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Morning Watchlist: Trump Threatens 25%+ Tariffs on AAPL
Rick Ducat, CMT
May 23, 2025
Stock index futures are showing modest weakness as the trading week draws to a close, with markets closed for the Memorial Day holiday on Monday. President Trump threatened Apple (AAPL) with at least 25% tariffs if the company does not manufacture iPhones in the U.S., sending shares down as much as -4% in early trading.
Traders also must continue to ponder the situation for U.S. treasuries and government debt, as the GOP’s multi-trillion dollar tax and spending package passed the House and will now move to the Senate with another debt limit deadline approaching. Today’s economic data includes New Home Sales and traders can keep an eye out for a speech from Jerome Powell on Sunday at 2:40pm ET.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are down over 1% near $60.50.
Gold (/GC) – Gold is up around 1.5% to $3342.
Bitcoin (/BTC) – The cryptocurrency is down around 1% but is still holding at $109.9K.
VIX – The CBOE Volatility Index has spiked 15% as Trump threatens tariffs on Apple and is now around 23.5.
U.S. Dollar (/DX) – The dollar is down 0.5% to 99.4.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
INTU | Intuit | +7.57% |
CEG | Constellation Energy | +1.91% |
ADSK | Autodesk | +1.09% |
DECK | Deckers Outdoor | -18.81% |
ROST | Ross Stores | -12.07% |
WDAY | Workday | -7.38% |
Economic Data
Time | Event |
|---|---|
9:35AM ET | Northwest Arkansas Fireside Chat |
10:00AM ET | New Home Sales |
12:00PM ET | Fed’s Cook Speaks |
1:00PM ET | Baker Hughes Rig Count |
2:00PM ET | SIFMA Early Close |
Sunday, 2:40PM ET | Jerome Powell Speaks |
Notable Earnings
Premarket | Postmarket | Premarket Monday | Postmarket Monday |
|---|---|---|---|
BAH, FRO | None | None | JOYY |
Upgrades/Downgrades
Erste Group upgrades Morgan Stanley (MS) to Buy from Hold
Baird upgrades Wix.com (WIX) to Outperform from Neutral
Erste Group downgrades McDonald’s (MCD) to Hold from Buy
Evercore downgrades Deckers Outdoor (DECK) to In Line from Outperform
Keybanc downgrades Deckers Outdoor (DECK) to Sector Weight from Overweight
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