The Dow Jones Industrial Average and other major stock indexes traded sharply lower, but off their lows, Friday as President Donald Trump made new tariff threats. Among the early movers was iPhone maker Apple, which tumbled on the stock market today after Trump specifically targeted the tech giant for levies.
After the opening bell, the Dow Jones Industrial Average dropped 0.8%, or around 300 points. The S&P 500 lost 1%. And the tech-heavy Nasdaq composite moved down 1.3%.
The 10-year Treasury yield ticked lower to 4.47% early Friday. And oil prices fell, as West Texas Intermediate futures traded around $60.50 per barrel.
Among exchange traded funds, the Invesco QQQ Trust fell 1.3%, while the SPDR S&P 500 ETF dropped 1% after the open.
Trump Aims His Tariff Arrow At Apple
Apple will have to pay a tariff of 25% or more for iPhones made outside the U.S., Trump said in a social media post early Friday.
"I have long ago informed Tim Cook of Apple that I expect their iPhones 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.," Trump said on Truth Social.
In response, Apple stock plunged nearly 3% in morning trading, threatening to extend a losing streak to eight sessions.
In another Truth Social post, Trump threatened a 50% tariff on the European Union due to trade discussions with them "going nowhere." Those tariffs would start June 1.
Nvidia Stock — Once Again — Puts The 8 'Secrets' Of Selling In Focus
Stock Market Today: Earnings Movers
Elsewhere, key earnings movers were Analog Devices, Autodesk and Workday
Analog shares declined 2.2% in morning action, while Autodesk stock gained more than 2%. Workday stock tumbled 10% in early trading.
Later in the morning, the Commerce Department is scheduled to report new home sales at 10 a.m. ET. Sales are expected to fall to a 700,000 rate in April vs. 724,000 in March, according to Econoday estimates.
Trump Tariffs Trigger Bear Market. Investor Focus Shifts Here.
Dow Jones Climbs
On Thursday, blue chips on the Dow Jones Industrial Average closed essentially unchanged, down just one point. The S&P 500 inched lower, while the Nasdaq composite rose 0.3%. Also, the small-cap Russell 2000 ended down less than 0.1%.
Ongoing stock market action makes now an important time to read IBD's The Big Picture column for how to handle current conditions and to track the updated exposure level.
Among the best companies to watch in the current stock market are Birkenstock, Broadcom, Robinhood and Axon Enterprise
Along with Apple and Nvidia, Dow Jones components also making notable moves this week were Amazon.com and Microsoft.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Investors also can find potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Microsoft Rules As Nvidia Looks To Take A Bite Out Of Apple
Dow Jones Stocks: Microsoft Above Buy Point
Shares of Dow Jones component Microsoft have shot up over the last few weeks, bullishly retaking their 200-day moving average for the first time since Jan. 29 and clearing a 448.38 buy point in a cup base, according to MarketSurge chart analysis. Microsoft stock dropped more than 1% Friday.
Outside the Dow, Birkenstock surged last week, rallying up the right side of a cup base that has a 62.66 buy point. A handle with a 59.50 entry is now in play. Birkenstock shares tumbled 3% in morning action.
Artificial intelligence leader and IBD Leaderboard name Broadcom has formed a consolidation with a buy point of 251.88. And a recent handle offers a better entry at 235.28. Broadcom stock dropped 0.9% Friday.
IBD Leaderboard watch list stock Robinhood has cleared an aggressive alternate entry of 51.07 in recent sessions and is approaching a 66.91 buy point in an abnormally deep cup base, according to IBD MarketSurge chart analysis. Robinhood shares fell nearly 1% Friday.
Finally, Taser-maker Axon is breaking out past a 715.99 buy point following last week's gains. Axon stock edged lower Friday.
As Wall Street Whipsaws, What's An Investor To Do? Start Here
Stock Market: Companies To Watch
These are four stocks in or near buy zones in Friday's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Microsoft | 448.38 | Cup base | |
| Robinhood | 66.91 | Cup base | |
| Birkenstock | 62.66 | Cup base | |
| Spotify | 621.20 | Double bottom |
Source: IBD Data as of May 20
Here's How To Analyze Stocks Like Nvidia In Good Times And Bad
Dow Jones Leaders: Amazon, Nvidia
Magnificent Seven stocks continue to rebound from their recent lows and are now approaching buy points. One of them, Dow Jones component Amazon, is building a cup-with-handle with a 214.84 buy point. Amazon stock fell 1.3% in morning action on Friday.
During last week's bullish gains, Nvidia decisively regained its long-term 200-day moving average, which was a key resistance level. And Nvidia stock lost 1.5% Friday.
Finally, Tesla fell 1.2% in early action Friday. Led by Chief Executive Elon Musk, the electric-vehicle maker remains around 28% off its record high of 488.54, reached on Dec. 18.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
