Stock market today: Dow, S&P 500, Nasdaq futures slip, head for weekly loss as Trump warns

May 23, 2025

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Updated 30 mins ago

US stocks took a sharp turn lower before the bell on Friday, poised for weekly losses as Wall Street assessed President Trump’s latest tariff salvos and what his giant tax bill means for the deficit and the economy.

Futures on the Dow Jones Industrial Average (YM=F) sank 1.5%, or over 600 points. Those tied to the S&P 500 (ES=F) fell 1.6%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) backed off 1.8%.

Trump said on Friday that Apple (AAPL) must pay a 25% tariff on iPhones sold but not made in the US. The tech giant has begun shifting some manufacturing to India with China, home to its key suppliers, locked in a trade war with the US. Apple shares fell 3% after Trump’s post to Truth Social.

At the same time, Trump threatened to hike the tariff on EU imports to “a straight 50%” beginning June 1 as trade talks between the two have stalled.

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The president’s warnings shattered the muted mood on Wall Street as investors wound down to the Memorial Day trading break on Monday.

It adds another supply-chain complication for companies already worried about the potential hit to the economy from Trump’s tariff blitz. Earnings season has seen several companies hold off from providing full annual guidance thanks to uncertainty around tariffs.

All three major gauges are on track for a losing week. Stocks have suffered as deficit worries pushed up Treasury yields, intensified as Trump’s giant tax bill forged ahead. Wall Street is still weighing the economic impact of Trump’s revised bill, which cleared a key hurdle in the House vote for approval.

Fears that it could boost the US deficit by trillions have stoked a surge in longer-dated Treasury yields, already in high focus after a Moody’s downgrade. The 30-year yield (^TYX) held above the key level of 5% on Friday, having risen to highs not hit since the financial crisis.

Focus has also begun to turn to Nvidia (NVDA) earnings, expected on Wednesday after the bell.

This year, the chip giant has found itself in the crosshairs of Trump’s fast-moving trade policy as well as debates in Big Tech over costly AI investments. Nevertheless, options traders expect a lower level of volatility in Nvidia’s stock after its results next week, compared with recent quarters.

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President Trump sent a warning shot to Apple (AAPL) on Friday, sending shares more than 3% lower in premarket trading. Futures on the major stock indexes also dipped at the same time.

“I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump posted on his Truth Social platform.

“If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.,” Trump warned.

Reuters reports that it is not clear if Trump can levy a tariff on an individual company. More details:

Read more here.
Deckers Outdoor (DECK) said late Thursday it won’t provide annual guidance because of uncertainty around the economic impact of US tariffs.

The maker of Hoka and UGG footwear also posted a disappointing quarterly sales forecast, helping drive its shares 17% lower in premarket.

Reuters reports:

Read more here.
The yield on the 30-year Treasury (^TYX) has risen above 5% and Bank of America (BAC) strategist, Michael Hartnett has said investors should take advantage and buy the sell-off in long-dated Treasurys.

Bloomberg News reports:
Shares of nuclear power companies soared in premarket after Reuters reported that President Trump will soon sign executive orders aimed at jump-starting the nuclear energy industry.

The orders, which could come later on Friday, aim to smooth the regulatory process for approving new reactors, the report said, citing sources.

Shares of Oklo (OKLO), a nuclear start-up backed by OpenAI’s Sam Altman, surged 19%. Other big gainers included Nano Nuclear Energy (NNE) and NuScale Power (SMR), both up around 17%.

Among nuclear utilities, Constellation Energy (CEG) put on 5%, Vistra (VST) gained 4%, and GE Vernova (GEV) added 3%.

The US is expecting the first rise in power demand in two decades from the boom in artificial intelligence, Reuters noted. Trump declared an energy emergency on his first day in office in January.
Yahoo Finance’s Alexis Keenan reports:

Read more here.
Asian markets mostly advanced overnight Thursday as investors weighed regional economic data and fresh diplomatic signals between the US and China.

Japan’s Nikkei 225 (^N225) rose 1% with the government recording core inflation at 3.5%, the highest in over 2 years.

South Korea’s Kospi (^KS11) added 0.4% despite weakness in Korean tech stocks.

Australia’s S&P/ASX 200 (^AXJO) climbed 0.3%, led by gains in miners and banks.

Hong Kong’s Hang Seng Index (^HSI) and China’s CSI 300 (000300.SS) were flat at the open, as caution prevailed among investors navigating mixed economic signals from the mainland.

Many of the gains were driven by Chinese Vice Foreign Minister Ma Zhaoxu and U.S. Deputy Secretary of State Christopher Landau held a phone call, agreeing to keep communication open. The exchange, confirmed by China’s Foreign Ministry, comes amid efforts by both nations to stabilize ties following trade tensions and policy disputes.
Oil prices fell late Thursday as OPEC+ producers pointed toward an increase in supply as the US faces a surplus.

Bloomberg reports:

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Stock market today: Dow, S&P 500, Nasdaq futures slip, head for weekly loss as Trump warns