standing at 51.6, more than the

50.2 that economists polled by Reuters were expecting.

On Friday, the S&P 500 notched its ninth session of gains, a

streak last seen in 2004, on hopes of potential easing of

Sino-U.S. trade tensions.

This week, the spotlight will be on the U.S. Fed, which is

widely expected to keep interest rates on hold. Commentary from

central bank policymakers will be in focus to gauge their

approach to monetary policy easing this year amid tariff

impacts.

"What we're still dealing with is policy versus economics

... we haven't yet been able to see what the final impact from

the tariff situation will be," said Phil Blancato, CEO of

Ladenburg Thalmann Asset Management.

Data last week showed the world's biggest economy contracted

in the first quarter, for the first time since 2022, as traders

rushed to import goods before tariffs kicked in, raising worries

about slowing growth.

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

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

the year, according to data compiled by LSEG.

Investor attention will also be on how companies are

navigating tariff-induced uncertainty.

Tyson Foods ( TSN ) dropped 8.1% after the meat packer

missed quarterly revenue expectations.

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

and Anglogold Ashanti ( AU ) gained 7.4% and 4.3%, respectively,

tracking higher gold prices.

Skechers jumped 24% after the footwear maker agreed

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

Declining issues outnumbered advancers for a 1.96-to-1 ratio

on the NYSE and a 1.65-to-1 ratio on the Nasdaq.

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

lows, while the Nasdaq Composite recorded 25 new highs and 27

new lows.