09:10 AM EDT, 05/23/2025 (MT Newswires) -- Technology stocks were falling premarket Friday, with The Technology Select Sector SPDR Fund (XLK) down 2.1% and the SPDR S&P Semiconductor ETF ( XSD ) 5% lower.

President Donald Trump said Apple ( AAPL ) will be hit with a tariff of at least 25% if iPhone production is not moved to the US. The company's shares were down more than 3% pre-bell.

IonQ ( IONQ ) said it signed a memorandum of understanding with South Korea's Korea Institute of Science and Technology Information, or KISTI, to deepen collaboration in quantum computing infrastructure. IonQ ( IONQ ) shares were more than 9% lower premarket.

The US Federal Trade Commission said it has officially dismissed its complaint challenging Microsoft's ( MSFT ) acquisition of Activision Blizzard, following a failed bid to block the deal in federal court. Microsoft ( MSFT ) shares were down more than 1% pre-bell.