03:38 PM EDT, 05/23/2025 (MT Newswires) -- US benchmark equity indexes are on track to close lower on Friday after the latest tariff threats by President Donald Trump against the European Union and Apple ( AAPL ) .

The Dow Jones Industrial Average dropped 0.5% to 41,662.69, while the Nasdaq Composite decreased 0.8% to 18,768.33. The S&P 500 was down 0.5% to 5,810.91. Among sectors, utilities paced the gainers, and technology led the declines.

Apple ( AAPL ) shares dropped 2.9%. 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 report, calling the idea a "fairy tale."

Workday (WDAY) shares slumped nearly 12%, a day after the company's fiscal Q2 subscription revenue that matched Wall Street's estimates appeared to disappoint investors.

Intuit (INTU) shares rose 8.3%, the biggest gain on the S&P, a day after the company posted fiscal Q3 results that exceeded the Street's estimates.

The 10-year US Treasury yield fell 2.2 basis points to 4.52%, while the two-year rate rose 0.3 basis point to 4%.

July West Texas Intermediate crude oil gained 0.9% to $61.74 a barrel.