US stocks slumped on Friday after Donald Trump escalated trade tensions by threatening tariffs on Apple and the European Union. The S&P 500 fell 0.6%, the Nasdaq 100 dropped 0.9% and the Dow dropped 256 points.
Apple shares plunged 3%, pushing its valuation below $3 trillion, after Trump demanded that iPhones sold in the US be made domestically or face 25% tariffs. He also proposed a 50% tariff on all EU imports starting June 1 as trade talks stalled, renewing concerns about protectionist policies.
Technology stocks led the decline, with names such as Micron, Qualcomm and Nvidia posting losses of more than 1%. The 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. For the week, the S&P 500 fell 2%, the Dow fell 2.2%, and the Nasdaq dropped 1.6%. (alg)
Source: Trading Economics
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