On Friday, U.S. stocks saw a downturn following a rise in trade tensions instigated by Donald Trump’s tariff threats against Apple and the European Union. The S&P 500 decreased by 0.6%, the Nasdaq 100 fell by 0.9%, and the Dow Jones Industrial Average dropped by 256 points. Apple’s shares plummeted 3%, reducing its market valuation to below $3 trillion, after Trump insisted that iPhones sold in the U.S. must be manufactured domestically or else be subjected to a 25% tariff. Moreover, he suggested imposing a 50% tariff on all EU imports beginning June 1, due to stalled trade negotiations, which revived concerns regarding protectionist measures. The tech sector primarily drove the market decline, with companies such as Micron, Qualcomm, and Nvidia experiencing losses exceeding 1%. This market retreat occurred amidst a phase when investors were becoming more optimistic due to a temporary halt in tariffs and hints of progress in discussions with the UK and China. Throughout the week, the S&P 500 saw a 2% decrease, the Dow Jones fell by 2.2%, and the Nasdaq dropped by 1.6%.
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