US Equities Markets End Lower Friday After Trump's EU, Apple Tariff Threats

MT Newswires Live05-24

US benchmark equity indexes ended lower Friday as President Donald Trump threatened new tariffs against the European Union and Apple (AAPL).

* US markets will be closed Monday in observance of Memorial Day.

* Trump on Friday proposed a 50% tariff rate on the European Union, a move that ING Bank said "reignited" concerns about a transatlantic trade war.

* In a social media post, Trump recommended that a "straight" 50% tariff rate be applied on the EU starting June 1, saying that his administration's talks with the bloc had stalled. When Trump disclosed his reciprocal tariffs early in April, he set a 20% charge on imports from the EU.

* Separately, Trump threatened to impose at least 25% tariffs on Apple if the tech giant sticks to its policy of manufacturing iPhones outside the US. Apple shares dropped 3%.

* New home sales in the US unexpectedly rose in April despite an increase in median prices, government data showed.

* July West Texas Intermediate crude oil closed up $0.48 to settle at $61.68 a barrel, while July Brent crude, the global benchmark, was last seen up $0.49 to $64.93 a barrel as the high-demand summer driving season begins this weekend in the US.

* Intuit (INTU) sheers gained 8.1%, a day after the company posted fiscal Q3 results that topped Wall Street's estimates.

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