White House Seeks $87.6 Billion Emergency Funding for Iran War, Farmers, and Ebola Response 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Japan Signals Preference for Low Interest Rates as BOJ Policy Debate Intensifies 
U.S. stocks closed lower on Friday, capping off a losing week, as renewed trade tensions triggered by President Donald Trump’s tariff proposals shook investor confidence. Trump suggested a 50% tariff on European Union goods and warned Apple (NASDAQ:AAPL) of potential 25% tariffs on iPhones not made in the U.S., reigniting fears of a global trade war.
The Dow Jones Industrial Average dropped 256.02 points (0.61%) to 41,603.07, while the S&P 500 declined 0.67% to 5,802.82. The tech-heavy Nasdaq fell 1% to 18,737.21. For the week, the Dow lost 2.47%, the S&P 500 shed 2.61%, and the Nasdaq declined 2.48%.
High-growth tech and consumer discretionary stocks led losses. Apple hit a two-week low, sliding 3%. Major names like Amazon (NASDAQ:AMZN), Nvidia (NASDAQ:NVDA), and Meta (NASDAQ:META) also dipped over 1%, while Tesla (NASDAQ:TSLA) eased 0.5%. The semiconductor sector slid 1.5%. In contrast, defensive sectors such as utilities, consumer staples, and energy saw gains.
U.S. Treasury yields pulled back from recent highs, with the 10-year note falling 4.4 basis points to 4.509%. The CBOE Volatility Index (VIX), a key gauge of market fear, surged 10% to a two-week high.
Ocean Park Asset Management’s James St. Aubin described the market’s reaction as a return to tariff anxieties that investors hoped were in the past. Treasury Secretary Scott Bessent supported Trump’s stance, calling the EU’s offers unsatisfactory and expressing hope that tariff threats would pressure EU negotiators.
Deckers Outdoor (NYSE:DECK) plunged nearly 20% after a weak sales forecast, citing uncertainty from tariff tensions. Nike (NYSE:NKE) also fell 2.1%. Total trading volume reached 17.67 billion shares, near the 20-day average.
