Morning Movers: Apple slips following President Trump tariff threat

Stock futures are trending lower, reflecting investor concerns over escalating trade tensions and fiscal uncertainties.

President Donald Trump’s recent announcements have heightened market apprehensions. He proposed a 25% tariff on iPhones not manufactured in the U.S., causing Apple shares to decline nearly 4% in pre-market trading. Additionally, he recommended a 50% tariff on European Union goods, leading to a drop in European stocks and a weakening euro.

On the legislative front, the House narrowly passed a $3.8T tax and spending bill, which now awaits Senate approval. The bill includes a $4T debt ceiling increase, raising concerns about long-term U.S. debt sustainability.

As the markets approach the Memorial Day weekend, trading volumes may decrease, potentially leading to increased volatility.

In pre-market trading, S&P 500 futures fell 1.48%, Nasdaq futures fell 1.9% and Dow futures fell 1.31%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly. 

HIGHER AFTER EXPECTED TRUMP EXECUTIVE ORDER TO JUMPSTART NUCLEAR –

• Uranium Energy (UEC) up 14%
• Oklo (OKLO) up 10%
• Energy Fuels (UUUU) up 10%
• Nuscale Power (SMR) up 10%
• ASP Isotopes (ASPI) up 4%

UP AFTER EARNINGS –

• Frontline (FRO) up 1%
• Intuit (INTU) up 7%
• Autodesk (ADSK) up 1%

DOWN AFTER EARNINGS –

• Deckers Outdoor (DECK) down 20%
• Ross Stores (ROST) down 11%
• Booz Allen (BAH) down 15%
• The Buckle (BKE) down 1%

LOWER –

• Apple (AAPL) down 4% after President Donald Trump posted on Truth Social: “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. If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”
• Xerox (XRX) down 9% after cutting its quarterly dividend to 2.5c per share from 12.5c