U.S. stocks fell on Friday, notching a weekly loss, after President Donald Trump recommended 50% tariffs on European goods, reopening a new front in global trade tensions and unleashing a fresh wave of market uncertainty.

Market Snapshot

The Dow Jones Industrial Average .DJI fell 256.02 points, or 0.61%, to 41,603.07, the S&P 500 .SPX lost 39.19 points, or 0.67%, to 5,802.82 and the Nasdaq Composite .IXIC lost 188.53 points, or 1.00%, to 18,737.21.

Market Movers

Apple declined 3% after Trump said Friday on his Truth Social website that the tech giant will have to pay a tariff of at least 25% for iPhones made outside the United States.

Shares of steelmaker U.S. Steel skyrocketed 21% on Friday ( May 23 ) after President Donald Trump announced his support for a "partnership" with Nippon Steel.  

Tesla Motors fell 0.5% to $339.34. Shares of the electric-vehicle company closed up 1.9% on Thursday, even as the Trump tax-and-spending bill that was passed by the House of Representatives included measures that would require owners of electric and hybrid vehicles to pay annual fees, while the Republican-led Senate voted to revoke a California measure that banned the sale of new gasoline-powered cars by 2035. On Friday, Wedbush analysts maintained their Outperform rating on the stock and raised their price target to $500 from $350.

Intuit, the owner of TurboTax and Credit Karma, rose 8% after boosting its fiscal-year outlook following stronger-than-expected third-quarter earnings and revenue. The company expects fiscal-year revenue of $18.72 billion to $18.76 billion, an increase of 15% from a year earlier compared with previous guidance that called for a revenue jump of 12% to 13%.

Workday reported first-quarter adjusted earnings that beat analysts' estimates as subscription revenue rose 13% to about $2.06 billion. The software company said it anticipates second-quarter subscription revenue of $2.16 billion -- up nearly 14% from a year earlier, but slightly below forecasts. Shares fell 12.5%.

Nuclear energy stocks surged after President Donald Trump signed a flurry of executive orders that were meant to kickstart the production of nuclear power in the U.S., including a directive to speed up the construction of advanced reactors at federal sites. Centrus Energy soared 20%, Lightbridge skyrocketed 43%, and $NuScale Power ( SMR ) $ gained 19%. Oklo, the Sam Altman-backed nuclear start-up, rose 23%. Former Oklo board member Chris Wright was appointed Trump's energy secretary earlier this year.

Copart, the platform for online car auctions, reported improved fiscal third-quarter earnings and revenue. The stock declined 12%, however, as revenue of $1.21 billion, up 7.5% from a year earlier, was below expectations of $1.21 billion.

Ross Stores tumbled 10% after the discount department store chain withdrew its fiscal-year guidance because of the uncertainty surrounding tariffs. The company said that while it directly imports "only a small portion of our merchandise, more than half of the goods we sell originate from China. As such, we expect pressure on our profitability if tariffs remain at elevated levels."

Deckers Outdoor cratered 20% after the maker of Hoka running shoes and UGG boots issued fiscal first-quarter guidance that missed Wall Street expectations. Deckers said it expects earnings in the period of 62 cents to 67 cents a share, below consensus of 79 cents. The company also forecast first-quarter revenue that missed estimates. Deckers said it wouldn't be providing fiscal 2026 guidance because of "macroeconomic uncertainty related to evolving global trade policies."

Hinge Health, Inc. gained 7.3%. Shares of the digital physical therapy company, which makes a device that eases muscle and joint pain as well as software to treat musculoskeletal issues, opened for trading Thursday at $39.25, up 23% from its initial public offering price of $32, and finished the session at $37.56.

MNTN, Inc. rose 4% after wavering throughout the session. It made its debut on the New York Stock Exchange on Thursday, opening at $21 a share -- well above its IPO price of $16 -- and closed up 65% at $26.36. MNTN makes marketing software aimed at streaming services such as Netflix and Amazon.com.

Booz Allen Hamilton, the technology consulting company, sank 16% after fiscal fourth-quarter revenue missed estimates and current fiscal-year guidance disappointed, and said it would be cutting 2,500 jobs. Booz Allen executives said the company was seeing a slowdown in in the "civil procurement and spending environment."

Market News

US Justice Department reaches deal with Boeing to allow planemaker to avoid prosecution

The U.S. Justice Department said on Friday it has struck a deal in principle with Boeing to allow it to avoid prosecution in a fraud case stemming from two fatal 737 MAX plane crashes that killed 346 people, dealing a blow to victims' relatives.

The agreement allows Boeing to avoid being branded a convicted felon and was harshly criticized by many families who lost relatives in the crashes and had pressed prosecutors to take the U.S. planemaker to trial. A lawyer for family members and two U.S. senators had urged the Justice Department not to abandon its prosecution, but the government quickly rejected the requests.

EU urges respect not threats as Trump pushes for 50% tariff

The European Commission urged the U.S. on Friday to bring respect, not threats, to trade talks after President Donald Trump pushed for a 50% tariff on EU goods.

Insisting the European Union was committed to securing a deal that worked for both sides, EU trade chief Maros Sefcovic spoke with U.S. Trade Representative Jamieson Greer and U.S. Commerce Secretary Howard Lutnick. Trump had recommended higher tariffs on the EU from June 1.