How major US stock indexes fared Friday, 5/23/2025

Key Points

• President Trump’s threat of 50% tariffs on EU imports and 25% levies on foreign-made smartphones spooked investors and led to a sell-off.
• On Friday, the S&P 500 fell 0.7%, the Dow dropped 0.6%, and the Nasdaq slid 1%, extending losses through the day as traders assessed the seriousness of the tariff warnings.
• It was the S&P 500’s worst week in seven, with major indexes down roughly 2.5%–3.5%: the S&P 500 lost 2.6%, the Dow 2.5%, the Nasdaq 2.5% and the Russell 2000 3.5%.
• Apple shares notably declined after the president specifically threatened a 25% tariff on smartphones made outside the United States.

U.S. stocks fell after President Donald Trump threatened 50% tariffs on the European Union that could begin in a little more than a week.

The S&P 500 lost 0.7% Friday and had its worst week in the last seven. The Dow Jones Industrial Average dropped 0.6%, and the Nasdaq composite sank 1%.

The losses were sharper in Europe after Trump said trade talks were going nowhere. Apple dropped after Trump threatened a 25% tariff on smart phones made outside the United States. U.S. stocks pared their loss through the day as traders weighed whether Trump’s latest threats were just negotiating tactics.

On Friday:

The S&P 500 fell 39.19 points, or 0.7%, to 5,802.82.

The Dow Jones Industrial Average fell 256.02 points, or 0.6%, to 41,603.07

The Nasdaq composite fell 188.53 points, or 1%, to 18,737.21.

The Russell 2000 index of smaller companies fell 5.71 points, or 0.3%, to 2,039.85.

For the week:

The S&P 500 is down 155.56 points, or 2.6%.

The Dow is down 1,051.67 points, or 2.5%.

The Nasdaq is down 473.89, or 2.5%.

The Russell 2000 is down 73.40 points, or 3.5%.

For the year:

The S&P 500 is down 78.81 points, or 1.3%.

The Dow is down 941.15 points, or 2.2%.

The Nasdaq is down 573.59, or 3%.

The Russell 2000 is down 190.31 points, or 8.5%.