U.S. Stocks Slide and Gold Shines After Trump Threatens EU and Apple

Barry Adams
23 May, 2025
New York City

Bond yields advanced, stocks plunged, and gold raced to record highs amid renewed fears of international trade uncertainty.

The S&P 500 index declined 1.1%, and the Nasdaq Composite fell 1.4% after the yield on 30-year U.S. Treasury bonds inched higher to 5.1%. 

The U.S. president's threat to impose 50% tariffs on goods arriving from the European Union sent shockwaves from Frankfurt to Milan, as trade talks stalled. 

In addition, Donald Trump threatened to slap 25% tariffs on all iPhones sold but not made in the U.S.

Apple, Qualcomm, and Micron fell about 3% after the U.S. president issued the first threat targeting a company and its products. 

The constantly changing U.S. trade policy and random threats to key trading partners and leading global technology companies highlighted the mercurial nature of the U.S. leadership, driving away more foreign investments. 

For the week, the S&P 500 is down 1.7%, and the Nasdaq Composite has fallen 2.2% after one hour of trading on Friday. 

 

Commodities, Currencies, Indexes, Yields

The S&P 500 index decreased 1.1% to 5,775.55, the Nasdaq Composite edged down 1.5% to 18,646.84, and the Russell 2000 index declined 1.5% to 2,013.83.

The yield on 2-year Treasury notes edged lower to 3.92%, 10-year Treasury notes decreased to 4.47%, and 30-year Treasury bonds declined to 5.01%.

WTI crude oil decreased $0.63 to $60.56 a barrel, and natural gas prices edged higher by $0.04 to $3.30 a thermal unit.

Gold increased by $54.32 to $3,353.52 an ounce, and silver edged up by $0.09 to $33.14.

The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.52 to 99.44 and traded at the lowest level since April 2022.

 

U.S. Stock Movers 

Ross Stores plunged 13% to $132.30 after the off-price retailer withdrew its annual outlook and issued a weaker-than-expected earnings estimate for the current quarter. 

Moreover, the retailer added that the current level of tariffs is likely to exert a downward pressure on its profitability. 

Autodesk Inc. increased 1.4% to $299.0 after the specialty software company's second-quarter earnings outlook surpassed market expectations. 

Intuit Inc. soared 7.2% to $714.0 after the tax preparation software company reported strong fiscal third-quarter results, and the company's full-year results surpassed market expectations.