Dow Jones and S&P500: Apple, Ross, Intuit Shake US Indices on Tariff Talk

Dow Slides on Trump’s Tariff Threats Targeting EU and Apple

Stocks opened sharply lower Friday after former President Donald Trump reignited tariff tensions with new threats aimed at both Apple and the European Union. The Dow Jones Industrial Average dropped 343 points, or 0.8%, while the S&P 500 fell 1% and the Nasdaq slid 1.2%. The sell-off was driven by concerns over renewed trade uncertainty, particularly Trump’s demand for a 25% tariff on foreign-made iPhones and a proposed 50% tariff on EU imports starting June 1.

Apple Hit Hard by Tariff Talk—Will Production Shifts Follow?

Apple shares tumbled more than 2% after Trump declared that iPhones sold in the U.S. must be domestically produced or face hefty tariffs. The remarks, posted on Truth Social, mark the first instance this year where a specific company was named in a tariff announcement.

Analysts warned the threat could continue to weigh on the stock, with Blue Chip Daily’s Larry Tentarelli noting that Apple’s current supply chain structure makes a swift production shift unlikely. Apple has also been lagging the broader tech space, further weakening its appeal to dip buyers.

Tech Sector Sags as Micron, Qualcomm and Nvidia Retreat

The tech sector bore the brunt of the pullback, with Micron and Qualcomm sliding 2.5% and 3.3%, respectively. Nvidia also lost 1%. The sector, which has led much of the recent rally, is vulnerable to disruptions in global trade. The renewed tariff chatter has traders concerned about supply chain costs and export risks, especially for chipmakers with significant international exposure.

Retail and Consumer Stocks Face Pressure from Policy Uncertainty

Retailers also saw heavy selling. Ross Stores dropped more than 12% after scrapping its full-year outlook, citing tariff volatility. Deckers Outdoor plunged 19% following its decision not to issue guidance for fiscal 2026. Even with strong quarterly results, the firm pointed to global trade uncertainty as a key risk. Conversely, Monster Beverage gained on a bullish Goldman Sachs note calling it one of the top growth plays in staples.

Nuclear and Financials See Gains as Some Sectors Buck the Trend

In contrast, nuclear energy stocks rallied after reports that Trump may soon sign executive orders to boost the sector. Shares of Oklo and NuScale jumped over 8%, while Constellation Energy added 2%. Intuit climbed nearly 8% on a strong earnings outlook, and StepStone Group rose more than 5% following a substantial increase in assets under management.

What’s Next for Traders Watching the Federal Reserve and Trade Tensions?

Traders should expect volatility to persist as trade policy remains unpredictable. Although the White House later suggested the market may be overreacting and that Trump’s remarks weren’t formal policy, the tone has shifted back to confrontation.

With preliminary trade deals hanging in the balance and Fed policy updates due next month, traders will need to stay focused on both geopolitical signals and inflation data to gauge risk sentiment in the weeks ahead.

More Information in our Economic Calendar.