There have been several glitches and malfunctions reported following the recent update. If that is your situation then probably Apple will need to provide the fix.
Meanwhile, try these east to do diagnostic procedures to see if any of them solve the issue.
Shut down and reboot your computer
Shut down and reboot your computer. See if that cures it.
Deleting Preferences
Open iMovie while holding down the Option and Command keys and select to delete preferences in the box that appears. iMovie will open in a new library. Reopen your old library to get back to your projects.
Opening iMovie in a new library
Try opening iMovie in a new library. To do that, open iMovie while holding down the Option key and then selecting to
create a new library in the box that appears.
Opening iMovie in a new user account
Create a new user account from System Preferences/Users and Groups and try to open and
use iMovie in the new account. You can use the Guest account on your Mac for this purpose.
New Project
Another thing you can try is to copy your media into a newly created project and see if that cures the problem. To do that, do an Edit/Select All, Edit/Copy, of the media in your project and then Edit/Paste it into the newly created project.
Safe Mode
You could also try booting up in Safe Mode (see Finder menu for instructions) and, after everything loads, immediately shut down and reboot in normal mode. Then see if iMovie works properly.
Updating iMovie
To update/redownload iMovie 10, drag your iMovie 10 app from the Applications folder into the trash, but do not empty the trash. Sign in to the app store and open your purchases folder by clicking on your name at the bottom of the app store side bar. You will see your purchases displayed, including iMovie 10. Redownload/update iMovie from there. If not successful, drag your present iMovie app out of the trash (if you moved it there) and return it to the Applications folder.
Resetting the System Management Controller
Try resetting the System Management Controller:
https://support.apple.com/en-us/HT201295
Resetting the NVRAM or PRAM
Try resetting the NVRAM or PRAM, although this issue would be fairly rare:
https://support.apple.com/en-us/HT204063
-- Rich