Stock Market News Today: Dow Down After Trump Threatens Tariffs on Apple and EU

The stock market’s brief honeymoon away from tariff volatility came to an end Friday morning.

The Dow Jones Industrial Average fell 400 points, or 0.9%, after President Trump threatened 25% tariffs on iPhones and 50% tariffs on the European Union. The S&P 500 dropped 1%. The Nasdaq Composite fell 1.3%.

Stocks had rallied in recent weeks after Trump rolled back most of his global tariffs temporarily and seemed to dial back his regular pronouncements of new levies.

The yield on the 10-year Treasury note fell to 4.49%, and the price of gold jumped as traders piled into haven assets once again.

“We don’t put much credence in the Trump missives today and expect [Treasury Secretary Scott] Bessent to walk it back over the weekend,” writes Andrew Brenner, head of international fixed income at NatAlliance Securities. “Again it hurts the credibility and the unpredictability of the US.”

The Friday before Memorial Day weekend is typically a slow session as many on Wall Street opt for an early start to the long weekend. Now, those looking to relax this weekend may have to pay close attention to the president’s Truth Social feed.