President Trump threatened a 50% tariff on the European Union
Dow Jones Industrial Average (DJIA) and Nasdaq-100 (NDX) futures are down more than 300 points this morning, while S&P 500 (SPX) futures are also deep in the red, as Wall Street processes new tariff threats. President Donald Trump said on TruthSocial Apple (AAPL) will have to pay a 25% duty on iPhones made outside of the U.S., and noted he recommended a 50% tariff on the European Union (EU) starting on June 1 as trade negotiations "are going nowhere." Though Treasury yields cooled off, all three major indexes are still eyeing weekly losses.
Continue reading for more on today's market, including:
- 3 crypto stocks rising alongside Bitcoin (BTC).
- Chip stock to watch before next week's earnings.
- Plus, Apple's tariff woes, and two software stocks moving oppositely after earnings.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2 million call contracts and over 1.5 million put contracts exchanged on Thursday. The single-session equity put/call ratio rose to 0.75, while the 21-day moving average stayed at 0.59.
- Apple Inc (NASDAQ:AAPL) stock is down 3.6% ahead of the open, after President Trump's threats of 25% tariffs on iPhones made outside of the U.S. Trump also said he wants the tech giant to move device production to the U.S., which would raise prices substantially. AAPL is already down 19.6% in 2025.
- The shares of Intuit Inc (NASDAQ:INTU) are up 7.4% premarket, after the software name shared better-than-expected results for the fiscal third quarter and also issued strong full-year guidance. INTU has added 15% over the last three months.
- Workday Inc (NASDAQ:WDAY) beat earnings and revenue expectations for the first quarter, but its current-quarter subscription revenue forecast was in line with expectations. In response, shares are 8.5% lower before the bell, set to erase a modest 5.4% year-to-date lead.
- The end of May brings a wave of retail earnings, the Federal Reserve's meeting minutes, and more inflation data.
European Markets Slide on Potential Tariffs
Asian markets were mixed Friday as traders reacted to a wave of economic data. Japan’s Nikkei added 0.5%, despite data showing core inflation climbed to 3.5% in April -- the highest in over two years. South Korea’s Kospi finished flat, and Hong Kong’s Hang Seng added 0.2%. China’s Shanghai Composite dropped 0.9% amid cautious sentiment despite continued U.S.-China trade dialogue.
European stocks, meanwhile, turned sharply lower after President Donald Trump threatened 50% tariffs on the European Union (EU). At last check, France’s CAC 40 is down 2.8%, Germany’s DAX has shed 2.4%, and London’s FTSE 100 is off by 1.3%. The euro and British pound both pared earlier gains, with sterling retreating after briefly hitting a one-year high. U.K. retail sales and German gross domestic product (GDP) data beat expectations, but markets remain focused on tariff fallout and rising global yields.