04:14 PM EDT, 05/23/2025 (MT Newswires) -- US benchmark equity indexes closed lower on Friday, as President Donald Trump threatens new tariffs on the European Union and Apple ( AAPL ) devices manufactured outside the US.

The Nasdaq was down 1% to 18,737.21, while the S&P 500 declined 0.7% to 5,802.82. The Dow Jones Industrial Average was down 0.6% to 41,603.07. Among sectors, utilities paced the gainers, and technology led the decliners.

US Treasury yields were mixed, with the 10-year rate decreasing 2.2 basis points to 4.52% and the two-year rate gaining 0.3 basis points to 4%.

July West Texas Intermediate crude oil increased 0.7% to $61.61 a barrel on Friday.

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."

In economic news, US new home sales increased in April to 743,000 compared with 670,000 units in March, according to data from the Commerce Department's Census Bureau. Estimates showed a decline to a 694,000 annual rate, according to a survey compiled by Bloomberg.

In company news, Apple ( AAPL ) shares dropped 6.1%. 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."

Workday (WDAY) shares slumped nearly 12.5%. 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) shares were up 8.1%, the best performer on the S&P 500. The financial technology platform late Thursday posted fiscal third-quarter results that exceeded the Street's estimates.

Vivos Therapeutics ( VVOS ) shares jumped 9.1% after it issued a $1.1 million convertible promissory note to V-Co Investors 2, with proceeds to be used for the acquisition of The Sleep Center of Nevada.

Gold increased 2% to $3,360.50 per troy ounce, while silver was up 1.2% to $33.62 per troy ounce.