US STOCKS-Wall St set for lower open after Trump's fresh tariffs at start of Fed-decision week

By Purvi Agarwal and Johann M Cherian

May 5 (Reuters) - Wall Street was on track to open lower on Monday after President Donald Trump rekindled worries about the ramifications of a global trade war by introducing new tariffs, with focus also 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 in premarket trading. Netflix NFLX.O was down 4.6% and Amazon.com AMZN.O fell 1.6%, while Walt Disney DIS.N and Warner Bros. Discovery WBD.O were off about 2.8% and 3.8%, respectively.

Separately, class B shares of Warren Buffett's Berkshire Hathaway BRKb.N fell 2.6% after the investor said he will step down as CEO of the conglomerate.

At 08:43 a.m. ET, Dow E-minis YMcv1 were down 265 points, or 0.64%, S&P 500 E-minis EScv1 were down 48.25 points, or 0.85%, and Nasdaq 100 E-minis NQcv1 were down 209.25 points, or 1.04%.

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.

Later on Monday, traders will assess an ISM report, with economists polled by Reuters expecting non-manufacturing activity to have slowed marginally from the previous month, but still remaining in expansion territory.

Traders are pricing in 25 basis points of easing only by July, and see a total of 116 points of cuts by the end of the year, according to data compiled by LSEG.

Investor attention will be on how companies are navigating tariff-induced uncertainty.

Freshpet FRPT.O fell 4.7% after the pet food maker lowered its annual sales forecast, while Onsemi ON.O rose 2.5% with the chipmaker forecasting second-quarter revenue above estimates.

Carmaker Ford F.N and data analytics firm Palantir PLTR.O are scheduled to report results after the bell.

U.S.-listed shares of gold miners Gold Fields Ltd GFI.N and Anglogold Ashanti AU.N gained 8.9% and 6.7%, respectively, tracking a 2.5% rise in prices of the yellow metal.

Energy stocks Chevron CVX.N and Exxon XOM.N fell about 1% each as crude prices declined on anticipation of increased supply by OPEC+ countries.