02:10 PM EDT, 05/23/2025 (MT Newswires) -- US benchmark equity indexes were lower intraday after President Donald Trump threatened new tariffs against the European Union and Apple ( AAPL ) .

The Nasdaq Composite was down 0.7% at 18,784.8 after midday Friday, while the Dow Jones Industrial Average and the S&P 500 fell 0.5% each to 41,660.3 and 5,810.5, respectively. Among sectors, technology saw the biggest drop, while utilities paced the gainers.

US markets will be closed Monday in observance of Memorial Day.

Trump recommended a 50% tariff rate on the EU, effective June 1, saying that his administration's talks with the bloc had stalled.

The move has "reignited" concerns about a transatlantic trade war, ING Bank said. "If talks truly collapse, expect the EU to reach for its heaviest artillery, such as tighter regulations on US tech firms."

Separately, Trump threatened to impose at least 25% tariffs on Apple ( AAPL ) if the tech giant sticks to its policy of manufacturing iPhones outside the US.

Producing iPhones in the US is not "feasible" due to pricing and supply chain challenges, Wedbush Securities said in a client note, calling the idea a "fairy tale."

Apple ( AAPL ) shares dropped 2.6%.

US Treasury yields were lower intraday, with the 10-year rate decreasing 4.8 basis points to 4.51% and the two-year rate losing one basis point to 3.99%.

In other company news, Deckers Outdoor ( DECK ) shares were down 18%, the worst performer on the S&P 500. The footwear and apparel company reported its fiscal fourth-quarter results late Thursday. Despite being strong, the results were overshadowed by sales growth deceleration at its Hoka sneaker brand and potential demand weakness from price increases, KeyBanc Capital Markets said in a client note.

Workday (WDAY) shares slumped nearly 12% intraday Friday, among the steepest drops on the S&P 500 and the Nasdaq. The cloud human resources company late Thursday logged better-than-expected fiscal first-quarter results and issued a subscription revenue outlook for the ongoing three-month period that matched Wall Street's estimates.

Intuit (INTU) was the best performer on the S&P 500 intraday Friday, up 8%. The financial technology platform late Thursday posted fiscal third-quarter results that exceeded the Street's estimates.

West Texas Intermediate crude oil was up 0.3% at $61.40 a barrel intraday. For the week, oil prices were headed for a loss amid concerns about a potential production hike in July by the Organization of the Petroleum Exporting Countries and its allies, D.A. Davidson said in a note.

In economic news, new home sales in the US unexpectedly rose in April despite an increase in median prices, government data showed.

Gold was up 2% at $3,359.50 per troy ounce, while silver rose 1.1% to $33.58 per ounce.