Dow Jones Today: Stock Futures Slide as Trump Threatens EU, Apple With Tariffs; Tech Shares Tumble

Stock futures are sharply lower Friday morning as concerns about global trade tensions reignited following fresh social media posts from President Donald Trump.

Futures tied to the Dow Jones Industrial Average were recently down 1.2%, or more than 500 points, while those tied to the benchmark S&P 500 and tech-heavy Nasdaq dropped 1.4% and 1.8%, respectively. The major indexes were little changed on Thursday as the stock market stabilized after posting big losses the previous session amid rising concerns about the federal deficit as a budget bill moves through Congress.

Volatility returned this morning after Trump said on Truth Social that trade discussions with the E.U. aren’t going well and that he recommends a 50% tariff on the E.U. beginning on June 1. In a separate post, the president said that any iPhone sold in this U.S. must be made in the U.S., and that Apple (AAPL) would have to pay a tariff “of at least 25%” if that doesn’t happen.

Coming into this week, stocks had rallied as Trump appeared to soften his tone on trade and the U.S. paused massive tariffs it had imposed on leading trade partners, notably China. The comments this morning revive concerns about the unpredictable nature of Trump’s trade policy and the potential impact it could have on economic growth and corporate profits.

Apple shares, which are riding a seven-day losing streak coming into Friday’s session, were down more than 3% in premarket trading, leading a broad decline in mega-cap tech stocks. Chipmakers Nvidia (NVDA) and Broadcom (AVGO) both declined about 3%, as did Amazon (AMZN). Microsoft (MSFT), Alphabet (GOOG), Meta Platforms (META) and Tesla (TSLA) also fell sharply.

Among other noteworthy tech sector movers, chip companies Advanced Micro Devices (AMD) and Marvell Technology (MRVL) were each down more than 3%. The VanEck Semiconductor ETF (SMH) also declined 3%.

A handful of stocks were tumbling ahead of the opening bell following the release of quarterly results. Shares of Deckers (DECK), the maker of UGG, Hoka and other shoe brands, plunged nearly 20%, while Ross Stores (ROST) dropped 13% and Workday (WDAY) fell 9%.

Bitcoin was at $108,500 this morning, after surging to a record high near $112,000 yesterday. The digital currency this week hit an all-time high for the first time since just before President Trump took office in January.

The yield on the 10-year Treasury note, which directly affects borrowing costs on all sorts of consumer and business loans, was at 4.49% recently, down from 4.55% at yesterday’s close. The yield moved as high as 4.63% yesterday, its highest level in more than three months.

The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was down 0.6% at 99.35.

Gold futures were up 1.6% at $3,350 an ounce as investors turn to the traditional safe haven asset amid the downturn in equities. West Texas Intermediate futures, the U.S. crude oil benchmark, slipped 1% to $60.60 per barrel.