Market Snapshot for Friday 5/23/2025
- S&P 500 – 5,802.82 (-0.67%)
- Dow Jones Industrial Average – 41,603.07 (-0.61%)
- NASDAQ – 18,737.21 (-1.00%)
Market Performance
New tariff concerns dragged the market lower on Friday as import tax threats on Apple iPhones and tariff hikes in Europe made headlines. While tensions have eased regarding tariffs, Friday was a bleak reminder that a trade war still looms. All three major averages fell more than 2% for the week. Bond yields plummeted with the 10-year Treasury yield hitting 4.51%. In International markets Asia finished higher with China announcing it would ease measures and add liquidity as well as cut bank deposit rates. Europe traded lower on the threat of a 50% tariff from the U.S.
Economic Takeaways
- The U.S. dollar declined against major international currencies.
- WTI oil was down as expectations of another supply hike from OPEC+ in July would occur.
- 96% of the S&P 500 companies have reported quarterly results, performance has been strong relative to expectations. So far 78% have beaten analyst estimates.
Gold –
- On Friday, May 23, 2025, gold prices saw a significant surge, rising above $3,350 an ounce. This increase was driven by new tariff headlines.
Oil –
- According to MarketWatch, WTI crude oil was trading at an open price of $60.81, with a day range of $60.02 – $61.88. The 52-week range was $55.12 – $84.52, and open interest was 310,641. com reportedthat WTI crude was trading at $60.87 and was down by -0.54%.
Bitcoin –
- Bitcoin dropped from a record to hover near $109,000 on Friday. The digital coin was wrapped up in the market-sell off sparked by tariff threats by Trump.
President Trump Wants New Tariff Hikes and Calls Out Apple’s Tim Cook
On Friday morning President Trump issued a statement calling for 50% tariffs on the European Union starting on June 1st, 2025. He cited unfair trade barriers and a lack of progress on negotiations.
“The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with,” Trump posted on Truth Social. “Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025. There is no Tariff if the product is built or manufactured in the United States.”
He also called out Apple who has recently been planning to shift its production of iPhone sold in the U.S. to India from China. The President wants a 25% tariff on the iPhone maker unless they move production to the U.S.
On Friday afternoon, Trump implied the tariffs would also apply to other cell phone manufacturers.
“It would be more, it would be also Samsung and anybody that makes that product, otherwise it wouldn’t be fair,” Trump told reporters on Friday afternoon. “Again, when they build their plant here there’s no tariffs. So, they’re going to be building plants here.”
“If they’re going to sell it in America, I want it to be built in the United States,” Trump told reporters.
Top Gainers
Several stocks experienced significant gains. Some of the top gainers included:
- Merus N.V. (MRUS) soared 32.55%
- Regencell Biosciences (RGC) moved higher by 28.65%
- Uranium Energy Corp. (UEC) exploded 25%
- Oklo, Inc. (OKLO) surged 23.04%
- United States Steel Corp. (X) rose 21.24%
- NuScale Power Corp. (SMR) moved up 19.43%
- Informatica, Inc. (INFA) jumped 17.45%
- NexGen Energy, Ltd. (NXE) spiked 14.71%
- Cameco Corp. (CCJ) moved up 11.13%
- BWX Technologies, Inc. (BWXT) surged 11.03%
Top Losers
The top US stock losers today, based on percentage change included:
- Deckers Outdoor Corp. (DECK) moved lower 19.86%
- MINISO Group Holding (MNSO) moved lower 17.58%
- Booz Allen Hamilton Holding (BAH) sank 16.53%
- Pony AI, Inc. (PONY) fell 15.44 %
- Workday, Inc. (WDAY) moved down 12.52%
- Copart, Inc. (CPRT) moved lower 11.52%
- Ross Stores, Inc. (ROST) sank 9.85%
- WeRide, Inc. (HWRD dragged 9.62%
Notables
- Apple shares fell nearly 3% after President Trump said the company must pay at least a 25% tariff unless iPhones sold in the United States are manufactured domestically.
- Shares of US Steel (X) skyrocketed more than 20% in the last half hour of trading after President Trump announced the American company will form a partnership with Nippon Steel of Japan.
- Nuclear stocks such as Oklo (OKLO), Constellation Energy (CEG), and Nano Nuclear (NNE) soared after President Trump signed executive orders to revitalize the space.
- Volvo Cars (VOLAR-B.ST) warned that its customers may have to pay a large part of the company’s tariff related cost increases.
- Deckers Outdoor (DECK) went lower after the company said that it won’t provide annual guidance due to the uncertainty around the economic impact of US tariffs.
- Oracle said it would buy $40B of Nvidia chips for OpenAI’s new US data center.
- The US Justice Department has reached a deal, in principle, with Boeing (BA) that will allow the plane maker to avoid prosecution related to two deadly 737 Max crashes.
What to Watch Ahead
- Next week’s trading will be shortened due to Memorial Day. The stock market will be closed on Monday.
- Meanwhile, the big focus next week will be on Nvidia, which reports after the bell on Wednesday.
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