Trump trolls Apple, stocks slide in volatile week: Live Updates
President Trump lashed out at Apple CEO Tim Cook as he wielded more tariff threats against the European Union pressuring U.S. stocks which are on pace for weekly losses. The 10-year Treasury yield hovered near 4.5%. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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| Symbol | Price | Change | %Change |
|---|---|---|---|
| AAPL | $196.18 | -5.18 | -2.57 |
President Donald Trump took another swipe at Apple CEO Tim Cook pressuring him to bring iPhone manufacturing back to the U.S.
Shares of the world' s most valuable company fell along with the broader market Friday and have lost over 20% this year.
Traders work on the floor of the New York Stock Exchange in New York City. (Reuters)
Stocks closed lower on Friday after President Donald Trump threatened new tariffs on Apple iPhones and goods from the European Union.
The Dow Jones Industrial Average fell more than 256.02 points, or 0.61%, while the S&P 500 and Nasdaq Composite were down 0.67% and 1%, respectively. It was the fourth straight day of losses for the Dow and S&P 500, the longest losing streak in more than a month.
Trump threatened fresh duties on iPhones made outside the U.S., in a move that came after he met with Apple CEO Tim Cook at the White House on Wednesday.
"I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else," Trump wrote in a post on Truth Social. "If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S."
The president also recommended on Friday a straight 50% tariff on EU goods starting on June 1, saying that the trading bloc has been "very difficult to deal with" and that discussions are "going nowhere."
"Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more, have led to a Trade Deficit with the U.S. of more than $250,000,000 a year, a number which is totally unacceptable," Trump said in a Truth Social post.
Trading Economics
The bond market continued its pushback over fiscal worries with the yield on the 10-year settling above 4.5%, registering the fourth straight week of gains, the longest since November 2024. Bond prices trade inverse to yields.
The 10-year is key as its tied to borrowing costs for mortgages, personal loans and auto loans, to name a few common borrowing tools. Yields on the 30-year Treasury hit 5.036%.
Mortgage rates did tick higher this week, according to Freddie Mac.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| USO | $67.19 | 0.05 | 0.07 |
| XOM | $102.58 | -0.39 | -0.38 |
| CVX | $135.20 | -0.09 | -0.07 |
| COP | $85.56 | -0.57 | -0.66 |
As millions of Americans hit the road they'll enjoy the lowest gas prices in years after oil prices slip to a range of $60-$65 per barrel.
Treasury Secretary Scott Bessent. (Reuters)
Treasury Secretary Scott Bessent said on Friday that he expects several large trade deals to be announced soon.
"My sense is over the next couple of weeks we're gonna have several large deals announced," Bessent told Bloomberg News.
The treasury secretary also said he expects negotiations with China to resume in person.
Treasury Secretary Scott Bessent. (Getty Images)
Treasury Secretary Scott Bessent said on Friday that President Donald Trump is trying to "light a fire" under the European Union and tech giant Apple, to ensure America is bringing back production dominance.
"I would hope that this would light a fire under the EU, because... I've said before, [the] EU has a collective action problem here. It's 27 countries, but they're being represented by this one group in Brussels. So some of the feedback that I've been getting is that the underlying countries don't even know what the EU is negotiating on their behalf," Bessent said on Fox News' "America's Newsroom."
The president said in a post on Truth Social that he would slap a 25% tariff on imported iPhones if Apple refuses to make the smartphones in the U.S. The move comes after Trump met with Apple CEO Tim Cook at the White House on Wednesday, Fox confirmed.
"Again, the president is trying to bring back precision manufacturing to the U.S.," Bessent said. "And I think that one of our greatest vulnerabilities is this external production, especially in semiconductors, and a large part of Apple's components are in semiconductors, so we would like to have Apple help us make the semiconductor supply chain more secure."
Trump on Friday also threatened to impose a straight tariff of 50% on EU goods starting on June 1.
This is an excerpt of an article by FOX Business' Kristen Altus
It's been a banner few days for Bitcoin, which touched an intra-day high on Friday of $111,000 before pulling back.
Money is flowing into the largest cryptocurrency by market value as stocks tumble. For the year, its advanced over 19% with the bulk of those gains occurring in May.
President Trump's crypto czar David Sacks, appearing on FOX Business Network, explained the importance of the GENIUS Act for the industry which passed the Senate earlier this week.
The U.S penny is on the chopping block and could soon be a thing of the past in the latest move to save taxpayer money.
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