Dow Jones - 41,603.07 (-0.61%) 

Nasdaq - 18,737.21 (-1.00%) 

S&P 500 - 5,802.82 (-0.67%) 

• Tariff concerns sank the market. Investors were weary on Friday as new tariff concerns emerged. Each of the three major U.S. indexes fell around 2.5% for the week. At Friday’s close, the S&P 500 was 5.6% below the record level that it set three months earlier. 
• President Trump went after Apple and the EU. On Friday morning Trump issued a statement calling for 50% tariffs on the European Union starting on June 1st, 2025. He cited unfair trade barriers and a lack of progress on negotiations. He also threatened a 25% tariff on Apple if the company doesn't bring iPhone production to the U.S. "If they're going to sell it in America, I want it to be built in the United States," Trump told reporters on Friday.
• U.S. dollar went lower. The U.S. dollar declined against major international currencies. The dollar fell to the lowest level in four weeks but remained above a three-year low recorded on April 21. On a year-to-date basis, the dollar was down nearly 9% as of Friday. 
• Bitcoin pulled back from record high. Bitcoin dropped from a record of nearly $112,000 to hover near $109,000 on Friday. The leading cryptocurrency was impacted by the market-sell off.
• Oil went lower. According to MarketWatch, WTI crude oil was trading at an open price of $60.81, with a day range of $60.02 - $61.88. The 52-week range was $55.12 - $84.52, and open interest was 310,641. OilPrice.com reported that WTI crude was trading at $60.87 and was down by -0.54%. There are expectations of another supply hike from OPEC+ in July.
• Gold surged as investors flocked to a safe haven. On Friday, May 23, 2025, gold prices saw a significant surge, rising above $3,350 an ounce. This increase was driven by concerning tariff headlines.
• Bond yields dragged. Bond yields plummeted with the 10-year Treasury yield hitting 4.51%. The yield of the U.S. 30-year Treasury bond climbed above 5.00% and reached its highest level since 2023.
• Markets overseas were mixed. In International markets Asia finished higher with China announcing it would ease measures and add liquidity as well as cut bank deposit rates. Europe traded lower on the threat of a 50% tariff from the U.S. 
• Housing worries continued. U.S. sales of existing homes unexpectedly fell in April amid challenges from elevated mortgage rates and rising home prices. The National Association of Realtors reported that sales fell 0.5% relative to the previous month. It was the slowest sales pace for the month of April since 2009.
• An important report comes out next week. A report scheduled to be released on Friday could give ease to inflation worries. The Personal Consumption Expenditures Price Index is the U.S. Federal Reserve’s preferred gauge for tracking inflation. The most recent PCE inflation report showed inflation rising at an annual rate of 2.3% in March, down from 2.7% the previous month.
• Apple shares fell. The iPhone maker dragged nearly 3% after President Trump said the company must pay at least a 25% tariff unless iPhones sold in the US are manufactured domestically.
• US Steel skyrocketed. The stock rose more than 20% in the last half hour of trading on Friday after President Trump announced the American company will form a partnership with Nippon Steel of Japan.
• Nuclear stocks got a lift off. Shares of Oklo (OKLO), Constellation Energy (CEG), and Nano Nuclear (NNE) soared after President Trump signed executive orders to revitalize the space. 
• Deckers Outdoor plummeted. The stock sank after the company said that it won't provide annual guidance because of uncertainty around the economic impact of US tariffs.
• Oracle made a big announcement. The company said it would buy $40B of Nvidia chips for OpenAI’s new US data center.
• Next week's trading will be shortened due to Memorial Day. The stock market will be closed on Monday.
• What to pay attention to: The stock market is expected to see continued pressure next week, primarily due to rising Treasury yields and potential tariff threats. Nvidia's earnings report on Wednesday will also be a key focus. 

• Tesla (TSLA)
• Nvidia (NVDA)
• U.S Steel Corp. (X)
• Oracle (ORCL)
• Apple (AAPL)

Biggest Gainers

• Merus N.V. (MRUS) - 32.55%
• Regencell Biosciences (RGC) - 28.65%
• Uranium Energy Corp. (UEC) - 25%
• Oklo, Inc. (OKLO) - 23.04%
• United States Steel Corp. - 21.24%

Biggest Losers

• Deckers Outdoor Corp. (DECK) - 19.86%
• MINISO Group Holding (MNSO) - 17.58%
• Booz Allen Hamilton Holding (BAH) - 16.53%
• Pony AI, Inc. (PONY) - 15.44%
• Workday, Inc. (WDAY) - 12.52%

Weekly Notables

Elon Musk is Going Back to Work 24/7

Tesla CEO Elon Musk took to his social media platform X to say, "Back to spending 24/7 at work and sleeping in conference/server/factory rooms. I must be super focused on X/xAI and Tesla (plus Starship launch next week), as we have critical technologies rolling out."  X suffered an outage on Saturday that affected tens of thousands of users in the U.S.  At its peak around 8:51 a.m. ET (1251 GMT), there were more than 25,800 incidents of people reporting issues with the social media platform, according to Downdetector, which tracks outages by collating status reports from a number of sources including users.  

 McDonald’s to Close Down CosMc’s

Fast food giant McDonald's is scratching its CosMc’s spinoff just two years after the alien-themed spinoff took off. The chain announced Friday that its closing all five locations next month. CosMc’s, which was named after a little-known alien McDonald’s character, had opened in 2023 in response to fast-growing specialty coffee and beverage chains like Dutch Bros.

The Week Ahead:

• Potential market moving catalysts this week: - Monday (5/26): No reports. Markets will be closed for Memorial Day. Tuesday (5/27): Consumer Confidence, Durable Goods, FHFA Housing Price Index, S&P Case-Shiller Home Price Index. Wednesday (5/28): MBA Mortgage Applications Index. Release of minutes from the May 6-7 meeting of the U.S. Federal Reserve. Thursday (5/29): Continuing Claims, EIA Crude Oil Inventories, EIA Natural Gas Inventories, GDP – Second Estimate, Initial Claims, Pending Home Sales. Friday (5/30): Advanced International Trade in Goods, Advanced Retail Inventories, Chicago PMI, PCE Prices, Personal Income, Personal Spending, University of Michigan Consumer Sentiment - Final.
• Earnings on deck this week: Monday (5/26): no reports. Tuesday (5/27): PDD Holdings Inc. (PDD), Autozone Inc. (AZO), Bank of Nova Scotia (BNS), Okta Inc. (OKTA) Sociedad Quimica y Minera de Chile SA (SQM), Box Inc. (BOX). Wednesday (5/28): Bank of Montreal (BMO), DICK's Sporting Goods (DKS), Kingsoft Cloud Holdings (KC), Abercrombie & Fitch Co. (ANF), Capri Holdings Ltd. (CPRI), Nvidia Corp. (NVDA), Salesforce Inc. (CRM), Synopsys Inc. (SNPS), Veeva Systems (VEEV), Agilent Technologies Inc. (A), HP Inc. (HPQ). Thursday (5/29): Royal Bank of Canada (RY), Canadian Imperial Bank of Commerce (CM), Burlington Stores Inc. (BURL), Best Buy Co. (BBY), Costco Wholesale Corp. (COST), Dell Technologies (DELL), Marvell Technologies Inc. (MRVL), Zscaler Inc. (ZS). Friday (5/30): Shoe Carnival Inc. (SCVL).