U.S. futures and global markets slumped Friday after President Donald Trump posted a pair of tariff threats on social media, one aimed at Apple and the other at the European Union, according to the Associated Press. Futures for the S&P 500 and the Dow Jones Industrial Average slid 1.5%, and Nasdaq futures tumbled 1.7% before the bell.
Shares of Apple were down 3.8% in morning trading after Trump threatened to put a 25% tariff on Apple products unless the company moves its iPhone manufacturing to the United States.
Ross Stores tumbled 13% after it issued lower guidance than Wall Street was hoping for. The company, like many others have done recently, pulled its full-year guidance over broader economic uncertainty related to Trump’s tariffs.
Shoemaker Deckers Brands, the owner of Hoka and Ugg, slid 19%, even after the company posted record sales and profit that easily beat Wall Street expectations. Decker also pulled its full year guidance, specifically citing the uncertainty over U.S. trade policy.
U.S. Treasury yields tumbled after jumping earlier in the week over concerns about mounting U.S. government debt. The yield on the 10-year Treasury fell to 4.48% while the two-year yield, which more closely tracks expectations for action by the Federal Reserve, slipped to 3.92%.
Oil prices tumbled for the fourth day in a row. U.S. benchmark crude oil tumbled $1.07, or 1.3%, to $60.13 per barrel. Brent crude, the international standard, fell 99 cents to $63.45 per barrel.
