US Stocks Slide on Trade War Fears
US stocks declined on Friday after Donald Trump escalated trade tensions by threatening tariffs on both Apple and the European Union.
The S&P 500 fell 0.6%, the Nasdaq 100 dropped 0.9%, and the Dow lost 256 points. Apple shares tumbled 3%, bringing its valuation below $3 trillion, after Trump demanded that iPhones sold in the US be made domestically or face a 25% tariff.
He also proposed a 50% tariff on all EU imports starting June 1 due to stalled trade talks, renewing fears of protectionist policies. Tech stocks led the downturn, with names like Micron, Qualcomm, and Nvidia posting losses of more than 1%. This pullback came just as investors were gaining confidence amid a temporary pause in tariffs and signs of progress in negotiations with the UK and China.
Over the week, the S&P 500 fell 2%, the Dow declined 2.2%, and the Nasdaq slipped 1.6%.
Source : Trading Economics