NEW YORK, May 5 (Xinhua) -- U.S. stocks ended lower on Monday, as investors grappled with a fresh wave of uncertainties surrounding global trade.

The Dow Jones Industrial Average fell by 98.60 points, or 0.24 percent, to 41,218.83. The S&P 500 sank 36.29 points, or 0.64 percent, to 5,650.38, ending a nine-day rally. The Nasdaq Composite Index shed 133.49 points, or 0.74 percent, to 17,844.24.

Ten of the 11 primary S&P 500 sectors ended in red, with energy and consumer discretionary leading the laggards by losing 2.02 percent and 1.32 percent, respectively. Meanwhile, consumer staples bucked the trend by adding 0.02 percent.

Major indexes trimmed earlier losses after a better-than-expected report from the Institute for Supply Management showed strength in the U.S. services sector for April. Despite the positive data, company executives surveyed expressed growing concerns over the ongoing tariff situation.

Sentiment was further buoyed by a Bloomberg report suggesting that India has proposed zero tariffs on steel, auto components, and pharmaceuticals for a limited volume of imports, on a reciprocal basis -- a move viewed as potentially constructive for trade talks.

Still, markets remain on edge as the timeline for finalizing U.S. trade deals with key partners remains unclear. Speaking to CNBC, U.S. Treasury Secretary Scott Bessent echoed U.S. President Donald Trump's weekend remarks that agreements could be announced "maybe as early as this week."

Trump also struck a defiant tone on Sunday, stating, "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."

"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.

Meanwhile, Trump authorized U.S. agencies to begin imposing a 100 percent tariff on foreign-produced films, calling foreign incentives for film production a "national security threat."

Looking ahead, all eyes are on the Federal Reserve's two-day policy meeting, which begins Tuesday. While markets widely expect no change to interest rates, Fed funds futures suggest only a 3.2 percent chance of a rate cut, according to CME Group's FedWatch tool. Still, traders are watching closely for any signals from Fed Chair Jerome Powell regarding the economic outlook amid growing trade-related volatility.

In earnings news, Ford on Monday reported better-than-expected results for the first quarter. However, the automaker withdrew its forward guidance after the market close, citing uncertainty tied to tariff-related pressures.

Palantir Technologies raised its revenue forecast, pointing to growing sales momentum. Berkshire Hathaway fell 4.87 percent after the company's board formally approved Greg Abel as Warren Buffett's successor, with the transition set to take place at the end of 2025.