Wall Street stocks tumbled early Friday after fresh tariff threats by President Donald Trump against the European Union and Apple.
He also warned of levies of “at least” 25 percent on Apple if the tech giant failed to move iPhone production to the United States. Apple shares fell 2.4 percent.
About 25 minutes into trading, the Dow Jones Industrial Average was down 1.0 percent at 41,482.27.
The broad-based S&P 500 dropped 1.1 percent to 5,779.68, while the tech-rich Nasdaq Composite Index fell 1.4 percent to 18,668.83.
Friday’s statements returned Trump’s aggressive trade policy to the foreground after the market’s focus shifted earlier this week to congressional debate on Trump’s tax bill.
Futures markets lurched into negative territory following Trump’s social media posts, with a widely-watched index of market volatility surging.
“This is not exactly the trade anyone was hoping for going into the extended Memorial Day weekend,” said Briefing.com analyst Patrick O’Hare.
