The S&P 500 fell Monday, ending a nine-day rally as investors monitored the latest developments on global trade.

The broad-market index shed 0.64% to close at 5,650.38, while the Nasdaq Composite dipped 0.74% to end at 17,844.24. The Dow Jones Industrial Average dropped 98.60 points, or 0.24%, to settle at 41,218.83. The S&P 500 came into the session riding a nine-day winning streak, its longest since 2004.

At its lows, the Dow fell as much as 253.99 points, while the S&P 500 and Nasdaq lost around 1% each before curtailing their losses. Data released on Monday from the Institute for Supply Management reflected stronger-than-expected service sector activity in April, even as company executives reported rising concerns about tariffs.

Sentiment also improved after Bloomberg reported, citing sources, that India has proposed zero tariffs on steel, auto components and pharmaceuticals on a reciprocal basis and up to a certain amount of imports.

That said, investors remain uncertain about the timeline of tariff agreements between the U.S. and other countries.

Treasury Secretary Scott Bessent told CNBC on Monday that "we're very close to some deals," echoing comments from Trump on Sunday that accords could come as early as this week.

Trump told reporters on Sunday that "we're negotiating with many countries, but at the end of this, I'll set my own deals — because I set the deal, they don't set the deal." Trump added that he has no plans to talk to Chinese President Xi Jinping, dashing hopes that progress is being made to ease U.S.-China trade tensions.

Trump on Sunday also authorized relevant government agencies to begin imposing a 100% tariff on films produced abroad, calling efforts from other nations to attract film productions a "national security threat." It remains unclear if the levies would impact movies shown in theaters or movies on streaming services. Shares of Netflix dropped nearly 2%, and Paramount lost more than 1% on Monday.

"I am worried, I was hoping trade deals would be announced by now. They're not. I don't think the impact has hit us yet," said Jeremy Siegel, finance professor at University of Pennsylvania's Wharton School of Business and Wisdom Tree chief economist.

Wall Street is looking ahead to the Federal Reserve's two-day policy meeting beginning on Tuesday, with a rate decision expected Wednesday. Fed funds futures trading points to just a 4.4% chance of a rate cut, according to the CME Group's FedWatch tool. Still, traders are keeping a close eye on any commentary from the central bank or Fed Chair Jerome Powell on the outlook for the economy amid heightened uncertainty stemming from the trade war.