Advertisment
Stocks declined Friday after President Donald Trump raised trade fears again, warning Apple and recommending stiffer duties on the European Union.
The Dow Jones Industrials lost 256.02 points to 41,603.07.
The S&P 500 dipped 39.19 points to 5,802.82
The NASDAQ Composite flopped 188.53 points, or 1%, to 18,737.21.
Apple shares shed more than 2% after Trump posted on Truth Social that iPhones sold in the U.S. must be made in the U.S. and if they are not “a tariff of at least 25% must be paid by Apple.” The move against Apple by Trump is the first against a specific company in his tariff rollout this year.
Micron and Qualcomm declined 2%. Nvidia shares lost 1%.
Stocks came off their lows of the day after reports the White House did not interpret Trump’s remarks as a formal statement of policy.
Markets south of the border are, of course, shuttered Monday for Memorial Day.
Friday’s declines added to the market’s weekly losses. The S&P 500, Dow and NASDAQ are all down more than 2% this week.
Separately, the president said trade discussions with the EU “are going nowhere” and so he’s “recommending a straight 50% tariff on the European Union, starting on June 1, 2025.”
Trump’s actions come at a time when tariff tensions were easing.
Trump in April implemented duties on most nations in the world, which rattled the stock market and nearly put the S&P 500 in a bear market. The president then paused the stiffest tariffs for 90 days and hatched some preliminary agreements with the U.K. and China, causing stocks to recover. The S&P 500 got back to even on the year last week.
Prices for the 10-year Treasury were higher by the close Friday, lowering yields to 4.51% from Thursday’s 4.54%. Treasury prices and yields move in opposite directions.
Oil prices regained 39 cents to $61.59 U.S. a barrel.
Prices for gold revived $65.90 to $3,361.60.
