(fxcue news) - After a slightly weak start and a subsequent drop to lower levels, the Canadian market recovered some lost ground Monday morning, but still struggles to move any significantly above the flat line. The mood is cautious with investors awaiting a slew of earnings updates and crucial central bank meetings. Energy stocks are down sharply, and several stocks from the healthcare space are down as well. Materials and consumer discretionary stocks are finding notable support, limiting market's downside. Worries about tariff and weak oil prices are hurting the market. Data showing another contraction in Canadian services sector activity is also weighing on sentiment. On Sunday, U.S. President Donald Trump announced plans to impose a 100% tariff on movies produced outside the U.S., saying that the incentives offered by other countries to lure filmmakers is hurting the American film industry very badly. "The Movie Industry in America is DYING a very fast death," Trump said in a post on Truth Social. "Other Countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States. Hollywood, and many other areas within the U.S.A., are being devastated." Trump also told reporters on Sunday that he has no plans to talk to his Chinese counterpart Xi Jinping this week, offsetting recent optimism about a potential U.S.-China trade deal. Investors are also looking ahead to the policy announcements from the Federal Reserve and the Bank of England, due on Wednesday and Thursday, respectively. While the Fed is likely to hold rates, the BoE is widely expected to lower rates by 25 basis points. The benchmark S&P/TSX Composite Index, which recovered to 25,046.65 from an early low of 24,903.56, was up 2.94 points or 0.01% at 25,034.45 a little while ago. MEG Energy Corp., Cenovus Energy, Precision Drilling Corporation, International Petroleum Corporation, Whitecap Resources, Suncor Energy and Canadian Natural Resources are down 1.6 to 3%. Healthcare stocks Bausch Health Companies and Tilray are down 3.4% and 3.1%, respectively. In the materials sector, Wesdome Gold Mines, Seabridge Gold, Ssr Mining, Equinox Gold Corp., Alamos Gold, Eldorado Gold, Aya Gold & Silver Corp., Dundee Precious Metals, Wheaton Precious Metals and Kinross Gold Corp are down 2.5 to 4%. Consumer discretionary stocks Gildan Activewear, Magna International, Pet Valu Holdings and Dollarama are gaining 1 to 1.5%. Data from S&P Global showed Canada's private sector contracted for the fifth straight month in April, and suffered the steepest decline since June 2020. The S&P Global Canada Composite PMI dropped to 41.7 in April from 42.0 in the previous month. Meanwhile, the S&P Global Canada Services PMI rose slightly to 41.5 in April from 41.2 in the previous month, recording a fifth straight month of contraction.