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The Dow Jones Industrial Average shed 181 points, or 0.4%, while the S&P 500 and Nasdaq Composite each dropped 0.4% and 0.7%, respectively.Tech giant Apple saw its shares fall over 2% after Trump declared that iPhones sold in the United States must be manufactured domestically—or face a minimum tariff of 25%. It marked the first time the president has singled out a specific company as part of his escalating tariff campaign this year.Trump also signalled that trade talks with the EU had stalled, calling for a flat 50% tariff on all EU imports from 1 June 2025.Markets trimmed losses later in the session after reports suggested the White House did not interpret the president’s remarks as formal policy. However, the comments come just as trade tensions had begun to ease. Following a wave of sweeping tariffs imposed in April, Trump had paused the harshest duties for 90 days and announced provisional deals with both China and the UK—moves that had helped markets rebound. The S&P 500 only recently returned to flat for the year.This latest drop compounds a tough week for equities, with the S&P 500, Dow and Nasdaq all down more than 2%.

That’s all for our coverage of US market action for the week. Thank you for tuning in, and do come back when we resume over coverage on Tuesday, May 27.

US stocks fell on Friday due to renewed trade tensions after President Trump targeted Apple and the EU. The Dow dropped 181 points, S&P 500 and Nasdaq fell 0.4% and 0.7%. Apple shares fell over 2%.

US Steel shares soared 21% on Friday after Donald Trump approved its merger with Japan’s Nippon Steel.

Markets remain vulnerable to tariff shocks, warns strategist, with optimism priced in and downside risks mounting from rate hikes.

Barclays sees Trump’s tariff threats as a negotiation ploy, but warns the return of trade tensions signals more volatility ahead.

Following Donald Trump’s renewed trade threats, markets tumbled on Friday, but one CIO expects a more restrained reaction than the sharp sell-off seen last month. While investors now anticipate Trump may eventually back down, the uncertainty surrounding if and when he does is likely to keep markets volatile. A prolonged period of economic uncertainty, he warns, could begin to take a toll.

Investors should brace for ongoing trade volatility throughout President Trump’s second term, an analyst has warned, cautioning against the illusion of lasting de-escalation. He argued that threats of trade action are likely to remain a recurring tactic, quickly reversed if markets react sharply. “Don’t be lulled into a false sense of calm,” he advised, noting the administration appears to view the stock market as a key barometer of success.

Booz Allen Hamilton shares tumbled 15% after the consultancy announced plans to cut around 2,500 jobs – 7% of its workforce – citing reduced government spending under the Trump administration and anticipated pressure on its business during the first half of the fiscal year.

Intuit surged 7.5% after posting strong quarterly results. The firm, which owns TurboTax and QuickBooks, reported a 15% year-on-year revenue rise in its fiscal third quarter, reaching $7.8 billion.

Apple fell 2.6% after President Trump warned the company could face tariffs of 25% or more on iPhones manufactured outside the US. While production is largely based in China, Apple has recently increased manufacturing activity in India amid ongoing trade tensions.

An analyst has dismissed the idea of Apple manufacturing iPhones in the United States as a “fairy tale”, following renewed political pressure over tariffs. In a note to clients on Friday, the analyst argued that such a move is not realistic, warning it would take five to ten years to shift production onshore – a timeline that renders the proposal effectively unfeasible.

Recession fears have intensified following renewed trade tensions, with one investor warning that markets are now pricing in a higher risk of economic downturn. Equity futures have slumped and long-term US Treasury yields have fallen, reflecting concerns of stagflation rather than a standard recession. Despite a pause in tariff escalation, threats of steep duties on European imports have heightened uncertainty, as the EU recently overtook China as the top exporter to the US.

After Friday’s market moves, all 11 sectors of the S&P 500 are now on track to end the week in negative territory.

Leading the losses is the energy sector, down 4.8% for the week. Communication services slipped 0.6% on Friday, putting it on course for a modest weekly decline of 0.3%.

Apple shares slipped on Friday, pushing its market capitalisation back below the $3 trillion mark — a level it had last closed under on May 9.

Meanwhile, Microsoft and Nvidia continue to hold their positions in the exclusive “above $3 trillion” club.

Apple’s stock is now heading for an eighth consecutive day of losses, marking its longest losing streak since January 2020.

Despite a market pullback on Friday, three S&P 500 stocks notched fresh record highs. Philip Morris reached all-time highs dating back to its spin-off from Altria in 2008, GE Vernova hit peaks since separating from GE in April 2024, and Intuit climbed to new highs not seen since its 1993 IPO.

Conversely, three names in the index slipped to new 52-week lows: CarMax fell to levels last seen in November 2023, Campbell Soup touched lows not seen since February 2019, and Kraft Heinz dropped to its weakest point since April 2020. Revvity also declined to its lowest since December 2023.

Analysts have cautioned against buying the dip in Apple shares following the announcement of a special tariff on iPhones, warning that the issue is likely to linger as a drag on the stock. Concerns have been reinforced by Apple’s recent underperformance relative to broader tech benchmarks. Analysts note they would avoid taking positions in the stock without a significant resolution, adding that a shift in production to the US appears unlikely given the cost implications. They argue that tariffs, while steep, may still be less expensive than domestic manufacturing, suggesting downward pressure on the stock is likely to persist.

The White House believes financial markets may be overreacting to President Donald Trump’s recent tariff comments, according to CNBC’s Eamon Javers. Officials reportedly do not view the president’s social media post as a formal policy declaration. Javers also noted that US Trade Representative Jamieson Greer is due to speak with European counterparts later today, suggesting the post may have been a strategic move to bolster Greer’s negotiating position.

Big Oil’s record shareholder payouts face pressure as crude prices slump and balance sheets tighten. Analysts warn buybacks may be first to go, with BP already scaling back. Despite strong Q1 earnings, the industry’s high payout ratio may prove unsustainable.

US new-home sales unexpectedly jumped nearly 11% in April to a 743,000 annual rate — the highest since February 2022 — driven by demand in the South and Midwest. Builders boosted affordability with price cuts, though wider market headwinds persist.

Chinese EV giant BYD has overtaken Tesla in European battery electric vehicle sales for the first time, despite steeper EU tariffs. April sales surged 359% year-on-year, marking a “watershed moment” as BYD challenges both Tesla and legacy European brands. The move highlights Europe’s growing status as a key battleground for global EV makers. BYD’s rapid rise—outpacing Fiat and Seat in some markets—comes ahead of the opening of its Hungarian plant, while Tesla grapples with falling demand and mounting political headwinds. Chinese automakers overall saw European EV sales jump 59% last month despite tariffs.

Rattled by Donald Trump’s threat to levy a 50% tariff on European Union goods, the three major US indices opened Friday’s trading session in the red. The Dow Jones Industrial Average was trading 400 points lower, while the S&P 500 and Nasdaq Composite too were trading in the red at 60 and 260 points, respectively, at around 7.04 pm IST.

European stocks fell in premarket trading after President Donald Trump proposed a 50% tariff on the European Union. US-listed shares of Deutsche Bank dropped 5.1%, while HSBC and ING each slipped around 2%. Banco Santander lost 1.9%, and luxury giants LVMH and Hermès also traded lower. The Stoxx Europe 600 index was last down 1.5%.

The yield on the 30-year US Treasury bond reached 5.161% this week, marking its highest level since October 2023. The 10-year note also briefly exceeded 4.6%. Both yields eased slightly on Friday.

Apple shares dropped 3.5% in premarket trading after President Donald Trump declared the company would face tariffs of 25% or more on iPhones produced outside the US.

Nuclear-related stocks rallied after reports suggested Trump is poised to sign executive orders supporting the sector. Oklo and NuScale each jumped over 8%, while Constellation Energy and Cameco climbed 2% and 4% respectively.

Meanwhile, Intuit surged nearly 8% after issuing a strong full-year forecast. The firm now expects adjusted earnings between $20.07 and $20.12 per share, topping analyst expectations, with third-quarter results also exceeding projections.

Nuclear stocks surged after reports that Donald Trump plans to sign executive orders supporting the industry, including measures to fast-track reactor construction and secure key materials. NuScale, Oklo, Constellation Energy, and Cameco all posted significant gains on the news.

Apple has increased trade-in values for iPhones in China in a bid to revive demand in a market where its share and shipments have declined. The move comes as Apple faces stiff competition from local giants Xiaomi and Huawei, as well as ongoing uncertainty over US-China trade policy. While the increases are modest, they reflect Apple’s broader strategy to retain relevance in its second-largest market, amid growing concerns about its supply chain and pressure from the Trump administration to shift production out of China.

The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite Index futures have sharply fallen after President Donald Trump threatened to impose a 25% tariff on iPhones that are not made in the USA. The Dow is down 500 points, S&P is at -90 points, and Nasdaq is trading 400 points down.

Donald Trump has proposed a 50% tariff on goods from the European Union, blaming stalled trade talks and what he described as unfair treatment of American companies. The tariff, set to take effect on June 1, would exclude US-made products.

The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite Index futures have sharplu fallen after President Donald Trump threatened to impose a 25% tariff on iPhones that are not made in the USA. The Dow is down 500 points, S&P is at -70 points, and Nasdaq is trading 300 points down.

 

Apple shares dropped 3% in pre-market trading on Friday after US President Donald Trump declared on Truth Social that a 25% tariff “must be paid by Apple” on iPhones sold in the US but manufactured abroad.US stock futures dipped early Friday after President Donald Trump said Apple must pay tariffs on iPhones manufactured abroad, signalling a renewed push in his tariff strategy. The Dow Jones Industrial Average futures dropped 112 points (0.3%), with the Nasdaq 100 and S&P 500 futures also falling 0.4% and 0.3% respectively.Apple shares were caught in the crossfire, down 0.36%, with the tech giant’s stock under pressure following Trump’s remarks. The broader market was already on edge, as concerns about government debt and higher long-term Treasury yields weighed on sentiment.U.S. stock futures dipped early Friday after former President Donald Trump said Apple must pay tariffs on iPhones manufactured abroad, signalling a renewed push in his tariff strategy. The Dow Jones Industrial Average futures dropped 112 points (0.3%), with the Nasdaq 100 and S&P 500 futures also falling 0.4% and 0.3% respectively.Apple shares were caught in the crossfire, with the tech giant’s stock under pressure following Trump’s remarks. The broader market was already on edge, as concerns about government debt and higher long-term Treasury yields weighed on sentiment.NewsLive TVMarketPopular CategoriesCalculatorsTrending NowLet's Connect with CNBCTV 18Network 18 Group :©TV18 Broadcast Limited. All rights reserved.