U.S. stocks tumbled on Friday after a fresh salvo of tariff talk from President Donald Trump unsettled investors and reignited concerns about global trade tensions. The losses capped a tough week for Wall Street, with the S&P 500, Dow, and Nasdaq all sliding more than 2 percent.
The Dow Jones Industrial Average dropped 236 points, or 0.6 percent, while the S&P 500 declined 0.7 percent. The Nasdaq Composite underperformed, slipping 0.9 percent as big tech stocks bore the brunt of the pressure.
Apple led the tech rout, falling over 2 percent after Trump took aim at the company in a post on Truth Social. He warned that iPhones sold in the United States should be manufactured domestically — or else face a 25 percent tariff. This marks the first time Trump has zeroed in on a specific company as part of his renewed push for tariffs this year.
Semiconductor stocks also struggled. Shares of Micron and Qualcomm both fell 2 percent, while Nvidia gave up 1 percent.
Adding to the market’s jitters, Trump said trade talks with the European Union were “going nowhere,” and floated the idea of slapping a 50 percent tariff on EU goods beginning June 1, 2025.
In April, Trump’s broad-based tariffs had rattled investors and pushed the S&P 500 close to bear market territory. A temporary 90-day reprieve, along with tentative deals with the U.K. and China, had helped stocks bounce back, with the benchmark index just recently reclaiming its year-to-date gains.
Investors had been betting on more trade breakthroughs during this pause. But Friday’s comments revived fears that the worst may not be over.
The losses capped a tough week for Wall Street, with the S&P 500, Dow, and Nasdaq all sliding more than 2 percent.
All 11 sectors of the S&P 500 were on track to end the week in the red. Energy stocks were the worst hit, tumbling 4.8 percent while communication services dipped 0.6 percent on the day and were down 0.3 percent for the week.
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